Canadian Pacific Railway Limited (CP) 10-K 20 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - CAD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 18, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity File Number	001-01342
Entity Central Index Key	0000016875
Entity Tax Identification Number	98-0355078
Entity Address, Address Line One	7550 Ogden Dale Road S.E.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Incorporation, State or Country Code	Z4
Entity Address, Postal Zip Code	T2C 4X9
City Area Code	(403)
Local Phone Number	319-7000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 32,712,064,612
Entity Common Stock, Shares Outstanding		136,748,767
Common Shares, without par value
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, without par value, of Canadian Pacific Railway Limited
Trading Symbol	CP
Perpetual 4% Consolidated Debenture Stock
Entity Information [Line Items]
Title of 12(b) Security	Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company
Trading Symbol	CP/40
NEW YORK STOCK EXCHANGE | Common Shares, without par value
Entity Information [Line Items]
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE | Perpetual 4% Consolidated Debenture Stock
Entity Information [Line Items]
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - CAD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 2,069	$ 1,979	$ 1,977	$ 1,767	$ 2,006	$ 1,898	$ 1,750	$ 1,662	$ 7,792	$ 7,316	$ 6,554
Operating expenses
Compensation and benefits									1,540	1,468	1,309
Fuel									882	918	677
Materials									210	201	190
Equipment rents									137	130	142
Depreciation and amortization									706	696	661
Purchased services and other									1,193	1,072	1,056
Total operating expenses									4,668	4,485	4,035
Operating income	890	869	822	543	874	790	627	540	3,124	2,831	2,519
Less:
Other (income) expense									(89)	174	(178)
Other components of net periodic benefit recovery									(381)	(384)	(274)
Net interest expense									448	453	473
Income before income tax expense									3,146	2,588	2,498
Income tax expense									706	637	93
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	$ 2,440	$ 1,951	$ 2,405
Earnings per share
Basic earnings per share	$ 4.84	$ 4.47	$ 5.19	$ 3.10	$ 3.84	$ 4.36	$ 3.05	$ 2.41	$ 17.58	$ 13.65	$ 16.49
Diluted earnings per share	$ 4.82	$ 4.46	$ 5.17	$ 3.09	$ 3.83	$ 4.35	$ 3.04	$ 2.41	$ 17.52	$ 13.61	$ 16.44
Weighted-average number of shares (millions)
Basic									138.8	142.9	145.9
Diluted									139.3	143.3	146.3
Freight
Revenues
Total revenues									$ 7,613	$ 7,152	$ 6,375
Non-freight
Revenues
Total revenues									$ 179	$ 164	$ 179

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	$ 2,440	$ 1,951	$ 2,405
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									37	(60)	24
Change in derivatives designated as cash flow hedges									10	38	19
Change in pension and post-retirement defined benefit plans									(661)	(449)	80
Other comprehensive income (loss) before income taxes									(614)	(471)	123
Income tax recovery (expense) on above items									135	169	(65)
Other comprehensive (loss) income									(479)	(302)	58
Comprehensive income									$ 1,961	$ 1,649	$ 2,463

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 133		$ 61
Accounts receivable, net	805		815
Materials and supplies	182		173
Other current assets	90		68
Total current assets	1,210		1,117
Investments	341		203
Properties	19,156	$ 18,406	18,418
Goodwill and intangible assets	206		202	$ 187
Pension asset	1,003		1,243
Other assets	451	470	71
Total assets	22,367		21,254
Current liabilities
Accounts payable and accrued liabilities	1,693	1,507	1,449
Long-term debt maturing within one year	599		506
Total current liabilities	2,292		1,955
Pension and other benefit liabilities	785		718
Other long-term liabilities	562	574	237
Long-term debt	8,158		8,190
Deferred income taxes	3,501	3,515	3,518
Total liabilities	15,298		14,618
Shareholders’ equity
Share capital	1,993		2,002
Additional paid-in capital	48		42
Accumulated other comprehensive loss	(2,522)		(2,043)	(1,741)
Retained earnings	7,550		6,635
Total shareholders' equity	7,069	$ 6,631	6,636	$ 6,437	$ 4,626
Total liabilities and shareholders’ equity	$ 22,367		$ 21,254

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, shares authorized	Unlimited	Unlimited
Common stock, par value	$ 0	$ 0
Common stock, shares issued	137,000,000	140,500,000
Common stock, shares outstanding	137,000,000	140,500,000
First preferred stock, shares authorized	Unlimited	Unlimited
Second preferred stock, shares authorized	Unlimited	Unlimited
First preferred stock, shares outstanding	0	0
Second preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 2,440	$ 1,951	$ 2,405
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	706	696	661
Deferred income taxes	181	256	(210)
Pension recovery and funding	(360)	(321)	(237)
Foreign exchange (gain) loss on debt and lease liabilities	(94)	168	(186)
Settlement of forward starting swaps on debt issuance	0	(24)	0
Other operating activities, net	143	(79)	(113)
Change in non-cash working capital related to operations	(26)	65	(138)
Cash provided by operating activities	2,990	2,712	2,182
Investing activities
Additions to properties	(1,647)	(1,551)	(1,340)
Investment in Central Maine & Quebec Railway	(174)
Proceeds from sale of properties and other assets	26	78	42
Other investing activities	(8)	15	3
Cash used in investing activities	(1,803)	(1,458)	(1,295)
Financing activities
Dividends paid	(412)	(348)	(310)
Issuance of CP Common Shares	26	24	45
Purchase of CP Common shares	(1,134)	(1,103)	(381)
Issuance of long-term debt, excluding commercial paper	397	638	0
Repayment of long-term debt, excluding commercial paper	(500)	(753)	(32)
Net issuance of commercial paper	524	0	0
Settlement of forward starting swaps on de-designation	0	0	(22)
Other financing activities	(12)	0	0
Cash used in financing activities	(1,111)	(1,542)	(700)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(4)	11	(13)
Cash position
Increase (decrease) in cash and cash equivalents	72	(277)	174
Cash and cash equivalents at beginning of year	61	338	164
Cash and cash equivalents at end of year	133	61	338
Supplemental disclosures of cash flow information:
Income taxes paid	506	318	425
Interest paid	444	463	475
CMQ
Investing activities
Investment in Central Maine & Quebec Railway	$ (174)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CAD ($) $ in Millions	Total	Share capital	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Beginning balance at Dec. 31, 2016	$ 4,626	$ 2,002	$ 52	$ (1,799)	$ 4,371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,405	0	0	0	2,405
Other comprehensive (loss) income	58	0	0	58	0
Dividends declared	(319)	0	0	0	(319)
Effect of stock-based compensation expense	3	0	3	0	0
CP Common Shares repurchased	(381)	(27)	0	0	(354)
Shares issued under stock option plan	45	57	(12)	0	0
Ending balance at Dec. 31, 2017	6,437	2,032	43	(1,741)	6,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,951	0	0	0	1,951
Other comprehensive (loss) income	(302)	0	0	(302)	0
Dividends declared	(358)	0	0	0	(358)
Effect of stock-based compensation expense	11	0	11	0	0
CP Common Shares repurchased	(1,127)	(66)	0	0	(1,061)
Shares issued under stock option plan	24	36	(12)	0	0
Ending balance at Dec. 31, 2018	6,636	2,002	42	(2,043)	6,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,440	0	0	0	2,440
Other comprehensive (loss) income	(479)	0	0	(479)	0
Dividends declared	(434)	0	0	0	(434)
Effect of stock-based compensation expense	15	0	15	0	0
CP Common Shares repurchased	(1,140)	(54)	0	0	(1,086)
Shares issued under stock option plan	36	45	(9)	0	0
Ending balance at Dec. 31, 2019	$ 7,069	$ 1,993	$ 48	$ (2,522)	$ 7,550

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 3.140	$ 2.5125	$ 2.1875

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Nature of Operations	Canadian Pacific Railway Limited (“CPRL”), through its subsidiaries (collectively referred to as “CP” or “the Company”), operates a transcontinental railway in Canada and the United States ("U.S."). CP provides rail and intermodal transportation services over a network of approximately 12,700 miles, serving the principal business centres of Canada from Montréal, Québec, to Vancouver, British Columbia, and the U.S. Northeast and Midwest regions. CP’s railway network feeds directly into the U.S. heartland from the East and West coasts. Agreements with other carriers extend the Company’s market reach in Canada, throughout the U.S. and into Mexico. CP transports bulk commodities, merchandise freight and intermodal traffic. Bulk commodities include grain, coal, fertilizers and sulphur. Merchandise freight consists of finished vehicles and automotive parts, as well as forest, industrial and consumer products. Intermodal traffic consists largely of retail goods in overseas containers that can be transported by train, ship and truck, and in domestic containers and trailers that can be moved by train and truck.
Summary of Significant Accounting Policies	Summary of significant accounting policies Accounting principles generally accepted in the United States of America (“GAAP”) These Consolidated Financial Statements are expressed in Canadian dollars and have been prepared in accordance with GAAP. Principles of consolidation These Consolidated Financial Statements include the accounts of CP and all its subsidiaries. The Company’s investments in which it has significant influence are accounted for using the equity method. Distributions received from equity method investees are classified using the nature of the distribution approach for cash flow presentation purposes, whereby distributions received are classified based on the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). All intercompany accounts and transactions have been eliminated. Use of estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, deferred income tax assets and liabilities, as well as legal and personal injury liabilities based upon currently available information. Actual results could differ from these estimates. Principal subsidiaries The following list sets out CPRL’s principal railway operating subsidiaries, including the jurisdiction of incorporation. All of these subsidiaries are wholly owned, directly or indirectly, by CPRL as at December 31, 2019 . Principal subsidiary Incorporated under the laws of Canadian Pacific Railway Company Canada Soo Line Railroad Company (“Soo Line”) Minnesota Delaware and Hudson Railway Company, Inc. (“D&H”) Delaware Dakota, Minnesota & Eastern Railroad Corporation (“DM&E”) Delaware Mount Stephen Properties Inc. (“MSP”) Canada Revenue recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. Government imposed taxes that the Company collects concurrent with revenue generating activities are excluded from revenue. In the normal course of business, the Company does not generate any material revenue through acting as an agent for other entities. The Company provides rail freight transportation services to a wide variety of customers and transports bulk commodities, merchandise freight and intermodal traffic. The Company signs master service agreements with customers that dictate future services the Company is to perform for a customer at the time a bill of lading or service request is received. Each bill of lading or service request represents a separate distinct performance obligation that the Company is obligated to satisfy. The transaction price is generally in the form of a fixed fee determined at the inception of the bill of lading or service request. The Company allocates the transaction price to each distinct performance obligation based on the estimated standalone selling price for each performance obligation. As each bill of lading or service request represents a separate distinct performance obligation, the estimated standalone selling price is assessed at an observable price which is fair market value. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate variable consideration and is allocated to the applicable performance obligation and is recognized when the related performance obligation is satisfied. Additionally, the Company offers published rates for services through public tariff agreements in which a customer can request service, triggering a performance obligation the Company must satisfy. Railway freight revenues are recognized over time as services are provided based on the percentage of completed service method. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volumes and contract terms as freight service is provided. Freight revenues also include certain ancillary and other services provided in association with the performance of rail freight movements. Revenues from these activities are not material and therefore have been aggregated with the freight revenues from customer contracts with which they are associated. Non-freight revenues, including passenger revenues, switching fees, and revenues from logistics services, are recognized at the point in time the services are provided or when the performance obligations are satisfied. Non-freight revenues also include leasing revenues. Payment by customers is due upon satisfaction of performance obligations. Payment terms are such that amounts outstanding at the period end are expected to be collected within one reporting period. The Company invoices customers at the time the bill of lading or service request is processed and therefore the Company has no material unbilled receivables and no contract assets. All performance obligations not fully satisfied at period end are expected to be satisfied within the reporting period immediately following. Contracted customer incentives are amortized to income over the term of the related revenue contract. Cash and cash equivalents Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but exclude cash and cash equivalents subject to restrictions. Restricted cash and cash equivalents Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the balance sheets when applicable. In the Company's Consolidated Statements of Cash Flows, these balances, if any, are included with cash and cash equivalents. Foreign currency translation Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains and losses. FX gains and losses arising from the translation of the foreign subsidiaries’ assets and liabilities are included in “ Other comprehensive (loss) income ”. A portion of U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ accounts in “ Other comprehensive (loss) income ”. Pensions and other benefits Pension costs are actuarially determined using the projected-benefit method pro-rated over the credited service periods of employees. This method incorporates management’s best estimates of expected plan investment performance, salary escalation and retirement ages of employees. The expected return on fund assets is calculated using market-related asset values developed from a five-year average of market values for the fund’s public equity securities and absolute return strategies (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the fund’s fixed income, real estate, infrastructure and private debt securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected-benefit obligation is based on blended market interest rates on high-quality corporate debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 12 years). Prior service costs arising from collectively bargained amendments to pension plan benefit provisions are amortized over the term of the applicable union agreement. Prior service costs arising from all other sources are amortized over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of amendment. Costs for post-retirement and post-employment benefits other than pensions, including post-retirement health care and life insurance and some workers’ compensation and long-term disability benefits in Canada, are actuarially determined on a basis similar to pension costs. The over or under funded status of defined benefit pension and other post-retirement benefit plans are measured as the difference between the fair value of the plan assets and the benefit obligation, and are recognized on the balance sheets. In addition, any unrecognized actuarial gains and losses and prior service costs and credits that arise during the period are recognized as a component of “ Other comprehensive (loss) income ”, net of tax. Gains and losses on post-employment benefits that do not vest or accumulate, including some workers’ compensation and long-term disability benefits in Canada, are included immediately on the Company's Consolidated Statements of Income as "Other components of net periodic benefit cost or recovery". The current service cost component of net periodic benefit cost is reported in "Compensation and benefits" for pensions and post-retirement benefits, and in "Purchased services and other" for self-insured workers' compensation and long-term disability benefits on the Company's Consolidated Statements of Income. Other components of net periodic benefit cost or recovery are reported in "Other components of net periodic benefit cost or recovery" outside of Operating income on the Company's Consolidated Statements of Income. Capitalization of pension costs, when applicable, is restricted to the current service cost component of net periodic benefit cost. Materials and supplies Materials and supplies are carried at the lower of average cost or market value and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars. Properties Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value and an impairment loss is recognized. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs and material costs. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs mainly include work trains, material distribution, highway vehicles and work equipment. Overheads primarily include a portion of the engineering department’s costs, which plans, designs and administers these capital projects. These costs are allocated to projects by applying a measure consistent with the nature of the cost, based on cost studies. For replacement properties, the project costs are allocated to dismantling and installation based on cost studies. Dismantling work, which is expensed, is performed concurrently with the installation. Ballast programs including undercutting, shoulder ballasting and renewal programs that form part of the annual track program are capitalized as this work, and the related added ballast material, significantly improves drainage, which in turn extends the life of ties and other track materials. These costs are tracked separately from the underlying assets and depreciated over the period to the next estimated similar ballast program. Spot replacement of ballast is considered a repair which is expensed as incurred. The costs of large refurbishments are capitalized and locomotive overhauls are expensed as incurred, except where overhauls represent a betterment of the locomotive in which case costs are capitalized. The Company capitalizes development costs for major new computer systems. The Company follows group depreciation, which groups assets which are similar in nature and have similar economic lives. The property groups are depreciated on a straight-line basis reflecting their expected economic lives determined by depreciation studies. Depreciation studies are regular reviews of asset service lives, salvage values, accumulated depreciation and other related factors. Depreciation rates are established through these studies. Actual use and retirement of assets may vary from current estimates, and would be identified in the next study. These changes in expected economic lives would impact the amount of depreciation expense recognized in future periods. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. When depreciable property is retired or otherwise disposed of in the normal course of business, the book value, less net salvage proceeds, is charged to accumulated depreciation and if different than the assumptions under the depreciation study could potentially result in adjusted depreciation expense over a period of years. However, when removal costs exceed the salvage value on assets and the Company has no legal obligation to remove the assets, the removal costs incurred are charged to income in the period in which the assets are removed and are not charged to accumulated depreciation. For certain asset classes, the historical cost of the asset is separately recorded in the Company’s property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified the amount of the gross book value to be retired is estimated using either an indexation methodology, whereby the current replacement cost of the asset is indexed to the estimated year of installation for the asset, or a first-in, first-out approach, or statistical analysis is used to determine the age of the retired asset. CP uses indices that closely correlate to the principal costs of the assets. There are a number of estimates inherent in the depreciation and retirement processes and as it is not possible to precisely estimate each of these variables until a group of property is completely retired, CP regularly monitors the estimated service lives of assets and the associated accumulated depreciation for each asset class to ensure depreciation rates are appropriate. If the recorded amounts of accumulated depreciation are greater or less than the amounts indicated by the depreciation studies, then the excess or deficit is amortized as a component of depreciation expense over the remaining service lives of the applicable asset classes. For the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in the Company’s depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. The accumulated depreciation to be retired includes asset-specific accumulated depreciation, when known, and an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Revisions to the estimated useful lives and net salvage projections constitute a change in accounting estimate and are addressed prospectively by amending depreciation rates. Equipment under finance lease is included in Properties and depreciated over the period of expected use. 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 Consolidated Statements of Income. Components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" on the Company's Consolidated Statements of Income. 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. The Company recognizes both an operating lease liability and right-of-use (“ROU”) asset for operating leases with fixed terms and in-substance fixed terms. 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 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 and information systems hardware. Assets held for sale Assets to be disposed that meet the held for sale criteria are reported at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated. Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. Goodwill is assigned to the reporting units that are expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year as at October 1st, or more frequently as economic events dictate. The Company has the option of performing an assessment of certain qualitative factors (“Step 0”) to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value or proceeding directly to a quantitative impairment test (“Step 1”). Qualitative factors include but are not limited to, economic, market and industry conditions, cost factors and overall financial performance of the reporting unit. If Step 0 indicates that the carrying value is less than the fair value, then performing the two-step impairment test is unnecessary. Under Step 1, the fair value of the reporting unit is compared to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill is potentially impaired. The impairment charge that would be recognized is the excess of the carrying value of the goodwill over the fair value of the goodwill, determined in the same manner as in a business combination. Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and other investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Cash and cash equivalents and derivatives are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, other long-term liabilities and long-term debt are also measured at amortized cost. Derivative financial instruments Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives not designated as hedges is recognized in the period in which the change occurs in the Company's Consolidated Statements of Income in the line item to which the derivative instrument is related. For fair value hedges, the periodic changes in values are recognized in income, on the same line as the changes in values of the hedged items are also recorded. For an effective cash flow hedge, the entire change in value of the hedging instrument is recognized in “ Other comprehensive (loss) income ”. The change in value of the effective cash flow hedge remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. Cash flows relating to derivative instruments designated as hedges are included in the same line as the related hedged items on the Company's Consolidated Statements of Cash Flows. Environmental remediation Environmental remediation accruals, recorded on an undiscounted basis unless a reliably determinable estimate as to amount and timing of costs can be established, cover site-specific remediation programs. The accruals are recorded when the costs to remediate are probable and reasonably estimable. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. 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”. Income taxes The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Company's Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income. Income tax recovery or expense on items in "Accumulated other comprehensive loss" are recognized in "Income tax expense" as the related item is recognized in income. Earnings per share Basic earnings per share are calculated using the weighted-average number of the Company's Common Shares (the "Common Shares') outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options. Stock-based compensation CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period, or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period, based on their estimated fair values on the grant date, as determined using the Black-Scholes option-pricing model. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital" and credited to “Share capital”. Compensation expense is also recognized for deferred share units (“DSUs”), performance share units (“PSUs”) and restricted share units (“RSUs”) that settle in cash using the fair value method. Compensation expense is recognized over the vesting period, or for PSUs and DSUs only, over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period. Forfeitures of DSUs, PSUs, and RSUs are estimated at issuance and subsequently at the balance sheet date. The employee share purchase plan gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period.

Accounting Changes

Accounting Changes	12 Months Ended
	Dec. 31, 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 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 expects that the adoption of this new accounting standard will not result in any material change to accounts receivable or retained earnings. The Company will estimate its expected credit loss by applying an appropriate expected loss methodology to individual portfolios of the Company’s financial assets with portfolios representing assets with similar risk characteristics.

Revenues

Revenues	12 Months Ended
	Dec. 31, 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: (in millions of Canadian dollars) 2019 2018 2017 Freight Grain $ 1,684 $ 1,566 $ 1,532 Coal 682 673 631 Potash 462 486 411 Fertilizers and sulphur 250 243 241 Forest products 304 284 265 Energy, chemicals and plastics 1,534 1,243 898 Metals, minerals and consumer products 752 797 739 Automotive 352 322 293 Intermodal 1,593 1,538 1,365 Total freight revenues 7,613 7,152 6,375 Non-freight excluding leasing revenues 116 102 117 Revenues from contracts with customers 7,729 7,254 6,492 Leasing revenues 63 62 62 Total revenues $ 7,792 $ 7,316 $ 6,554 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 Consolidated Balance Sheets. The following table summarizes the changes in contract liabilities for the years ended December 31, 2019 and 2018 : (in millions of Canadian dollars) 2019 2018 Opening balance $ 2 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (2 ) (2 ) Increases due to consideration received, net of revenue recognized during the period 146 2 Closing balance $ 146 $ 2

Other Expense (Income)

Other Expense (Income)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other expense (income)	Other (income) expense (in millions of Canadian dollars) 2019 2018 2017 Foreign exchange (gain) loss on debt and lease liabilities $ (94 ) $ 168 $ (186 ) Other foreign exchange (gains) losses (4 ) 3 (7 ) Insurance recovery of legal settlement — — (10 ) Charge on hedge roll and de-designation — — 13 Other 9 3 12 Other (income) expense $ (89 ) $ 174 $ (178 )

Net Interest Expense

Net Interest Expense	12 Months Ended
	Dec. 31, 2019
Interest Income (Expense), Net [Abstract]
Net Interest Expense	Net interest expense (in millions of Canadian dollars) 2019 2018 2017 Interest cost $ 471 $ 475 $ 491 Interest capitalized to Properties (17 ) (20 ) (16 ) Interest expense 454 455 475 Interest income (6 ) (2 ) (2 ) Net interest expense $ 448 $ 453 $ 473 Interest expense includes interest on finance leases of $11 million for the year ended December 31, 2019 ( 2018 – $11 million ; 2017 – $11 million ).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The following is a summary of the major components of the Company’s income tax expense: (in millions of Canadian dollars) 2019 2018 2017 Current income tax expense $ 525 $ 381 $ 303 Deferred income tax expense Origination and reversal of temporary differences 316 214 371 Effect of tax rate decrease (95 ) (21 ) (541 ) Effect of hedge of net investment in foreign subsidiaries (38 ) 64 (42 ) Other (2 ) (1 ) 2 Total deferred income tax expense (recovery) 181 256 (210 ) Total income taxes $ 706 $ 637 $ 93 Income before income tax expense Canada $ 2,392 $ 1,788 $ 1,829 Foreign 754 800 669 Total income before income tax expense $ 3,146 $ 2,588 $ 2,498 Income tax expense Current Canada $ 410 $ 336 $ 257 Foreign 115 45 46 Total current income tax expense 525 381 303 Deferred Canada 141 174 256 Foreign 40 82 (466 ) Total deferred income tax expense (recovery) 181 256 (210 ) Total income taxes $ 706 $ 637 $ 93 The provision for deferred income taxes arises from temporary differences in the carrying values of assets and liabilities for financial statement and income tax purposes and the effect of loss carry forwards. The items comprising the deferred income tax assets and liabilities are as follows: (in millions of Canadian dollars) 2019 2018 Deferred income tax assets Amount related to tax losses carried forward $ 6 $ 11 Liabilities carrying value in excess of tax basis 139 97 Unrealized foreign exchange losses 26 85 Environmental remediation costs 22 23 Other 4 2 Total deferred income tax assets 197 218 Valuation allowance — (5 ) Total net deferred income tax assets 197 213 Deferred income tax liabilities Properties carrying value in excess of tax basis 3,524 3,496 Pensions carrying value in excess of tax basis 83 164 Other 91 71 Total deferred income tax liabilities 3,698 3,731 Total net deferred income tax liabilities $ 3,501 $ 3,518 The Company’s consolidated effective income tax rate differs from the expected Canadian statutory tax rates. Expected income tax expense at statutory rates is reconciled to income tax expense as follows: (in millions of Canadian dollars, except percentage) 2019 2018 2017 Statutory federal and provincial income tax rate (Canada) 26.77 % 26.86 % 26.56 % Expected income tax expense at Canadian enacted statutory tax rates $ 842 $ 695 $ 663 (Decrease) increase in taxes resulting from: (Gains) losses not subject to tax (19 ) 8 (27 ) Canadian tax rate differentials — — 1 Foreign tax rate differentials (33 ) (55 ) (9 ) Effect of tax rate decrease (95 ) (21 ) (541 ) Valuation allowance (5 ) 5 — Unrecognized tax benefits (1) 33 — 1 Other (1) (17 ) 5 5 Income tax expense $ 706 $ 637 $ 93 (1) 2017 comparative period figures have been reclassified to conform with current presentation. In 2019, the Company revalued its deferred income tax balances as a result of a corporate income tax rate decrease in the province of Alberta, resulting in a net recovery of $88 million . In 2018, the Company revalued its deferred income tax balances as a result of corporate income tax rate decreases in the states of Iowa and Missouri, resulting in a net recovery of $21 million . On December 22, 2017, the U.S. enacted the “ Tax Cuts and Jobs Act ” which has been commonly referred to as U.S. tax reform. A significant change under this reform was the reduction of the U.S. federal statutory corporate income tax rate from 35% to 21% beginning in 2018. As a result of this and other tax rate increases in the province of British Columbia and the state of Illinois, the Company revalued its deferred income tax balances accordingly. For the full year 2017, revaluations of deferred tax balances associated with changes in tax rates totaled a net recovery of $541 million . The Company has not provided a deferred liability for the income taxes, if any, which might become payable on any temporary difference associated with its foreign investments because the Company intends to indefinitely reinvest in its foreign investments and has no intention to realize this difference by a sale of its interest in foreign investments. It is not practical to calculate the amount of the deferred tax liability. It is more likely than not that the Company will realize the majority of its deferred income tax assets from the generation of future taxable income, as the payments for provisions, reserves and accruals are made and losses and tax credits carried forward are utilized. At December 31, 2019, the Company had tax effected operating losses carried forward of $4 million (2018 – $8 million ), which have been recognized as a deferred tax asset. The majority of these losses carried forward will begin to expire in 2031, with the remaining expiring between 2034 and 2036. The Company expects to fully utilize these tax effected operating losses before their expiry. The Company did no t have any minimum tax credits or investment tax credits carried forward. At December 31, 2019, the Company had $2 million (2018 – $3 million ) in tax effected capital losses carried forward recognized as a deferred tax asset. The Company has no unrecognized tax benefits from capital losses at December 31, 2019 and 2018. The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the U.S. for the year ended December 31: (in millions of Canadian dollars) 2019 2018 2017 Unrecognized tax benefits at January 1 $ 13 $ 13 $ 13 Increase in unrecognized: Tax benefits related to the current year 9 1 — Tax benefits related to prior years 34 — — Dispositions: Gross uncertain tax benefits related to prior years — (1 ) — Settlements with taxing authorities (4 ) — — Unrecognized tax benefits at December 31 $ 52 $ 13 $ 13 If these uncertain tax positions were recognized, all of the amount of unrecognized tax positions as at December 31, 2019 would impact the Company’s effective tax rate. During the fourth quarter of 2019, a tax authority proposed an adjustment for a prior tax year without assessing taxes. Although the Company has commenced action to have the proposal removed, an increase in uncertain tax position has been recorded on deferred income tax liability and expense in the amount of $24 million . The ultimate resolution of this matter may give rise to further favourable or unfavourable adjustments to deferred tax, the timing and amount of which are not determinable at this time. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of "Income tax expense" in the Company’s Consolidated Statements of Income. The net amount of accrued interest and penalties in 2019 was a $1 million recovery (2018 – $nil; 2017 – $1 million expense). The total amount of accrued interest and penalties associated with the unrecognized tax benefit at December 31, 2019 was $10 million (2018 – $11 million ; 2017 – $11 million ). The Company and its subsidiaries are subject to either Canadian federal and provincial income tax, U.S. federal, state and local income tax, or the relevant income tax in other international jurisdictions. The Company has substantially concluded all Canadian federal and provincial income tax matters for the years through 2013. The federal and provincial income tax returns filed for 2014 and subsequent years remain subject to examination by the Canadian taxation authorities. The Internal Revenue Service ("IRS") audit for 2012 and 2013 has been settled. The income tax returns for 2016 and subsequent years continue to remain subject to examination by the IRS and U.S. state tax jurisdictions. The Company believes that it has recorded sufficient income tax reserves at December 31, 2019 with respect to these income tax examinations.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share has been calculated using Net income for the year divided by the weighted-average number of shares outstanding during the year. Diluted earnings per share has been calculated using the treasury stock method which assumes that any proceeds received from the exercise of in-the-money options would be used to purchase CP Common Shares at the average market price for the period. For purposes of this calculation, at December 31, 2019, there were 1.6 million dilutive options outstanding ( 2018 – 1.3 million ; 2017 – 1.4 million ). The number of shares used and the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars, except per share data) 2019 2018 2017 Net income $ 2,440 $ 1,951 $ 2,405 Weighted-average basic shares outstanding (millions) 138.8 142.9 145.9 Dilutive effect of stock options (millions) 0.5 0.4 0.4 Weighted-average diluted shares outstanding (millions) 139.3 143.3 146.3 Earnings per share – basic $ 17.58 $ 13.65 $ 16.49 Earnings per share – diluted $ 17.52 $ 13.61 $ 16.44 In 2019 , there were no options excluded from the computation of diluted earnings per share ( 2018 – 0.2 million ; 2017 – 0.3 million ).

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Other comprehensive (loss) income and accumulated other comprehensive loss The components of Other comprehensive (loss) income and the related tax effects are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2019 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (251 ) $ — $ (251 ) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 288 (38 ) 250 Realized loss on derivatives designated as cash flow hedges recognized in income 10 (2 ) 8 Change in pension and other benefits actuarial gains and losses (661 ) 175 (486 ) Other comprehensive loss $ (614 ) $ 135 $ (479 ) For the year ended December 31, 2018 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 419 $ — $ 419 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) (479 ) 64 (415 ) Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 10 (3 ) 7 Unrealized gain on cash flow hedges and other 28 (8 ) 20 Change in pension and other benefits actuarial gains and losses (447 ) 115 (332 ) Change in prior service pension and other benefit costs (2 ) 1 (1 ) Other comprehensive loss $ (471 ) $ 169 $ (302 ) For the year ended December 31, 2017 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (295 ) $ — $ (295 ) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 319 (42 ) 277 Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 25 (6 ) 19 Unrealized loss on cash flow hedges and other (6 ) 2 (4 ) Change in pension and other benefits actuarial gains and losses 84 (20 ) 64 Change in prior service pension and other benefit costs (4 ) 1 (3 ) Other comprehensive income $ 123 $ (65 ) $ 58 The components of Accumulated other comprehensive loss, net of tax, are as follows: (in millions of Canadian dollars) 2019 2018 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 611 $ 862 Unrealized foreign exchange loss on translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (499 ) (749 ) Net deferred losses on derivatives and other (54 ) (62 ) Amounts for defined benefit pension and other post-retirement plans not recognized in income (Note 23) (2,580 ) (2,094 ) Accumulated other comprehensive loss $ (2,522 ) $ (2,043 ) Changes in Accumulated other comprehensive loss by component are as follows: (in millions of Canadian dollars) Foreign currency (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 ) — (550 ) (551 ) Amounts reclassified from accumulated other comprehensive loss — 8 64 72 Net current-period other comprehensive (loss) income (1 ) 8 (486 ) (479 ) Closing balance, December 31, 2019 $ 112 $ (54 ) $ (2,580 ) $ (2,522 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income (loss) before reclassifications 4 19 (417 ) (394 ) Amounts reclassified from accumulated other comprehensive loss — 8 84 92 Net current-period other comprehensive income (loss) 4 27 (333 ) (302 ) Closing balance, December 31, 2018 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) (1) Amounts are presented net of tax. Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss are as follows: (in millions of Canadian dollars) 2019 2018 Amortization of prior service costs (1) $ — $ (2 ) Recognition of net actuarial loss (1) 84 117 Total before income tax 84 115 Income tax recovery (20 ) (31 ) Total net of income tax $ 64 $ 84 (1) Impacts "Other components of net periodic benefit recovery" on the Consolidated Statements of Income.

Change in Non-Cash Working Capi

Change in Non-Cash Working Capital Balances Related to Operations	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Change in Non-Cash Working Capital Balances Related to Operations	Change in non-cash working capital balances related to operations (in millions of Canadian dollars) 2019 2018 2017 Source (use) of cash: Accounts receivable, net $ 27 $ (107 ) $ (91 ) Materials and supplies (8 ) (11 ) 9 Other current assets (24 ) 30 (26 ) Accounts payable and accrued liabilities (21 ) 153 (30 ) Change in non-cash working capital $ (26 ) $ 65 $ (138 )

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Accounts Receivable, Net	Accounts receivable, net (in millions of Canadian dollars) 2019 2018 Freight $ 637 $ 677 Non-freight 210 168 847 845 Allowance for doubtful accounts (42 ) (30 ) Total accounts receivable, net $ 805 $ 815 The Company maintains an allowance for doubtful accounts based on expected collectability of accounts receivable. The Allowance for doubtful accounts is based on specific identification of uncollectable accounts, the application of historical percentages by aging category, and an assessment of the current economic environment.

Business combination (Notes)

Business combination (Notes)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business combination	Business combination On December 30, 2019, CP acquired 100% of Central Maine & Québec Railway Canada Inc. (“CMQ Canada”) and Central Maine & Québec Railway U.S. Inc. (“CMQ U.S.”) (together “CMQ”) for cash consideration of $174 million . CMQ owns 237 miles of rail lines in Québec and 244 miles of rail lines in Maine and Vermont. CMQ Canada The acquisition of CMQ Canada has been accounted for as a business combination under the acquisition method of accounting. The acquired tangible and intangible assets and assumed liabilities are recorded at their estimated fair values at the date of acquisition. The purchase price allocation was prepared on a preliminary basis and is subject to change as additional information becomes available concerning the fair value and tax bases of the net assets acquired. Any adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition. The following summarizes the estimated fair values of the acquired assets and liabilities of CMQ Canada: (in millions of Canadian dollars) 2019 Fair value of net assets acquired: Accounts receivable, net $ 7 Properties 42 Intangible assets (Note 15) 5 Accounts payable and accrued liabilities (2 ) Long-term debt maturing within one year (Note 18) (11 ) Other long-term liabilities (4 ) Total identifiable assets and liabilities $ 37 Goodwill (Note 15) 10 $ 47 Consideration: Cash, net of cash acquired $ 47 The goodwill of $10 million relates primarily to expected operating business synergies. The factors that contribute to the goodwill are revenue growth from customers which are currently not served by CP, access to new routes and an assembled workforce. The goodwill recognized is not deductible for tax purposes. CP has not provided pro forma information relating to the pre-acquisition period as it is not material. CMQ U.S. CP currently accounts for its $127 million cost of acquisition of CMQ U.S. using the equity method of accounting as the shares of CMQ U.S. are held in an independent voting trust while the United States Surface Transportation Board (“STB”) considers the Company's control application (see Note 13). Subject to final approval of the transaction by the STB, the acquisition of CMQ U.S. will be accounted for as a business combination using the acquisition method of accounting.

Disposition of properties

Disposition of properties	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposition of properties	Dispositions of properties During the fourth quarter of 2018, the Company completed the sale of the Bass Lake railway line for gross proceeds of $37 million (U.S. $27 million ). The company recorded a gain on sale of $35 million ( $26 million after tax) within "Purchased services and other" from the transaction.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments (in millions of Canadian dollars) 2019 2018 Investment in CMQ U.S. accounted for on an equity basis (Note 11) $ 127 $ — Other rail investments accounted for on an equity basis 166 160 Other investments 48 43 Total investments $ 341 $ 203

Properties

Properties	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Properties	Properties (in millions of Canadian dollars except percentages) 2019 2019 2018 Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway 2.8 % $ 19,299 $ 5,522 $ 13,777 $ 18,599 $ 5,236 $ 13,363 Buildings 2.9 % 833 237 596 781 218 563 Rolling stock 2.8 % 4,529 1,445 3,084 4,467 1,613 2,854 Information systems software (1) 10.0 % 527 215 312 551 252 299 Other 5.2 % 2,067 680 1,387 1,984 645 1,339 Total $ 27,255 $ 8,099 $ 19,156 $ 26,382 $ 7,964 $ 18,418 (1) During 2019 , CP capitalized costs attributable to the design and development of internal-use software in the amount of $55 million ( 2018 – $53 million ; 2017 – $49 million ). Current year depreciation expense related to internal use software was $44 million ( 2018 – $49 million ; 2017 – $55 million ). Finance leases included in properties (in millions of Canadian dollars) 2019 2018 Cost Accumulated Net book Cost Accumulated Net book Buildings $ — $ — $ — $ 1 $ 1 $ — Rolling stock 303 130 173 311 124 187 Other 4 — 4 — — — Total assets held under finance lease $ 307 $ 130 $ 177 $ 312 $ 125 $ 187

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and intangible assets Goodwill Intangible assets (in millions of Canadian dollars) Net Cost Accumulated Net Total goodwill and intangible assets Balance at December 31, 2017 $ 178 $ 22 $ (13 ) $ 9 $ 187 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 16 — — — 16 Balance at December 31, 2018 194 22 (14 ) 8 202 Additions (Note 11) 10 5 — 5 15 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact (10 ) — — — (10 ) Balance at December 31, 2019 $ 194 $ 27 $ (15 ) $ 12 $ 206

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets (in millions of Canadian dollars) 2019 2018 Operating lease ROU assets (Note 2, 21) $ 358 $ — Long-term materials 41 26 Contracted customer incentives 32 11 Prepaid leases — 10 Other 20 24 Total other assets $ 451 $ 71

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in millions of Canadian dollars) 2019 2018 Trade payables $ 453 $ 474 Accrued charges 348 360 Contract liabilities (1) (Note 3) 142 2 Income and other taxes payable 139 104 Accrued interest 131 135 Dividends payable 114 91 Stock-based compensation liabilities 85 53 Payroll-related accruals 78 78 Operating lease liabilities (Note 2, 21) 69 — Accrued vacation 60 61 Personal injury and other claims provision 55 68 Provision for environmental remediation (Note 20) 7 8 Other (1) 12 15 Total accounts payable and accrued liabilities $ 1,693 $ 1,449 (1) 2018 comparative period figures have been reclassified to conform with current presentation.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The following table outlines the Company's outstanding debt instruments and finance lease obligations as at December 31, 2019 : (in millions of Canadian dollars except percentages) Maturity Currency 2019 2018 7.250% 10-year Notes (A) May 2019 U.S.$ $ — $ 477 9.450% 30-year Debentures (A) Aug 2021 U.S.$ 325 341 5.100% 10-year Medium Term Notes (A) Jan 2022 CDN$ 125 125 4.500% 10-year Notes (A) Jan 2022 U.S.$ 324 339 4.450% 12.5-year Notes (A) Mar 2023 U.S.$ 454 477 2.900% 10-year Notes (A) Feb 2025 U.S.$ 909 955 3.700% 10.5-year Notes (A) Feb 2026 U.S.$ 324 340 4.000% 10-year Notes (A) Jun 2028 U.S.$ 649 682 3.150% 10-year Notes (A) Mar 2029 CDN$ 399 — 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 454 477 5.750% 30-year Debentures (A) Mar 2033 U.S.$ 318 334 4.800% 20-year Notes (A) Sep 2035 U.S.$ 388 408 5.950% 30-year Notes (A) May 2037 U.S.$ 578 607 6.450% 30-year Notes (A) Nov 2039 CDN$ 400 400 5.750% 30-year Notes (A) Jan 2042 U.S.$ 319 336 4.800% 30-year Notes (A) Aug 2045 U.S.$ 712 748 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,169 1,228 8.000% 5-year Promissory Notes (B) up to Jun 2020 U.S.$ 11 — 5.41% Senior Secured Notes (C) Mar 2024 U.S.$ 100 113 6.91% Secured Equipment Notes (D) Oct 2024 CDN$ 91 106 7.49% Equipment Trust Certificates (E) Jan 2021 U.S.$ 55 57 Obligations under finance leases 2.97% (F) Jun 2020 CDN$ 3 — 6.99% (F) Mar 2022 U.S.$ 99 104 6.57% (F) Dec 2026 U.S.$ 45 52 12.77% (F) Jan 2031 CDN$ 4 4 Commercial Paper U.S.$ 516 — 8,771 8,710 Perpetual 4% Consolidated Debenture Stock (G) U.S.$ 39 41 Perpetual 4% Consolidated Debenture Stock (G) G.B.£ 6 6 8,816 8,757 Unamortized fees on long-term debt (59 ) (61 ) 8,757 8,696 Less: Long-term debt maturing within one year 599 506 $ 8,158 $ 8,190 At December 31, 2019 , the gross amount of long-term debt denominated in U.S. dollars was U.S. $6,016 million ( 2018 – U.S. $5,970 million). Annual maturities and principal repayment requirements, excluding those pertaining to finance leases, for each of the five years following 2019 are (in millions): 2020 – $592 ; 2021 – $365 ; 2022 – $477 ; 2023 – $484 ; 2024 – $84 . Fees on long-term debt are amortized to income over the term of the related debt. A. These debentures and notes are presented net of unamortized discounts, pay interest semi-annually, and are unsecured but carry a negative pledge. In 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 ). The Company also issued $400 million 3.150% 10 -year Notes due March 13, 2029 for net proceeds of $397 million . In 2018, the Company repaid U.S. $275 million 6.500% 10 -year Notes at maturity for a total of U.S. $275 million ( $352 million ) and $375 million 6.250% 10 -year Medium Term Notes at maturity for a total of $375 million . The Company also issued U.S. $500 million 4.000% 10 -year Notes due June 1, 2028 for net proceeds of U.S. $495 million ( $638 million ). In conjunction with the issuance, the Company settled a notional U.S. $500 million of forward starting floating-to-fixed interest rate swap agreements ("forward starting swaps") for a payment of U.S. $19 million ( $24 million ) (see Note 19). This payment was included in cash provided by operating activities consistent with the location of the related hedged item on the Company's Consolidated Statements of Cash Flows. B. On December 30, 2019, through its business combination with CMQ Canada, the Company assumed CMQ Canada's obligations under the 8.00% 5 -year Promissory Notes totalling U.S. $8 million ( $11 million ) owing to CMQ U.S. (see Note 11). C. The 5.41% Senior Secured Notes are collateralized by specific locomotive units with a carrying value of $102 million at December 31, 2019 . The Company pays equal blended semi-annual payments of principal and interest. Final repayment of the remaining principal of U.S. $44 million is due in March 2024. D. The 6.91% Secured Equipment Notes are full recourse obligations of the Company collateralized by a first charge on specific locomotive units with a carrying value of $59 million at December 31, 2019 . The Company pays equal blended semi-annual payments of principal and interest. Final repayment of the remaining principal of $11 million is due in October 2024. E. The 7.49% Equipment Trust Certificates are secured by specific locomotive units with a carrying value of $97 million at December 31, 2019 . The Company makes semi-annual payments that vary in amount and are interest-only payments or blended principal and interest payments. Final repayment of the remaining principal of U.S. $11 million is due in January 2021. F. The carrying value of the assets collateralizing finance lease obligations was $177 million at December 31, 2019 . G. The Consolidated Debenture Stock, authorized by an Act of Parliament of 1889 , constitutes a first charge upon and over the whole of the undertaking, railways, works, rolling stock, plant, property and effects of the Company, with certain exceptions. Credit facility CP has a revolving credit facility (the “facility”) agreement with 14 highly rated financial institutions for a commitment amount of U.S. $1.3 billion . The facility can accommodate draws of cash and/or letters of credit at market competitive pricing. The agreement requires the Company to maintain a financial covenant in conjunction with the facility. As at December 31, 2019 and 2018 , the Company was in compliance with all terms and conditions of the credit facility arrangements and satisfied the financial covenant. 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 December 31, 2019 and 2018 , the facility was undrawn. The amount available under the terms of the credit facility was U.S. $1.3 billion at December 31, 2019 (December 31, 2018 – U.S. $1.0 billion ). The Company also 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. This commercial paper program is backed by the revolving credit facility. As at December 31, 2019 , the Company had total commercial paper borrowings of U.S. $397 million ( $516 million ), included in "Long-term debt maturing within one year" on the Company's Consolidated Balance Sheets (December 31, 2018 – $nil). The weighted-average interest rate on these borrowings was 2.03% . The Company presents issuances and repayments of commercial paper, all of which have a maturity of less than 90 days, in the Company's Consolidated Statements of Cash Flows on a net basis. CP has bilateral letter of credit facilities with six highly rated financial institutions to support its requirement to post letters of credit in the ordinary course of business. Effective September 27, 2019, the Company reduced its bilateral letter of credit facilities to $300 million (December 31, 2018 – $600 million ). Under these agreements, the Company has the option to post collateral in the form of cash or cash equivalents, equal at least to the face value of the letter of credit issued. These agreements permit CP to withdraw amounts posted as collateral at any time; therefore, the amounts posted as collateral are presented as “Cash and cash equivalents” on the Company’s Consolidated Balance Sheets. As at December 31, 2019 , under its bilateral letter of credit facilities, the Company had no collateral posted ( December 31, 2018 – $nil ) and letters of credit drawn of $80 million ( December 31, 2018 – $60 million ) from a total available amount of $300 million ( December 31, 2018 – $600 million ).

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 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. The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt: (in millions of Canadian dollars) December 31, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 10,149 $ 9,639 Carrying value 8,757 8,696 All long-term debt is classified as Level 2. 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 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. Credit risk management Credit risk refers to the possibility that a customer or counterparty will fail to fulfill its obligations under a contract and as a result create a financial loss for the Company. The railway industry predominantly serves financially established customers, and the Company has experienced limited financial losses with respect to credit risk. The credit worthiness of customers is assessed using credit scores supplied by a third party and through direct monitoring of their financial well-being on a continual basis. The Company establishes guidelines for customer credit limits and should thresholds in these areas be reached, appropriate precautions are taken to improve collectability. Counterparties to financial instruments expose the Company to credit losses in the event of non-performance. Counterparties for derivative and cash transactions are limited to high credit quality financial institutions, which are monitored on an ongoing basis. Counterparty credit assessments are based on the financial health of the institutions and their credit ratings from external agencies. The Company does not anticipate non-performance that would materially impact the Company’s financial statements. In addition, the Company believes there are no significant concentrations of credit risk. 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 these 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 (loss) income ” in 2019 was an FX gain of $288 million , the majority of which was unrealized ( 2018 – unrealized loss of $479 million ; 2017 – unrealized gain of $319 million ) (see Note 8). 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 finance 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 amount of 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 Company no longer has any active forward starting swaps. During the second quarter of 2017 , the Company de-designated the hedging relationship for U.S. $700 million of forward starting swaps. The Company settled a notional amount of U.S. $200 million of forward starting swaps for a cash payment of U.S. $16 million ( $22 million ). The Company rolled the remaining notional amount of U.S. $500 million of forward starting swaps and did not cash settle these swaps. The impact of the U.S. $200 million settlement and U.S. $500 million roll of the forward starting swaps was a charge of $13 million to " Other (income) expense " on the Company's Consolidated Statements of Income. Concurrently, the Company re-designated the forward starting swaps totalling U.S. $500 million to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The changes in fair value of the forward starting swaps for the year ended December 31, 2019 was $nil ( 2018 – gain of $31 million ). This was recorded in "Accumulated other comprehensive loss”, net of tax, and is being reclassified to "Net interest expense" on the Company's Consolidated Statements of Income until the underlying hedged notes are repaid. For the year ended December 31, 2019 , a net loss of $9 million related to previous forward starting swap hedges has been amortized to “Net interest expense” ( 2018 – loss of $10 million ; 2017 – loss of $11 million ). The Company expects that during the next 12 months, $9 million of net losses will be amortized to “Net interest expense”. Treasury rate locks At December 31, 2019 , the Company had net unamortized losses related to interest rate locks, which are accounted for as cash flow hedges, settled in previous years totalling $18 million ( December 31, 2018 – $19 million ). This amount is composed of various unamortized gains and losses related to specific debts which are reflected in “Accumulated other comprehensive loss” and are amortized to “Net interest expense” in the period that interest on the related debt is charged. The amortization of these gains and losses resulted in a $1 million increase to “Net interest expense” and “ Other comprehensive (loss) income ” in 2019 ( 2018 – $1 million ; 2017 – $1 million ). The Company expects that during the next 12 months, a net loss of $1 million related to these previously settled derivatives will be reclassified to “Net interest expense”.

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other long-term liabilities (in millions of Canadian dollars) 2019 2018 Operating lease liabilities, net of current portion (Note 2, 21) $ 285 $ — Stock-based compensation liabilities, net of current portion 111 81 Provision for environmental remediation, net of current portion (1) 70 74 Deferred revenue on rights-of-way license agreements, net of current portion (2) 20 24 Deferred gains on sale leaseback transactions (2) 6 13 Other, net of current portion 70 45 Total other long-term liabilities $ 562 $ 237 (1) As at December 31, 2019 , the aggregate provision for environmental remediation, including the current portion was $77 million ( 2018 – $82 million ). (2) The deferred revenue on rights-of-way license agreements and deferred gains on sale leaseback transactions are being amortized to income on a straight-line basis over the related lease terms. Environmental remediation accruals Environmental remediation accruals cover site-specific remediation programs. The estimate of the probable costs to be incurred in the remediation of properties contaminated by past railway use reflects the nature of contamination at individual sites according to typical activities and scale of operations conducted. CP has developed remediation strategies for each property based on the nature and extent of the contamination, as well as the location of the property and surrounding areas that may be adversely affected by the presence of contaminants, considering available technologies, treatment and disposal facilities and the acceptability of site-specific plans based on the local regulatory environment. Site-specific plans range from containment and risk management of the contaminants through to the removal and treatment of the contaminants and affected soils and groundwater. The details of the estimates reflect the environmental liability at each property. 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” (see Note 17). Payments are expected to be made over 10 years to 2029. 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, 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. Changes to costs are reflected as changes to “Other long-term liabilities” or “Accounts payable and accrued liabilities” on the Company's Consolidated Balance Sheets and to “Purchased services and other” within operating expenses on the Company's Consolidated Statements of Income. The amount charged to income in 2019 was $6 million ( 2018 – $6 million ; 2017 – $5 million ).

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases The Company’s leases have remaining terms of less than one year to 15 years , some include options to extend up to an additional 10 years , and some include options to terminate within one year . 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 for the year ended December 31 are as follows: (in millions of Canadian dollars) 2019 Operating lease cost $ 89 Short-term lease cost 10 Variable lease cost 13 Sublease income (3 ) Finance Lease Cost Amortization of right-of use-assets 9 Interest on lease liabilities 11 Total lease costs $ 129 Supplemental balance sheet information related to leases is as follows: (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 358 Finance Properties, net book value 177 Liabilities Current Operating Accounts payable and accrued liabilities 69 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 285 Finance Long-term debt 144 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2019 Weighted-Average Remaining Lease Term Operating leases 7 years Finance leases 4 years Weighted-Average Discount Rate Operating leases 3.45 % Finance leases 7.07 % Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 82 Operating cash outflows from finance leases 10 Financing cash outflows from finance leases 6 Right-of-use assets obtained in exchange for lease liabilities Operating leases 38 Finance leases 4 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2019 : (in millions of Canadian dollars) Finance Leases Operating Leases 2020 $ 11 $ 80 2021 10 55 2022 108 51 2023 8 39 2024 9 40 Thereafter 21 130 Total lease payments 167 395 Imputed interest (16 ) (41 ) Present value of lease payments $ 151 $ 354

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ equity Authorized and issued share capital The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares, and an unlimited number of Second Preferred Shares. At December 31, 2019 , no First or Second Preferred Shares had been issued. The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2019 2018 2017 Share capital, January 1 140.5 144.9 146.3 CP Common Shares repurchased (3.8 ) (4.6 ) (1.9 ) Shares issued under stock option plan 0.3 0.2 0.5 Share capital, December 31 137.0 140.5 144.9 The change in the “Share capital” balance includes $7 million of stock-based compensation transferred from “Additional paid-in capital” ( 2018 – $12 million ; 2017 – $12 million ). Share repurchases On May 10, 2017, the Company announced a normal course issuer bid ("NCIB"), commencing May 15, 2017, to purchase up to 4.38 million Common Shares in the open market for cancellation on or before May 14, 2018 . The Company completed this NCIB on May 10, 2018. On October 19, 2018, the Company announced a NCIB, commencing October 24, 2018, to purchase up to 5.68 million Common Shares for cancellation on or before October 23, 2019 . The Company completed this NCIB on October 23, 2019. On December 17, 2019, the Company announced a new NCIB, commencing December 20, 2019, to purchase up to 4.80 million Common Shares for cancellation on or before December 19, 2020 . As at December 31, 2019, the Company had purchased 0.30 million Common Shares for $100 million under this NCIB program. All purchases were made in accordance with the respective 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 provides the activities under the share repurchase programs for each of the years ended December 31: 2019 2018 2017 Number of Common Shares repurchased (1) 3,794,149 4,683,162 1,888,100 Weighted-average price per share (2) $ 300.65 $ 240.68 $ 201.53 Amount of repurchase (in millions) (2) $ 1,141 $ 1,127 $ 381 (1) Includes shares repurchased but not yet cancelled at year end. (2) Includes brokerage fees.

Pensions and Other Benefits

Pensions and Other Benefits	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Pensions and Other Benefits	Pensions and other benefits The Company has both defined benefit (“DB”) and defined contribution (“DC”) pension plans. At December 31, 2019 , the Canadian pension plans represent nearly all of total combined pension plan assets and nearly all of total combined pension plan obligations. The DB plans provide for pensions based principally on years of service and compensation rates near retirement. Pensions for Canadian pensioners are partially indexed to inflation. Annual employer contributions to the DB plans, which are actuarially determined, are made on the basis of being not less than the minimum amounts required by federal pension supervisory authorities. The Company has other benefit plans including post-retirement health and life insurance for pensioners, and post-employment long-term disability and workers’ compensation benefits, which are based on Company-specific claims. At December 31, 2019 , the Canadian other benefits plans represent nearly all of total combined other plan obligations. The Audit and Finance Committee of the Board of Directors has approved an investment policy that establishes long-term asset mix targets which take into account the Company’s expected risk tolerances. Pension plan assets are managed by a suite of independent investment managers, with the allocation by manager reflecting these asset mix targets. Most of the assets are actively managed with the objective of outperforming applicable benchmarks. In accordance with the investment policy, derivative instruments may be used by investment managers to hedge or adjust existing or anticipated exposures. To develop the expected long-term rate of return assumption used in the calculation of net periodic benefit cost applicable to the market-related value of plan assets, the Company considers the expected composition of the plans’ assets, past experience and future estimates of long-term investment returns. Future estimates of investment returns reflect the long-term return expectation for fixed income, public equity, real estate, infrastructure, private debt and absolute return investments and the expected added value (relative to applicable benchmark indices) from active management of pension fund assets. The Company has elected to use a market-related value of assets for the purpose of calculating net periodic benefit cost, developed from a five years average of market values for the plans’ public equity and absolute return investments (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the plans’ fixed income, real estate, infrastructure and private debt securities. The benefit obligation is discounted using a discount rate that is a blended yield to maturity for a hypothetical portfolio of high-quality corporate debt instruments with cash flows matching projected benefit payments. The discount rate is determined by management. Net periodic benefit cost The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2017 2019 2018 2017 Current service cost (benefits earned by employees) $ 107 $ 120 $ 103 $ 11 $ 12 $ 12 Other components of net periodic benefit cost (recovery): Interest cost on benefit obligation 450 438 451 20 19 20 Expected return on fund assets (947 ) (955 ) (893 ) — — — Recognized net actuarial loss 84 114 153 12 2 (1 ) Amortization of prior service costs (1 ) (2 ) (5 ) 1 — 1 Total other components of net periodic benefit (recovery) cost (414 ) (405 ) (294 ) 33 21 20 Net periodic benefit (recovery) cost $ (307 ) $ (285 ) $ (191 ) $ 44 $ 33 $ 32 Projected benefit obligation, fund assets, and funded status Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at January 1 $ 11,372 $ 11,679 $ 501 $ 518 Current service cost 107 120 11 12 Interest cost 450 438 20 19 Employee contributions 41 47 — 1 Benefits paid (646 ) (640 ) (34 ) (33 ) Foreign currency changes (10 ) 20 — 2 Actuarial loss (gain) 1,296 (292 ) 43 (18 ) Projected benefit obligation at December 31 $ 12,610 $ 11,372 $ 541 $ 501 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Change in fund assets: Fair value of fund assets at January 1 $ 12,349 $ 12,808 $ 4 $ 4 Actual return on fund assets 1,528 82 1 — Employer contributions 53 36 34 32 Employee contributions 41 47 — 1 Benefits paid (646 ) (640 ) (34 ) (33 ) Foreign currency changes (6 ) 16 — — Fair value of fund assets at December 31 $ 13,319 $ 12,349 $ 5 $ 4 Funded status – plan surplus (deficit) $ 709 $ 977 $ (536 ) $ (497 ) The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2019 2018 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (12,076 ) $ (534 ) $ (10,884 ) $ (488 ) Fair value of fund assets at December 31 13,079 240 12,127 222 Funded Status $ 1,003 $ (294 ) $ 1,243 $ (266 ) The DB pension plans’ accumulated benefit obligation as at December 31, 2019 was $12,201 million ( 2018 – $10,981 million ). The accumulated benefit obligation is calculated on a basis similar to the projected benefit obligation, except no future salary increases are assumed in the projection of future benefits. For pension plans with accumulated benefit obligations in excess of fair value of plan assets (i.e. deficit), the aggregate pension accumulated benefit obligation as at December 31, 2019 was $419 million (2018 – $395 million ) and the aggregate fair value of plan assets as at December 31, 2019 was $186 million (2018 – $180 million ). All Other benefits plans were in a deficit position at December 31, 2019 and 2018 . Pension asset and liabilities in the Company’s Consolidated Balance Sheets Amounts recognized in the Company’s Consolidated Balance Sheets are as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Pension asset $ 1,003 $ 1,243 $ — $ — Accounts payable and accrued liabilities (11 ) (11 ) (34 ) (34 ) Pension and other benefit liabilities (283 ) (255 ) (502 ) (463 ) Total amount recognized $ 709 $ 977 $ (536 ) $ (497 ) The measurement date used to determine the plan assets and the accrued benefit obligation is December 31 . The most recent actuarial valuation for pension funding purposes for the Company’s main Canadian pension plan was performed as at January 1, 2019. During 2020 , the Company expects to file with the pension regulator a new valuation performed as at January 1, 2020. Accumulated other comprehensive loss Amounts recognized in accumulated other comprehensive loss are as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Net actuarial loss: Other than deferred investment gains $ 3,434 $ 2,233 $ 91 $ 61 Deferred investment gains 41 611 — — Prior service cost 1 — 1 2 Deferred income tax (964 ) (797 ) (24 ) (16 ) Total (Note 8) $ 2,512 $ 2,047 $ 68 $ 47 The unamortized actuarial loss and the unamortized prior service cost included in “Accumulated other comprehensive loss” that are expected to be recognized in net periodic benefit cost during 2020 are a cost of $176 million and a recovery of $1 million , respectively, for pensions and costs of $3 million and $nil, respectively, for other post-retirement benefits. Actuarial assumptions Weighted-average actuarial assumptions used were approximately: (percentages) 2019 2018 2017 Benefit obligation at December 31: Discount rate 3.25 4.01 3.80 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.50 (1) 6.00 (1) 7.00 (2) Benefit cost for year ended December 31: Discount rate 4.01 3.80 4.02 Expected rate of return on fund assets (3) 7.50 7.75 7.75 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 6.00 (1) 7.00 (2) 7.00 (2) (1) The health care cost trend rate was assumed to be 6.00% in 2019, is assumed to be 5.50% in 2020 and 5.00% per year in 2021 and thereafter. (2) The health care cost trend rate was previously assumed to be 7.00% in 2017 and 2018, and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2022 and thereafter. (3) The expected rate of return on fund assets that will be used to compute the 2020 net periodic benefit credit is 7.25% . Assumed health care cost trend rates affect the amounts reported for the health care plans. A one-percentage-point increase in the assumed health care cost trend rate would increase the post-retirement benefit obligation by $5 million , and a one-percentage-point decrease in the assumed health care cost trend rate would decrease the post-retirement benefit obligation by $5 million . A one-percentage-point increase or decrease in the assumed health care cost trend rate would have no material effect on the total of service and interest costs. Plan assets Plan assets are recorded at fair value. The major asset categories are public equity securities, fixed income securities, real estate, infrastructure, absolute return investments and private debt. The fair values of the public equity and fixed income securities are primarily based on quoted market prices. Real estate and infrastructure values are based on the value of each fund’s assets as calculated by the fund manager, generally using third party appraisals or discounted cash flow analysis and taking into account current market conditions and recent sales transactions where practical and appropriate. Private debt values are based on the value of each fund’s assets as calculated by the fund manager taking into account current market conditions and reviewed annually by external parties. Absolute return investments are a portfolio of units of externally managed hedge funds and are valued by the fund administrators. The Company’s pension plan asset allocation, the weighted average asset allocation targets and the weighted average policy range for each major asset class at year end, were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2019 2018 Cash and cash equivalents 1.2 0 – 10 0.9 1.1 Fixed income 24.1 20 – 40 24.6 25.6 Public equity 45.1 35 – 55 54.5 50.2 Real estate and infrastructure 9.8 4 – 13 6.8 7.7 Private debt 9.8 4 – 13 2.4 1.3 Absolute return 10.0 4 – 13 10.8 14.1 Total 100.0 100.0 100.0 Summary of the assets of the Company’s DB pension plans The following is a summary of the assets of the Company’s DB pension plans at December 31, 2019 and 2018 . As of December 31, 2019 and 2018 , there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan Assets (in millions of Canadian dollars) Quoted prices in Significant other December 31, 2019 Cash and cash equivalents $ 112 $ — $ — $ 112 Fixed income Government bonds (2) 233 1,857 — 2,090 Corporate bonds (2) 273 819 — 1,092 Mortgages (3) 159 5 — 164 Public equities Canada 1,351 — — 1,351 U.S. and international 5,883 22 — 5,905 Real estate (4) — — 724 724 Infrastructure (5) — — 187 187 Private debt (6) — — 313 313 Derivative instruments (7) — (59 ) — (59 ) Absolute return (8) Funds of hedge funds — — 1,418 1,418 Multi-strategy funds — — 22 22 $ 8,011 $ 2,644 $ 2,664 $ 13,319 December 31, 2018 Cash and cash equivalents $ 127 $ 12 $ — $ 139 Fixed income Government bonds (2) 101 1,281 — 1,382 Corporate bonds (2) 128 1,606 — 1,734 Mortgages (3) 41 — — 41 Public equities Canada 1,287 — — 1,287 U.S. and international 4,892 24 — 4,916 Real estate (4) — — 697 697 Infrastructure (5) — — 259 259 Private debt (6) — — 162 162 Derivative instruments (7) — (7 ) — (7 ) Absolute return (8) Funds of hedge funds — — 1,189 1,189 Multi-strategy funds — — 286 286 Credit funds — — 32 32 Equity funds — — 232 232 $ 6,576 $ 2,916 $ 2,857 $ 12,349 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plan’s ownership interest in the funds. Of the total, $606 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $583 million ). The remaining $118 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2018 – $114 million ). As at December 31, 2019 , there are $35 million of unfunded commitments for real estate investments (December 31, 2018 – $38 million ). (5) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $119 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $130 million ). The remaining $68 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2018 – $129 million ). (6) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $154 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $162 million ). The remaining $159 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2018 – $nil). As at December 31, 2019 , there are $392 million of unfunded commitments for private debt investments (December 31, 2018 – $608 million ). (7) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond forwards to reduce asset/liability interest rate risk exposures (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. As at December 31, 2019 , there are currency forwards with a notional value of $334 million (December 31, 2018 – $1,226 million ) and a fair value of $13 million (December 31, 2018 – $(7) million ). The fixed income investment manager utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2019, there are bond forwards with a notional value of $3,269 million and a negative fair value of $72 million (December 31, 2018 – $nil). (8) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 60 to 95 days and frequencies ranging from monthly to triennially. Additional plan assets information The Company's primary investment objective for pension plan assets is to achieve a long–term return, net of all fees and expenses, that is sufficient for the plan's assets to satisfy the current and future obligations to plan beneficiaries, while minimizing the financial impact on the Company. In identifying the asset allocation ranges, consideration was given to the long-term nature of the underlying plan liabilities, the solvency and going-concern financial position of the plan, long-term return expectations and the risks associated with key asset classes as well as the relationships of returns on key asset classes with each other, inflation and interest rates. When advantageous and with due consideration, derivative instruments may be utilized by investment managers, provided the total value of the underlying assets represented by financial derivatives (excluding currency forwards, liability hedging derivatives in fixed income portfolios and derivatives held by absolute return funds) is limited to 30% of the market value of the fund. The funded status of the plans is exposed to fluctuations in interest rates, which affects the relative values of the plans' liabilities and assets. In order to mitigate interest rate risk, the Company's main Canadian defined benefit pension plan utilizes a liability driven investment strategy in its fixed income portfolio, which uses a combination of long duration bonds and derivatives to hedge interest rate risk, managed by the investment manager. At December 31, 2019, the plan's solvency funded position was 45% hedged against interest rate risk (2018 – 11% ). When investing in foreign securities, the plans are exposed to foreign currency risk; the effect of which is included in the valuation of the foreign securities. At December 31, 2019 , the plans were 39% exposed to the U.S. dollar net of currency forwards ( 41% excluding the currency forwards), 6% exposed to the Euro, and 14% exposed to various other currencies. At December 31, 2018 , the plans were 33% exposed to the U.S. dollar net of currency forwards ( 43% excluding the currency forwards), 4% exposed to the Euro, and 13% exposed to various other currencies. At December 31, 2019 , fund assets consisted primarily of listed stocks and bonds, including 119,758 of the Common Shares ( 2018 – 86,084 ) at a market value of $40 million ( 2018 – $21 million ) and Unsecured Notes issued by the Company at a par value of $nil ( 2018 – $1 million ) and a market value of $nil ( 2018 – $1 million ). Estimated future benefit payments The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2020 $ 620 $ 34 2021 623 32 2022 627 31 2023 630 30 2024 633 30 2025 – 2029 3,203 144 The benefit payments from the Canadian registered and U.S. qualified DB pension plans are payable from their respective pension funds. Benefit payments from the supplemental pension plan and from the other benefits plans are payable directly from the Company. Defined contribution plan Canadian non-unionized employees hired prior to July 1, 2010 had the option to participate in the Canadian DC plan. All Canadian non-unionized employees hired after such date must participate in this plan. Employee contributions are based on a percentage of salary. The Company matches employee contributions to a maximum percentage each year. Effective July 1, 2010, a new U.S. DC plan was established. All U.S. non-unionized employees hired after such date must participate in this plan. Employees do not contribute to the plan. The Company annually contributes a percentage of salary. The DC plans provide a pension based on total employee, where appropriate, and employer contributions plus investment income earned on those contributions. In 2019 , the net cost of the DC plans, which generally equals the employer’s required contribution, was $11 million ( 2018 – $10 million ; 2017 – $9 million ). Contributions to multi-employer plans Some of the Company’s unionized employees in the U.S. are members of a U.S. national multi-employer benefit plan. Contributions made by the Company to this plan in 2019 in respect of post-retirement medical benefits were $3 million ( 2018 – $3 million ; 2017 – $5 million ).

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-based compensation At December 31, 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 of $133 million in 2019 ( 2018 – $75 million ; 2017 – $35 million ). Effective January 31, 2017, Mr. E. Hunter Harrison resigned from all positions held by him at the Company, including as the Company’s Chief Executive Officer and as a member of the Board of Directors of the Company. In connection with Mr. Harrison’s resignation, the Company entered into a separation agreement with Mr. Harrison. Under the terms of the separation agreement, the Company agreed to a limited waiver of Mr. Harrison’s non-competition and non-solicitation obligations. Effective January 31, 2017, pursuant to the separation agreement, Mr. Harrison forfeited certain pension and post-retirement benefits and agreed to the surrender for cancellation of 22,514 PSUs, 68,612 DSUs, and 752,145 stock options. As a result of this agreement, the Company recognized a recovery of $51 million in "Compensation and benefits" in the first quarter of 2017. Of this amount, $27 million related to a recovery from cancellation of certain pension benefits. A. Stock option plan The following table summarizes the Company’s stock option plan as at December 31, 2019 : Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2019 1,533,598 $ 176.02 714,102 $ 48.94 Granted 224,730 $ 269.99 224,730 $ 63.69 Exercised (334,127 ) $ 125.12 N/A N/A Vested N/A N/A (169,193 ) $ 47.59 Forfeited (7,855 ) $ 234.59 (7,855 ) $ 54.75 Outstanding, December 31, 2019 1,416,346 $ 199.12 761,784 $ 53.54 Vested or expected to vest at December 31, 2019 (1) 1,385,626 $ 197.89 N/A N/A Exercisable, December 31, 2019 654,562 $ 162.59 N/A N/A (1) As at December 31, 2019 , the weighted-average remaining term of vested or expected to vest options was 4.9 years with an aggregate intrinsic value of $184 million . The following table provides the number of stock options outstanding and exercisable as at December 31, 2019 by range of exercise price and their related intrinsic aggregate value, and for options outstanding, the weighted-average years to expiration. The table also provides the aggregate intrinsic value for in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their options on December 31, 2019 at the Company’s closing stock price of $331.03 . Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $51.17 – $167.50 354,357 4.1 $ 123.00 $ 74 303,455 $ 116.84 $ 65 $167.51 – $197.05 355,040 4.1 $ 188.53 $ 51 135,532 $ 175.30 $ 21 $197.06– $247.87 376,654 4.8 $ 222.75 $ 41 215,465 $ 218.98 $ 24 $247.88 – $313.16 330,295 5.9 $ 265.23 $ 22 110 $ 260.52 $ — Total (1) 1,416,346 4.7 $ 199.12 $ 187 654,562 $ 162.59 $ 110 (1) As at December 31, 2019 , the total number of in-the-money stock options outstanding was 1,416,346 with a weighted-average exercise price of $199.12 . The weighted-average years to expiration of exercisable stock options is 4.2 years . Pursuant to the employee plan, options may be exercised upon vesting, which is between 12 months and 48 months after the grant date, and will expire after seven years . Certain stock options granted in 2019 and 2018 vest upon the achievement of specific performance criteria. Under the fair value method, the fair value of the stock options at grant date was approximately $14 million for options issued in 2019 ( 2018 – $16 million ; 2017 – $17 million ). The weighted-average fair value assumptions were approximately: 2019 2018 2017 Expected option life (years) (1) 5.00 5.00 5.48 Risk-free interest rate (2) 2.22 % 2.22 % 1.85 % Expected stock price volatility (3) 25.04 % 24.81 % 26.94 % Expected annual dividends per share (4) $ 2.6191 $ 2.3854 $ 2.0010 Expected forfeiture rate (5) 6.05 % 4.70 % 2.80 % Weighted-average grant date fair value of options granted during the year $ 63.69 $ 55.63 $ 45.78 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent 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. The rate is monitored on a periodic basis. In 2019 , the expense for stock options (regular and performance) was $14 million ( 2018 – $10 million ; 2017 – $3 million ). At December 31, 2019 , there was $14 million of total unrecognized compensation related to stock options which is expected to be recognized over a weighted-average period of approximately 1.3 years. The total fair value of shares vested for the stock option plan during 2019 was $8 million ( 2018 – $11 million ; 2017 – $14 million ). The following table provides information related to all options exercised in the stock option plan during the years ended December 31 : (in millions of Canadian dollars) 2019 2018 2017 Total intrinsic value $ 63 $ 17 $ 36 Cash received by the Company upon exercise of options 26 24 45 B. Other share-based plans Performance share unit plan During 2019 , the Company issued 134,260 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 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 125,280 PSUs issued in 2018 is January 1, 2018 to December 31, 2020, and the performance factors for these PSUs are ROIC, TSR compared to the S&P/TSX Capped Industrial Index, and TSR compared to S&P 1500 Road and Rail Index. The performance factors for the remaining 36,975 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 PSUs issued in 2017 was January 1, 2017 to December 31, 2019, and the performance factors for these PSUs were ROIC, TSR compared to the S&P/TSX Capped Industrial Index, and TSR compared to S&P 1500 Road and Rail Index. The resulting estimated payout was 193% on 121,098 total outstanding awards representing a total fair value of $75 million at December 31, 2019, calculated using the Company's average share price using the last 30 tr ading days preceding December 31, 2019. The performance period for PSUs issued in 2016 was January 1, 2016 to December 31, 2018, and 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 first quarter of 2019, payouts occurred on the total outstanding awards, including dividends reinvested, totalling $54 million on 117,228 outstanding awards. The following table summarizes information related to the Company’s PSUs as at December 31 : 2019 2018 Outstanding, January 1 395,048 334,028 Granted 134,260 162,255 Units, in lieu of dividends 4,032 3,643 Settled (117,228 ) (66,243 ) Forfeited (12,976 ) (38,635 ) Outstanding, December 31 403,136 395,048 In 2019 , the expense for PSUs was $89 million ( 2018 – $54 million ; 2017 – $30 million ). At December 31, 2019 , there was $42 million of total unrecognized compensation related to PSUs which is expected to be recognized over a weighted-average period of approximately 1.5 years. Deferred share unit plan The Company established the DSU plan as a means to compensate and assist in attaining share ownership targets set for certain key employees and Directors. A DSU entitles the holder to receive, upon redemption, a cash payment equivalent to the Company's average share price using the 10 trading days prior to redemption. DSUs vest over various periods of up to 48 months and are only redeemable for a specified period after employment is terminated. Senior managers may elect to receive DSUs in lieu of annual bonus cash payments in the bonus deferral program. In addition, senior managers will be granted a 25% company match of DSUs when deferring cash to DSUs to meet ownership targets. The election to receive eligible payments in DSUs is no longer available to a participant when the value of the participant’s DSUs is sufficient to meet the Company’s stock ownership guidelines. Senior managers have five years to meet their ownership targets. The expense for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods. The following table summarizes information related to the DSUs as at December 31 : 2019 2018 Outstanding, January 1 152,760 156,547 Granted 19,912 16,481 Units, in lieu of dividends 1,608 1,551 Settled (12,110 ) (20,072 ) Forfeited (951 ) (1,747 ) Outstanding, December 31 161,219 152,760 During 2019 , the Company granted 19,912 DSUs with a grant date fair value of approximately $5 million . In 2019 , the expense for DSUs was $20 million ( 2018 – $4 million expense; 2017 – $3 million recovery). At December 31, 2019 , there was $0.7 million of total unrecognized compensation related to DSUs which is expected to be recognized over a weighted-average period of approximately 1.2 years. Summary of share-based liabilities paid The following table summarizes the total share-based liabilities paid for each of the years ended December 31 : (in millions of Canadian dollars) 2019 2018 2017 Plan PSUs $ 54 $ 30 $ 31 DSUs 4 6 6 Other — 1 2 Total $ 58 $ 37 $ 39 C. Employee share purchase plan The Company has an employee share purchase plan whereby both employee and the Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed over the one year vesting period. Under the plan, the Company matches $1 for every $3 contributed by employees up to a maximum employee contribution of 6% of annual salary. The total number of shares purchased in 2019 on behalf of participants, including the Company's contributions, was 137,942 ( 2018 – 118,865 ; 2017 – 130,041 ). In 2019 , the Company’s contributions totalled $8 million ( 2018 – $6 million ; 2017 – $5 million ) and the related expense was $6 million ( 2018 – $5 million ; 2017 – $4 million ).

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable Interest Entities	Variable interest entities The Company leases equipment from certain trusts, which have been determined to be variable interest entities financed by a combination of debt and equity provided by unrelated third parties. The lease agreements, which are classified as operating leases, have fixed price purchase options which create the Company’s variable interests and result in the trusts being considered variable interest entities. Maintaining and operating the leased assets according to specific contractual obligations outlined in the terms of the lease agreements and industry standards is the Company’s responsibility. The rigour of the contractual terms of the lease agreements and industry standards are such that the Company has limited discretion over the maintenance activities associated with these assets. As such, the Company concluded these terms do not provide the Company with the power to direct the activities of the variable interest entities in a way that has a significant impact on the entities’ economic performance. The financial exposure to the Company as a result of its involvement with the variable interest entities is equal to the fixed lease payments due to the trusts. In 2019 , lease payments after tax were $15 million . Future minimum lease payments, before tax, of $138 million will be payable over the next 11 years . The Company does not guarantee the residual value of the assets to the lessor; however, it must deliver to the lessor the assets in good operating condition, subject to normal wear and tear, at the end of the lease term. As the Company’s actions and decisions do not significantly affect the variable interest entities’ performance, and the Company’s fixed price purchase option is not considered to be potentially significant to the variable interest entities, the Company is not considered to be the primary beneficiary, and does not consolidate these variable interest entities. Additionally, the Company is the sole beneficiary of an independent voting trust that holds 100% of the equity interest in CMQ U.S. The trust is governed by a single trustee who is responsible for all day-to-day decisions of CMQ U.S. The Company has no substantive participating or kick-out rights and therefore lacks the power to direct the activities of CMQ U.S. As a result, CMQ U.S. is considered to be a variable interest entity, however, the Company is not considered to be the primary beneficiary and, therefore, does not consolidate this variable interest entity.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies In the normal course of its operations, the Company becomes involved in various legal actions, including claims relating to injuries and damage to property. The Company maintains provisions it considers to be adequate for such actions. While the final outcome with respect to actions outstanding or pending at December 31, 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 business, financial position or results of operations. However, an unexpected adverse resolution of one or more of these legal actions could have a material adverse effect on the Company's business, financial position, results of operations or liquidity in a particular quarter or fiscal year. Commitments At December 31, 2019 , the Company had committed to total future capital expenditures amounting to $664 million and operating expenditures relating to supplier purchase obligations, such as locomotive maintenance and overhaul agreements, as well as agreements to purchase other goods and services amounting to approximately $3.1 billion for the years 2020 – 2032 , of which CP estimates approximately $2.7 billion will be incurred in the next five years. Commitments related to leases, including minimum annual payments for the next five years and thereafter, are included in Note 21. Legal proceedings related to Lac-Mégantic rail accident On July 6, 2013, a train carrying petroleum crude oil operated by Montréal Maine and Atlantic Railway (“MMAR”) or a subsidiary, Montréal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”), derailed in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group 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 and MMAR filed for bankruptcy in the U.S. 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 Québec (“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 was certified against CP on May 8, 2015 (the "Class Action"). Other defendants including MMAC and, Mr. Thomas Harding ("Harding") were added to the Class Action on January 25, 2017. 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. On December 11, 2017, the AGQ Action, the Class Action and the Promutuel Action were consolidated. These consolidated claims are currently scheduled for a joint liability trial commencing September 28, 2020, followed by a damages trial, if necessary. (5) Forty-eight plaintiffs (all individual claims joined in one action) sued CP, MMAC and Harding in the Québec Superior Court claiming approximately U.S. $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 claims 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 improperly packaged the petroleum crude oil. On CP’s motion, the Maine Actions were dismissed. The plaintiffs are appealing the dismissal decision, which may be heard in April 2020. (8) The trustee for the wrongful death trust commenced Carmack Amendment claims against CP in North Dakota Federal Court, seeking to recover approximately U.S. $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 U.S. $110 million and U.S. $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.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2019
Guarantees [Abstract]
Guarantees	Guarantees In the normal course of operating the railway, the Company enters into contractual arrangements that involve providing certain guarantees, which extend over the term of the contracts. These guarantees include, but are not limited to: • a guarantee to uphold an equity investee's credit facility of $19 million at December 31, 2019 ; • guarantees to pay other parties in the event of the occurrence of specified events, including damage to equipment, in relation to assets used in the operation of the railway through operating leases, rental agreements, easements, trackage, and interline agreements; and • indemnifications of certain tax-related payments incurred by lessors and lenders. The maximum amount that could be payable under these guarantees, excluding residual value guarantees, cannot be reasonably estimated due to the nature of certain of these guarantees. All or a portion of amounts paid under guarantees to other parties in the event of the occurrence of specified events could be recoverable from other parties or through insurance. The Company has accrued for all guarantees that it expects to pay. At December 31, 2019 , these accruals amounted to $10 million ( 2018 – $10 million ), and are recorded in “Accounts payable and accrued liabilities". Indemnifications Pursuant to a trust and custodial services agreement with the trustee of the Canadian Pacific Railway Company Pension Plan, the Company has undertaken to indemnify and save harmless the trustee, to the extent not paid by the fund, from any and all taxes, claims, liabilities, damages, costs, and expenses arising out of the performance of the trustee’s obligations under the agreement, except as a result of misconduct by the trustee. The indemnity includes liabilities, costs, or expenses relating to any legal reporting or notification obligations of the trustee with respect to the defined benefit and defined contribution options of the pension plans, or otherwise with respect to the assets of the pension plans that are not part of the fund. The indemnity survives the termination or expiry of the agreement with respect to claims and liabilities arising prior to the termination or expiry. Pursuant to the voting trust agreement executed as part of the CMQ U.S. acquisition, the Company has undertaken to indemnify and save harmless the trustee from any loss, cost, or expense in connection with the independent voting trust and any suit or litigation, except as a result of willful misconduct or gross negligence by the trustee. At December 31, 2019 , the Company had not recorded any liabilities associated with the above indemnifications, as it does not expect to make any payments pertaining to them.

Segmented and Geographic Inform

Segmented and Geographic Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segmented and Geographical Information	Segmented and geographic information Operating segment The Company operates in only one operating segment: rail transportation. Operating results by geographic areas, railway corridors, or other lower-level components or units of operation are not reviewed by the Company’s chief operating decision-maker to make decisions about the allocation of resources to, or the assessment of performance of, such geographic areas, corridors, components, or units of operation. In the years ended December 31, 2019 , 2018 , and 2017 , no one customer comprised more than 10% of total revenues and accounts receivable. Geographic information (in millions of Canadian dollars) Canada United States Total 2019 Revenues $ 5,675 $ 2,117 $ 7,792 Long-term assets excluding financial instruments and pension assets 13,131 7,020 20,151 2018 Revenues 5,232 2,084 7,316 Long-term assets excluding financial instruments and pension assets 12,133 6,759 18,892 2017 Revenues 4,667 1,887 6,554 Long-term assets excluding financial instruments and pension assets 11,505 5,947 17,452

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Selected quarterly data (unaudited) For the quarter ended 2019 2018 (in millions of Canadian dollars, except per share data) Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Total revenues $ 2,069 $ 1,979 $ 1,977 $ 1,767 $ 2,006 $ 1,898 $ 1,750 $ 1,662 Operating income 890 869 822 543 874 790 627 540 Net income 664 618 724 434 545 622 436 348 Basic earnings per share (1) $ 4.84 $ 4.47 $ 5.19 $ 3.10 $ 3.84 $ 4.36 $ 3.05 $ 2.41 Diluted earnings per share (1) 4.82 4.46 5.17 3.09 3.83 4.35 3.04 2.41 (1) Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	Canadian Pacific Railway Company, a 100%-owned subsidiary of 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 years presented. CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 5,527 $ 2,084 $ 2 $ 7,613 Non-freight — 135 570 (526 ) 179 Total revenues — 5,662 2,654 (524 ) 7,792 Operating expenses Compensation and benefits — 1,042 490 8 1,540 Fuel — 695 187 — 882 Materials — 142 53 15 210 Equipment rents — 177 (9 ) (31 ) 137 Depreciation and amortization — 423 283 — 706 Purchased services and other — 967 742 (516 ) 1,193 Total operating expenses — 3,446 1,746 (524 ) 4,668 Operating income — 2,216 908 — 3,124 Less: Other (income) expense (12 ) (86 ) 9 — (89 ) Other components of net periodic benefit (recovery) cost — (388 ) 7 — (381 ) Net interest (income) expense (1 ) 474 (25 ) — 448 Income before income tax expense and equity in net earnings of subsidiaries 13 2,216 917 — 3,146 Less: Income tax expense 3 522 181 — 706 Add: Equity in net earnings of subsidiaries 2,430 736 — (3,166 ) — Net income $ 2,440 $ 2,430 $ 736 $ (3,166 ) $ 2,440 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 5,098 $ 2,054 $ — $ 7,152 Non-freight — 120 361 (317 ) 164 Total revenues — 5,218 2,415 (317 ) 7,316 Operating expenses Compensation and benefits — 996 466 6 1,468 Fuel — 716 202 — 918 Materials — 139 49 13 201 Equipment rents — 137 (7 ) — 130 Depreciation and amortization — 424 272 — 696 Purchased services and other — 886 522 (336 ) 1,072 Total operating expenses — 3,298 1,504 (317 ) 4,485 Operating income — 1,920 911 — 2,831 Less: Other expense (income) 19 193 (38 ) — 174 Other components of net periodic benefit (recovery) cost — (386 ) 2 — (384 ) Net interest expense (income) 3 478 (28 ) — 453 (Loss) income before income tax (recovery) expense and equity in net earnings of subsidiaries (22 ) 1,635 975 — 2,588 Less: Income tax (recovery) expense (4 ) 469 172 — 637 Add: Equity in net earnings of subsidiaries 1,969 803 — (2,772 ) — Net income $ 1,951 $ 1,969 $ 803 $ (2,772 ) $ 1,951 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,516 $ 1,859 $ — $ 6,375 Non-freight — 140 372 (333 ) 179 Total revenues — 4,656 2,231 (333 ) 6,554 Operating expenses Compensation and benefits — 879 423 7 1,309 Fuel — 522 155 — 677 Materials — 134 41 15 190 Equipment rents — 143 (1 ) — 142 Depreciation and amortization — 400 261 — 661 Purchased services and other — 826 585 (355 ) 1,056 Total operating expenses — 2,904 1,464 (333 ) 4,035 Operating income — 1,752 767 — 2,519 Less: Other (income) expense (33 ) (149 ) 4 — (178 ) Other components of net periodic benefit (recovery) cost — (278 ) 4 — (274 ) Net interest (income) expense (12 ) 517 (32 ) — 473 Income before income tax expense (recovery) and equity in net earnings of subsidiaries 45 1,662 791 — 2,498 Less: Income tax expense (recovery) 7 475 (389 ) — 93 Add: Equity in net earnings of subsidiaries 2,367 1,180 — (3,547 ) — Net income $ 2,405 $ 2,367 $ 1,180 $ (3,547 ) $ 2,405 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 2,440 $ 2,430 $ 736 $ (3,166 ) $ 2,440 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 288 (251 ) — 37 Change in derivatives designated as cash flow hedges — 10 — — 10 Change in pension and post-retirement defined — (651 ) (10 ) — (661 ) Other comprehensive loss before income taxes — (353 ) (261 ) — (614 ) Income tax recovery on above items — 132 3 — 135 Equity accounted investments (479 ) (258 ) — 737 — Other comprehensive loss (479 ) (479 ) (258 ) 737 (479 ) Comprehensive income $ 1,961 $ 1,951 $ 478 $ (2,429 ) $ 1,961 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,951 $ 1,969 $ 803 $ (2,772 ) $ 1,951 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (479 ) 419 — (60 ) Change in derivatives designated as cash flow hedges — 38 — — 38 Change in pension and post-retirement defined — (455 ) 6 — (449 ) Other comprehensive (loss) income before income taxes — (896 ) 425 — (471 ) Income tax recovery (expense) on above items — 171 (2 ) — 169 Equity accounted investments (302 ) 423 — (121 ) — Other comprehensive (loss) income (302 ) (302 ) 423 (121 ) (302 ) Comprehensive income $ 1,649 $ 1,667 $ 1,226 $ (2,893 ) $ 1,649 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 2,405 $ 2,367 $ 1,180 $ (3,547 ) $ 2,405 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 318 (294 ) — 24 Change in derivatives designated as cash flow hedges — 19 — — 19 Change in pension and post-retirement defined — 82 (2 ) — 80 Other comprehensive income (loss) before income taxes — 419 (296 ) — 123 Income tax (expense) recovery on above items — (66 ) 1 — (65 ) Equity accounted investments 58 (295 ) — 237 — Other comprehensive income (loss) 58 58 (295 ) 237 58 Comprehensive income $ 2,463 $ 2,425 $ 885 $ (3,310 ) $ 2,463 CONDENSED CONSOLIDATING BALANCE SHEETS AS AT DECEMBER 31, 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 $ — $ 37 $ 96 $ — $ 133 Accounts receivable, net 24 597 184 — 805 Accounts receivable, intercompany 164 313 249 (726 ) — Short-term advances to affiliates — 1,387 3,700 (5,087 ) — Materials and supplies — 144 38 — 182 Other current assets — 41 49 — 90 188 2,519 4,316 (5,813 ) 1,210 Long-term advances to affiliates 1,090 7 84 (1,181 ) — Investments — 32 309 — 341 Investments in subsidiaries 10,522 11,165 — (21,687 ) — Properties — 10,287 8,869 — 19,156 Goodwill and intangible assets — — 206 — 206 Pension asset — 1,003 — — 1,003 Other assets — 173 278 — 451 Deferred income taxes 4 — — (4 ) — Total assets $ 11,804 $ 25,186 $ 14,062 $ (28,685 ) $ 22,367 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 146 $ 1,189 $ 358 $ — $ 1,693 Accounts payable, intercompany 6 402 318 (726 ) — Short-term advances from affiliates 4,583 490 14 (5,087 ) — Long-term debt maturing within one year — 548 51 — 599 4,735 2,629 741 (5,813 ) 2,292 Pension and other benefit liabilities — 698 87 — 785 Long-term advances from affiliates — 1,174 7 (1,181 ) — Other long-term liabilities — 206 356 — 562 Long-term debt — 8,145 13 — 8,158 Deferred income taxes — 1,812 1,693 (4 ) 3,501 Total liabilities 4,735 14,664 2,897 (6,998 ) 15,298 Shareholders’ equity Share capital 1,993 538 4,610 (5,148 ) 1,993 Additional paid-in capital 48 406 265 (671 ) 48 Accumulated other comprehensive (loss) income (2,522 ) (2,522 ) 581 1,941 (2,522 ) Retained earnings 7,550 12,100 5,709 (17,809 ) 7,550 7,069 10,522 11,165 (21,687 ) 7,069 Total liabilities and shareholders’ equity $ 11,804 $ 25,186 $ 14,062 $ (28,685 ) $ 22,367 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 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 $ 1,601 $ 2,133 $ 1,026 $ (1,770 ) $ 2,990 Investing activities Additions to properties — (1,243 ) (404 ) — (1,647 ) Investment in Central Maine & Qu é bec Railway — (47 ) (127 ) — (174 ) Proceeds from sale of properties and other assets — 21 5 — 26 Advances to affiliates — (263 ) (396 ) 659 — Repayment of advances to affiliates — 468 1,350 (1,818 ) — Capital contributions to affiliates — (125 ) — 125 — Repurchase of share capital from affiliates 1,246 1,345 — (2,591 ) — Other — 1 (9 ) — (8 ) Cash provided by (used in) investing activities 1,246 157 419 (3,625 ) (1,803 ) Financing activities Dividends paid (412 ) (1,612 ) (158 ) 1,770 (412 ) Issuance of share capital — — 125 (125 ) — Return of share capital to affiliates — (1,246 ) (1,345 ) 2,591 — Issuance of CP Common Shares 26 — — — 26 Purchase of CP Common Shares (1,132 ) (2 ) — — (1,134 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (500 ) — — (500 ) Net issuance of commercial paper — 524 — — 524 Advances from affiliates 495 151 13 (659 ) — Repayment of advances from affiliates (1,813 ) (5 ) — 1,818 — Other (11 ) (1 ) — — (12 ) Cash used in financing activities (2,847 ) (2,294 ) (1,365 ) 5,395 (1,111 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) (3 ) — (4 ) Cash position (Decrease) increase in cash and cash equivalents — (5 ) 77 — 72 Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 37 $ 96 $ — $ 133 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 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 $ 316 $ 1,968 $ 1,128 $ (700 ) $ 2,712 Investing activities Additions to properties — (971 ) (580 ) — (1,551 ) Proceeds from sale of properties and other assets — 35 43 — 78 Advances to affiliates — (611 ) (209 ) 820 — Repayment of advances to affiliates — — 866 (866 ) — Repurchase of share capital from affiliates 500 964 — (1,464 ) — Other — 18 (3 ) — 15 Cash provided by (used in) investing activities 500 (565 ) 117 (1,510 ) (1,458 ) Financing activities Dividends paid (348 ) (348 ) (352 ) 700 (348 ) Return of share capital to affiliates — (500 ) (964 ) 1,464 — Issuance of CP Common Shares 24 — — — 24 Purchase of CP Common Shares (1,103 ) — — — (1,103 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (753 ) — — (753 ) Advances from affiliates 820 — — (820 ) — Repayment of advances from affiliates (209 ) (657 ) — 866 — Cash used in financing activities (816 ) (1,620 ) (1,316 ) 2,210 (1,542 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 18 (7 ) — 11 Cash position Decrease in cash and cash equivalents — (199 ) (78 ) — (277 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 42 $ 19 $ — $ 61 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 338 $ 1,334 $ 989 $ (479 ) $ 2,182 Investing activities Additions to properties — (950 ) (390 ) — (1,340 ) Proceeds from sale of properties and other assets — 29 13 — 42 Advances to affiliates (590 ) (550 ) (1,528 ) 2,668 — Repayment of advances to affiliates — 242 243 (485 ) — Capital contributions to affiliates — (1,039 ) — 1,039 — Repurchase of share capital from affiliates — 156 — (156 ) — Other — 5 (2 ) — 3 Cash used in investing activities (590 ) (2,107 ) (1,664 ) 3,066 (1,295 ) Financing activities Dividends paid (310 ) (310 ) (169 ) 479 (310 ) Issuance of share capital — — 1,039 (1,039 ) — Return of share capital to affiliates — — (156 ) 156 — Issuance of CP Common Shares 45 — — — 45 Purchase of CP Common Shares (381 ) — — — (381 ) Repayment of long-term debt, excluding commercial paper — (32 ) — — (32 ) Advances from affiliates 1,383 1,285 — (2,668 ) — Repayment of advances from affiliates (485 ) — — 485 — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 252 921 714 (2,587 ) (700 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (7 ) (6 ) — (13 ) Cash position Increase in cash and cash equivalents — 141 33 — 174 Cash and cash equivalents at beginning of year — 100 64 — 164 Cash and cash equivalents at end of year $ — $ 241 $ 97 $ — $ 338

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts (in millions of Canadian dollars) Beginning balance at January 1 Additions charged to expenses Payments and other reductions Impact of FX Ending Accruals for personal injury and other claims provision (1) 2017 $ 130 $ 66 $ (77 ) $ (1 ) $ 118 2018 $ 118 $ 93 $ (60 ) $ 1 $ 152 2019 $ 152 $ 142 $ (152 ) $ (1 ) $ 141 Environmental liabilities 2017 $ 85 $ 5 $ (8 ) $ (4 ) $ 78 2018 $ 78 $ 6 $ (7 ) $ 5 $ 82 2019 $ 82 $ 6 $ (8 ) $ (3 ) $ 77

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, US GAAP	Accounting principles generally accepted in the United States of America (“GAAP”) These Consolidated Financial Statements are expressed in Canadian dollars and have been prepared in accordance with GAAP.
Principles of consolidation	Principles of consolidation These Consolidated Financial Statements include the accounts of CP and all its subsidiaries. The Company’s investments in which it has significant influence are accounted for using the equity method. Distributions received from equity method investees are classified using the nature of the distribution approach for cash flow presentation purposes, whereby distributions received are classified based on the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, deferred income tax assets and liabilities, as well as legal and personal injury liabilities based upon currently available information. Actual results could differ from these estimates.
Principal subsidiaries	Principal subsidiaries The following list sets out CPRL’s principal railway operating subsidiaries, including the jurisdiction of incorporation. All of these subsidiaries are wholly owned, directly or indirectly, by CPRL as at December 31, 2019 . Principal subsidiary Incorporated under the laws of Canadian Pacific Railway Company Canada Soo Line Railroad Company (“Soo Line”) Minnesota Delaware and Hudson Railway Company, Inc. (“D&H”) Delaware Dakota, Minnesota & Eastern Railroad Corporation (“DM&E”) Delaware Mount Stephen Properties Inc. (“MSP”) Canada
Revenue recognition	Revenue recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. Government imposed taxes that the Company collects concurrent with revenue generating activities are excluded from revenue. In the normal course of business, the Company does not generate any material revenue through acting as an agent for other entities. The Company provides rail freight transportation services to a wide variety of customers and transports bulk commodities, merchandise freight and intermodal traffic. The Company signs master service agreements with customers that dictate future services the Company is to perform for a customer at the time a bill of lading or service request is received. Each bill of lading or service request represents a separate distinct performance obligation that the Company is obligated to satisfy. The transaction price is generally in the form of a fixed fee determined at the inception of the bill of lading or service request. The Company allocates the transaction price to each distinct performance obligation based on the estimated standalone selling price for each performance obligation. As each bill of lading or service request represents a separate distinct performance obligation, the estimated standalone selling price is assessed at an observable price which is fair market value. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate variable consideration and is allocated to the applicable performance obligation and is recognized when the related performance obligation is satisfied. Additionally, the Company offers published rates for services through public tariff agreements in which a customer can request service, triggering a performance obligation the Company must satisfy. Railway freight revenues are recognized over time as services are provided based on the percentage of completed service method. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volumes and contract terms as freight service is provided. Freight revenues also include certain ancillary and other services provided in association with the performance of rail freight movements. Revenues from these activities are not material and therefore have been aggregated with the freight revenues from customer contracts with which they are associated. Non-freight revenues, including passenger revenues, switching fees, and revenues from logistics services, are recognized at the point in time the services are provided or when the performance obligations are satisfied. Non-freight revenues also include leasing revenues. Payment by customers is due upon satisfaction of performance obligations. Payment terms are such that amounts outstanding at the period end are expected to be collected within one reporting period. The Company invoices customers at the time the bill of lading or service request is processed and therefore the Company has no material unbilled receivables and no contract assets. All performance obligations not fully satisfied at period end are expected to be satisfied within the reporting period immediately following. Contracted customer incentives are amortized to income over the term of the related revenue contract.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but exclude cash and cash equivalents subject to restrictions.
Restricted cash and cash equivalents	Restricted cash and cash equivalents Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the balance sheets when applicable. In the Company's Consolidated Statements of Cash Flows, these balances, if any, are included with cash and cash equivalents.
Foreign currency translation	Foreign currency translation Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains and losses. FX gains and losses arising from the translation of the foreign subsidiaries’ assets and liabilities are included in “ Other comprehensive (loss) income ”. A portion of U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ accounts in “ Other comprehensive (loss) income ”.
Pensions and other benefits	Pensions and other benefits Pension costs are actuarially determined using the projected-benefit method pro-rated over the credited service periods of employees. This method incorporates management’s best estimates of expected plan investment performance, salary escalation and retirement ages of employees. The expected return on fund assets is calculated using market-related asset values developed from a five-year average of market values for the fund’s public equity securities and absolute return strategies (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the fund’s fixed income, real estate, infrastructure and private debt securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected-benefit obligation is based on blended market interest rates on high-quality corporate debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 12 years). Prior service costs arising from collectively bargained amendments to pension plan benefit provisions are amortized over the term of the applicable union agreement. Prior service costs arising from all other sources are amortized over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of amendment. Costs for post-retirement and post-employment benefits other than pensions, including post-retirement health care and life insurance and some workers’ compensation and long-term disability benefits in Canada, are actuarially determined on a basis similar to pension costs. The over or under funded status of defined benefit pension and other post-retirement benefit plans are measured as the difference between the fair value of the plan assets and the benefit obligation, and are recognized on the balance sheets. In addition, any unrecognized actuarial gains and losses and prior service costs and credits that arise during the period are recognized as a component of “ Other comprehensive (loss) income ”, net of tax. Gains and losses on post-employment benefits that do not vest or accumulate, including some workers’ compensation and long-term disability benefits in Canada, are included immediately on the Company's Consolidated Statements of Income as "Other components of net periodic benefit cost or recovery". The current service cost component of net periodic benefit cost is reported in "Compensation and benefits" for pensions and post-retirement benefits, and in "Purchased services and other" for self-insured workers' compensation and long-term disability benefits on the Company's Consolidated Statements of Income. Other components of net periodic benefit cost or recovery are reported in "Other components of net periodic benefit cost or recovery" outside of Operating income on the Company's Consolidated Statements of Income. Capitalization of pension costs, when applicable, is restricted to the current service cost component of net periodic benefit cost.
Materials and supplies	Materials and supplies Materials and supplies are carried at the lower of average cost or market value and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars.
Properties	Properties Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value and an impairment loss is recognized. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs and material costs. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs mainly include work trains, material distribution, highway vehicles and work equipment. Overheads primarily include a portion of the engineering department’s costs, which plans, designs and administers these capital projects. These costs are allocated to projects by applying a measure consistent with the nature of the cost, based on cost studies. For replacement properties, the project costs are allocated to dismantling and installation based on cost studies. Dismantling work, which is expensed, is performed concurrently with the installation. Ballast programs including undercutting, shoulder ballasting and renewal programs that form part of the annual track program are capitalized as this work, and the related added ballast material, significantly improves drainage, which in turn extends the life of ties and other track materials. These costs are tracked separately from the underlying assets and depreciated over the period to the next estimated similar ballast program. Spot replacement of ballast is considered a repair which is expensed as incurred. The costs of large refurbishments are capitalized and locomotive overhauls are expensed as incurred, except where overhauls represent a betterment of the locomotive in which case costs are capitalized. The Company capitalizes development costs for major new computer systems. The Company follows group depreciation, which groups assets which are similar in nature and have similar economic lives. The property groups are depreciated on a straight-line basis reflecting their expected economic lives determined by depreciation studies. Depreciation studies are regular reviews of asset service lives, salvage values, accumulated depreciation and other related factors. Depreciation rates are established through these studies. Actual use and retirement of assets may vary from current estimates, and would be identified in the next study. These changes in expected economic lives would impact the amount of depreciation expense recognized in future periods. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. When depreciable property is retired or otherwise disposed of in the normal course of business, the book value, less net salvage proceeds, is charged to accumulated depreciation and if different than the assumptions under the depreciation study could potentially result in adjusted depreciation expense over a period of years. However, when removal costs exceed the salvage value on assets and the Company has no legal obligation to remove the assets, the removal costs incurred are charged to income in the period in which the assets are removed and are not charged to accumulated depreciation. For certain asset classes, the historical cost of the asset is separately recorded in the Company’s property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified the amount of the gross book value to be retired is estimated using either an indexation methodology, whereby the current replacement cost of the asset is indexed to the estimated year of installation for the asset, or a first-in, first-out approach, or statistical analysis is used to determine the age of the retired asset. CP uses indices that closely correlate to the principal costs of the assets. There are a number of estimates inherent in the depreciation and retirement processes and as it is not possible to precisely estimate each of these variables until a group of property is completely retired, CP regularly monitors the estimated service lives of assets and the associated accumulated depreciation for each asset class to ensure depreciation rates are appropriate. If the recorded amounts of accumulated depreciation are greater or less than the amounts indicated by the depreciation studies, then the excess or deficit is amortized as a component of depreciation expense over the remaining service lives of the applicable asset classes. For the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in the Company’s depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. The accumulated depreciation to be retired includes asset-specific accumulated depreciation, when known, and an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Revisions to the estimated useful lives and net salvage projections constitute a change in accounting estimate and are addressed prospectively by amending depreciation rates. Equipment under finance lease is included in Properties and depreciated over the period of expected use.
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 Consolidated Statements of Income. Components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" on the Company's Consolidated Statements of Income. 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. The Company recognizes both an operating lease liability and right-of-use (“ROU”) asset for operating leases with fixed terms and in-substance fixed terms. 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 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 and information systems hardware.
Assets held for sale	Assets held for sale Assets to be disposed that meet the held for sale criteria are reported at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. Goodwill is assigned to the reporting units that are expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year as at October 1st, or more frequently as economic events dictate. The Company has the option of performing an assessment of certain qualitative factors (“Step 0”) to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value or proceeding directly to a quantitative impairment test (“Step 1”). Qualitative factors include but are not limited to, economic, market and industry conditions, cost factors and overall financial performance of the reporting unit. If Step 0 indicates that the carrying value is less than the fair value, then performing the two-step impairment test is unnecessary. Under Step 1, the fair value of the reporting unit is compared to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill is potentially impaired. The impairment charge that would be recognized is the excess of the carrying value of the goodwill over the fair value of the goodwill, determined in the same manner as in a business combination. Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively.
Financial instruments	Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and other investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Cash and cash equivalents and derivatives are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, other long-term liabilities and long-term debt are also measured at amortized cost.
Derivative financial instruments	Derivative financial instruments Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives not designated as hedges is recognized in the period in which the change occurs in the Company's Consolidated Statements of Income in the line item to which the derivative instrument is related. For fair value hedges, the periodic changes in values are recognized in income, on the same line as the changes in values of the hedged items are also recorded. For an effective cash flow hedge, the entire change in value of the hedging instrument is recognized in “ Other comprehensive (loss) income ”. The change in value of the effective cash flow hedge remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. Cash flows relating to derivative instruments designated as hedges are included in the same line as the related hedged items on the Company's Consolidated Statements of Cash Flows.
Environmental remediation	Environmental remediation Environmental remediation accruals, recorded on an undiscounted basis unless a reliably determinable estimate as to amount and timing of costs can be established, cover site-specific remediation programs. The accruals are recorded when the costs to remediate are probable and reasonably estimable. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. 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”.
Income taxes	Income taxes The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Company's Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income. Income tax recovery or expense on items in "Accumulated other comprehensive loss" are recognized in "Income tax expense" as the related item is recognized in income.
Earnings per share	Earnings per share Basic earnings per share are calculated using the weighted-average number of the Company's Common Shares (the "Common Shares') outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options.
Stock-based compensation	Stock-based compensation CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period, or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period, based on their estimated fair values on the grant date, as determined using the Black-Scholes option-pricing model. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital" and credited to “Share capital”. Compensation expense is also recognized for deferred share units (“DSUs”), performance share units (“PSUs”) and restricted share units (“RSUs”) that settle in cash using the fair value method. Compensation expense is recognized over the vesting period, or for PSUs and DSUs only, over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period. Forfeitures of DSUs, PSUs, and RSUs are estimated at issuance and subsequently at the balance sheet date. The employee share purchase plan gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period.

Accounting Changes (Policies)

Accounting Changes (Policies)	12 Months Ended
	Dec. 31, 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 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 expects that the adoption of this new accounting standard will not result in any material change to accounts receivable or retained earnings. The Company will estimate its expected credit loss by applying an appropriate expected loss methodology to individual portfolios of the Company’s financial assets with portfolios representing assets with similar risk characteristics.

Accounting Changes (Tables)

Accounting Changes (Tables)	12 Months Ended
	Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Impact of the adoption of ASC 842	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)	12 Months Ended
	Dec. 31, 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: (in millions of Canadian dollars) 2019 2018 2017 Freight Grain $ 1,684 $ 1,566 $ 1,532 Coal 682 673 631 Potash 462 486 411 Fertilizers and sulphur 250 243 241 Forest products 304 284 265 Energy, chemicals and plastics 1,534 1,243 898 Metals, minerals and consumer products 752 797 739 Automotive 352 322 293 Intermodal 1,593 1,538 1,365 Total freight revenues 7,613 7,152 6,375 Non-freight excluding leasing revenues 116 102 117 Revenues from contracts with customers 7,729 7,254 6,492 Leasing revenues 63 62 62 Total revenues $ 7,792 $ 7,316 $ 6,554
Changes in Contract Liabilities	The following table summarizes the changes in contract liabilities for the years ended December 31, 2019 and 2018 : (in millions of Canadian dollars) 2019 2018 Opening balance $ 2 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (2 ) (2 ) Increases due to consideration received, net of revenue recognized during the period 146 2 Closing balance $ 146 $ 2

Other Expense (Income) (Tables)

Other Expense (Income) (Tables)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other expense (income)	(in millions of Canadian dollars) 2019 2018 2017 Foreign exchange (gain) loss on debt and lease liabilities $ (94 ) $ 168 $ (186 ) Other foreign exchange (gains) losses (4 ) 3 (7 ) Insurance recovery of legal settlement — — (10 ) Charge on hedge roll and de-designation — — 13 Other 9 3 12 Other (income) expense $ (89 ) $ 174 $ (178 )

Net Interest Expense (Tables)

Net Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2019
Interest Income (Expense), Net [Abstract]
Net Interest Expense	(in millions of Canadian dollars) 2019 2018 2017 Interest cost $ 471 $ 475 $ 491 Interest capitalized to Properties (17 ) (20 ) (16 ) Interest expense 454 455 475 Interest income (6 ) (2 ) (2 ) Net interest expense $ 448 $ 453 $ 473

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Summary of the Major Components of the Company's Income Tax Expense	The following is a summary of the major components of the Company’s income tax expense: (in millions of Canadian dollars) 2019 2018 2017 Current income tax expense $ 525 $ 381 $ 303 Deferred income tax expense Origination and reversal of temporary differences 316 214 371 Effect of tax rate decrease (95 ) (21 ) (541 ) Effect of hedge of net investment in foreign subsidiaries (38 ) 64 (42 ) Other (2 ) (1 ) 2 Total deferred income tax expense (recovery) 181 256 (210 ) Total income taxes $ 706 $ 637 $ 93 Income before income tax expense Canada $ 2,392 $ 1,788 $ 1,829 Foreign 754 800 669 Total income before income tax expense $ 3,146 $ 2,588 $ 2,498 Income tax expense Current Canada $ 410 $ 336 $ 257 Foreign 115 45 46 Total current income tax expense 525 381 303 Deferred Canada 141 174 256 Foreign 40 82 (466 ) Total deferred income tax expense (recovery) 181 256 (210 ) Total income taxes $ 706 $ 637 $ 93
Deferred Income Tax Assets and Liabilities	The items comprising the deferred income tax assets and liabilities are as follows: (in millions of Canadian dollars) 2019 2018 Deferred income tax assets Amount related to tax losses carried forward $ 6 $ 11 Liabilities carrying value in excess of tax basis 139 97 Unrealized foreign exchange losses 26 85 Environmental remediation costs 22 23 Other 4 2 Total deferred income tax assets 197 218 Valuation allowance — (5 ) Total net deferred income tax assets 197 213 Deferred income tax liabilities Properties carrying value in excess of tax basis 3,524 3,496 Pensions carrying value in excess of tax basis 83 164 Other 91 71 Total deferred income tax liabilities 3,698 3,731 Total net deferred income tax liabilities $ 3,501 $ 3,518
Expected Income Tax Expense Reconciled To Income Tax Expense	Expected income tax expense at statutory rates is reconciled to income tax expense as follows: (in millions of Canadian dollars, except percentage) 2019 2018 2017 Statutory federal and provincial income tax rate (Canada) 26.77 % 26.86 % 26.56 % Expected income tax expense at Canadian enacted statutory tax rates $ 842 $ 695 $ 663 (Decrease) increase in taxes resulting from: (Gains) losses not subject to tax (19 ) 8 (27 ) Canadian tax rate differentials — — 1 Foreign tax rate differentials (33 ) (55 ) (9 ) Effect of tax rate decrease (95 ) (21 ) (541 ) Valuation allowance (5 ) 5 — Unrecognized tax benefits (1) 33 — 1 Other (1) (17 ) 5 5 Income tax expense $ 706 $ 637 $ 93
Reconciliation of Uncertain Tax Positions In Relation To Unrecognized Tax Benefits for Canada and the U.S.	The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the U.S. for the year ended December 31: (in millions of Canadian dollars) 2019 2018 2017 Unrecognized tax benefits at January 1 $ 13 $ 13 $ 13 Increase in unrecognized: Tax benefits related to the current year 9 1 — Tax benefits related to prior years 34 — — Dispositions: Gross uncertain tax benefits related to prior years — (1 ) — Settlements with taxing authorities (4 ) — — Unrecognized tax benefits at December 31 $ 52 $ 13 $ 13

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Number Of Shares Used In the Earnings Per Share Calculations	The number of shares used and the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars, except per share data) 2019 2018 2017 Net income $ 2,440 $ 1,951 $ 2,405 Weighted-average basic shares outstanding (millions) 138.8 142.9 145.9 Dilutive effect of stock options (millions) 0.5 0.4 0.4 Weighted-average diluted shares outstanding (millions) 139.3 143.3 146.3 Earnings per share – basic $ 17.58 $ 13.65 $ 16.49 Earnings per share – diluted $ 17.52 $ 13.61 $ 16.44

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Other comprehensive (loss) income and related tax effects	The components of Other comprehensive (loss) income and the related tax effects are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2019 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (251 ) $ — $ (251 ) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 288 (38 ) 250 Realized loss on derivatives designated as cash flow hedges recognized in income 10 (2 ) 8 Change in pension and other benefits actuarial gains and losses (661 ) 175 (486 ) Other comprehensive loss $ (614 ) $ 135 $ (479 ) For the year ended December 31, 2018 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 419 $ — $ 419 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) (479 ) 64 (415 ) Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 10 (3 ) 7 Unrealized gain on cash flow hedges and other 28 (8 ) 20 Change in pension and other benefits actuarial gains and losses (447 ) 115 (332 ) Change in prior service pension and other benefit costs (2 ) 1 (1 ) Other comprehensive loss $ (471 ) $ 169 $ (302 ) For the year ended December 31, 2017 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (295 ) $ — $ (295 ) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 319 (42 ) 277 Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 25 (6 ) 19 Unrealized loss on cash flow hedges and other (6 ) 2 (4 ) Change in pension and other benefits actuarial gains and losses 84 (20 ) 64 Change in prior service pension and other benefit costs (4 ) 1 (3 ) Other comprehensive income $ 123 $ (65 ) $ 58
Accumulated other comprehensive loss, Net of tax	The components of Accumulated other comprehensive loss, net of tax, are as follows: (in millions of Canadian dollars) 2019 2018 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 611 $ 862 Unrealized foreign exchange loss on translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (499 ) (749 ) Net deferred losses on derivatives and other (54 ) (62 ) Amounts for defined benefit pension and other post-retirement plans not recognized in income (Note 23) (2,580 ) (2,094 ) Accumulated other comprehensive loss $ (2,522 ) $ (2,043 )
Changes in Accumulated other comprehensive loss by component	Changes in Accumulated other comprehensive loss by component are as follows: (in millions of Canadian dollars) Foreign currency (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 ) — (550 ) (551 ) Amounts reclassified from accumulated other comprehensive loss — 8 64 72 Net current-period other comprehensive (loss) income (1 ) 8 (486 ) (479 ) Closing balance, December 31, 2019 $ 112 $ (54 ) $ (2,580 ) $ (2,522 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income (loss) before reclassifications 4 19 (417 ) (394 ) Amounts reclassified from accumulated other comprehensive loss — 8 84 92 Net current-period other comprehensive income (loss) 4 27 (333 ) (302 ) Closing balance, December 31, 2018 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) (1) Amounts are presented net of tax.
Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL	Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss are as follows: (in millions of Canadian dollars) 2019 2018 Amortization of prior service costs (1) $ — $ (2 ) Recognition of net actuarial loss (1) 84 117 Total before income tax 84 115 Income tax recovery (20 ) (31 ) Total net of income tax $ 64 $ 84 (1) Impacts "Other components of net periodic benefit recovery" on the Consolidated Statements of Income.

Change in Non-Cash Working Ca_2

Change in Non-Cash Working Capital Balances Related to Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Changes In Non-cash Working Capital Balances Related To Operations	(in millions of Canadian dollars) 2019 2018 2017 Source (use) of cash: Accounts receivable, net $ 27 $ (107 ) $ (91 ) Materials and supplies (8 ) (11 ) 9 Other current assets (24 ) 30 (26 ) Accounts payable and accrued liabilities (21 ) 153 (30 ) Change in non-cash working capital $ (26 ) $ 65 $ (138 )

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Accounts Receivable, Net	(in millions of Canadian dollars) 2019 2018 Freight $ 637 $ 677 Non-freight 210 168 847 845 Allowance for doubtful accounts (42 ) (30 ) Total accounts receivable, net $ 805 $ 815

Business combination (Tables)

Business combination (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the estimated fair values of the acquired assets and liabilities of CMQ Canada: (in millions of Canadian dollars) 2019 Fair value of net assets acquired: Accounts receivable, net $ 7 Properties 42 Intangible assets (Note 15) 5 Accounts payable and accrued liabilities (2 ) Long-term debt maturing within one year (Note 18) (11 ) Other long-term liabilities (4 ) Total identifiable assets and liabilities $ 37 Goodwill (Note 15) 10 $ 47 Consideration: Cash, net of cash acquired $ 47

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	(in millions of Canadian dollars) 2019 2018 Investment in CMQ U.S. accounted for on an equity basis (Note 11) $ 127 $ — Other rail investments accounted for on an equity basis 166 160 Other investments 48 43 Total investments $ 341 $ 203

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Properties	(in millions of Canadian dollars except percentages) 2019 2019 2018 Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway 2.8 % $ 19,299 $ 5,522 $ 13,777 $ 18,599 $ 5,236 $ 13,363 Buildings 2.9 % 833 237 596 781 218 563 Rolling stock 2.8 % 4,529 1,445 3,084 4,467 1,613 2,854 Information systems software (1) 10.0 % 527 215 312 551 252 299 Other 5.2 % 2,067 680 1,387 1,984 645 1,339 Total $ 27,255 $ 8,099 $ 19,156 $ 26,382 $ 7,964 $ 18,418 (1) During 2019 , CP capitalized costs attributable to the design and development of internal-use software in the amount of $55 million ( 2018 – $53 million ; 2017 – $49 million ). Current year depreciation expense related to internal use software was $44 million ( 2018 – $49 million ; 2017 – $55 million ).
Finance Leases Included In Properties	Finance leases included in properties (in millions of Canadian dollars) 2019 2018 Cost Accumulated Net book Cost Accumulated Net book Buildings $ — $ — $ — $ 1 $ 1 $ — Rolling stock 303 130 173 311 124 187 Other 4 — 4 — — — Total assets held under finance lease $ 307 $ 130 $ 177 $ 312 $ 125 $ 187

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill Intangible assets (in millions of Canadian dollars) Net Cost Accumulated Net Total goodwill and intangible assets Balance at December 31, 2017 $ 178 $ 22 $ (13 ) $ 9 $ 187 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 16 — — — 16 Balance at December 31, 2018 194 22 (14 ) 8 202 Additions (Note 11) 10 5 — 5 15 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact (10 ) — — — (10 ) Balance at December 31, 2019 $ 194 $ 27 $ (15 ) $ 12 $ 206

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	(in millions of Canadian dollars) 2019 2018 Operating lease ROU assets (Note 2, 21) $ 358 $ — Long-term materials 41 26 Contracted customer incentives 32 11 Prepaid leases — 10 Other 20 24 Total other assets $ 451 $ 71

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	(in millions of Canadian dollars) 2019 2018 Trade payables $ 453 $ 474 Accrued charges 348 360 Contract liabilities (1) (Note 3) 142 2 Income and other taxes payable 139 104 Accrued interest 131 135 Dividends payable 114 91 Stock-based compensation liabilities 85 53 Payroll-related accruals 78 78 Operating lease liabilities (Note 2, 21) 69 — Accrued vacation 60 61 Personal injury and other claims provision 55 68 Provision for environmental remediation (Note 20) 7 8 Other (1) 12 15 Total accounts payable and accrued liabilities $ 1,693 $ 1,449

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Components of Long-term Debt	The following table outlines the Company's outstanding debt instruments and finance lease obligations as at December 31, 2019 : (in millions of Canadian dollars except percentages) Maturity Currency 2019 2018 7.250% 10-year Notes (A) May 2019 U.S.$ $ — $ 477 9.450% 30-year Debentures (A) Aug 2021 U.S.$ 325 341 5.100% 10-year Medium Term Notes (A) Jan 2022 CDN$ 125 125 4.500% 10-year Notes (A) Jan 2022 U.S.$ 324 339 4.450% 12.5-year Notes (A) Mar 2023 U.S.$ 454 477 2.900% 10-year Notes (A) Feb 2025 U.S.$ 909 955 3.700% 10.5-year Notes (A) Feb 2026 U.S.$ 324 340 4.000% 10-year Notes (A) Jun 2028 U.S.$ 649 682 3.150% 10-year Notes (A) Mar 2029 CDN$ 399 — 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 454 477 5.750% 30-year Debentures (A) Mar 2033 U.S.$ 318 334 4.800% 20-year Notes (A) Sep 2035 U.S.$ 388 408 5.950% 30-year Notes (A) May 2037 U.S.$ 578 607 6.450% 30-year Notes (A) Nov 2039 CDN$ 400 400 5.750% 30-year Notes (A) Jan 2042 U.S.$ 319 336 4.800% 30-year Notes (A) Aug 2045 U.S.$ 712 748 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,169 1,228 8.000% 5-year Promissory Notes (B) up to Jun 2020 U.S.$ 11 — 5.41% Senior Secured Notes (C) Mar 2024 U.S.$ 100 113 6.91% Secured Equipment Notes (D) Oct 2024 CDN$ 91 106 7.49% Equipment Trust Certificates (E) Jan 2021 U.S.$ 55 57 Obligations under finance leases 2.97% (F) Jun 2020 CDN$ 3 — 6.99% (F) Mar 2022 U.S.$ 99 104 6.57% (F) Dec 2026 U.S.$ 45 52 12.77% (F) Jan 2031 CDN$ 4 4 Commercial Paper U.S.$ 516 — 8,771 8,710 Perpetual 4% Consolidated Debenture Stock (G) U.S.$ 39 41 Perpetual 4% Consolidated Debenture Stock (G) G.B.£ 6 6 8,816 8,757 Unamortized fees on long-term debt (59 ) (61 ) 8,757 8,696 Less: Long-term debt maturing within one year 599 506 $ 8,158 $ 8,190

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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) December 31, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 10,149 $ 9,639 Carrying value 8,757 8,696

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	(in millions of Canadian dollars) 2019 2018 Operating lease liabilities, net of current portion (Note 2, 21) $ 285 $ — Stock-based compensation liabilities, net of current portion 111 81 Provision for environmental remediation, net of current portion (1) 70 74 Deferred revenue on rights-of-way license agreements, net of current portion (2) 20 24 Deferred gains on sale leaseback transactions (2) 6 13 Other, net of current portion 70 45 Total other long-term liabilities $ 562 $ 237 (1) As at December 31, 2019 , the aggregate provision for environmental remediation, including the current portion was $77 million ( 2018 – $82 million ). (2) The deferred revenue on rights-of-way license agreements and deferred gains on sale leaseback transactions are being amortized to income on a straight-line basis over the related lease terms.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense for the year ended December 31 are as follows: (in millions of Canadian dollars) 2019 Operating lease cost $ 89 Short-term lease cost 10 Variable lease cost 13 Sublease income (3 ) Finance Lease Cost Amortization of right-of use-assets 9 Interest on lease liabilities 11 Total lease costs $ 129
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 358 Finance Properties, net book value 177 Liabilities Current Operating Accounts payable and accrued liabilities 69 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 285 Finance Long-term debt 144
Weighted Average Remaining Lease Terms and Discount Rates	The following table provides the Company's weighted-average remaining lease terms and discount rates: 2019 Weighted-Average Remaining Lease Term Operating leases 7 years Finance leases 4 years Weighted-Average Discount Rate Operating leases 3.45 % Finance leases 7.07 %
Supplemental Information Related to Leases	Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 82 Operating cash outflows from finance leases 10 Financing cash outflows from finance leases 6 Right-of-use assets obtained in exchange for lease liabilities Operating leases 38 Finance leases 4
Maturities of Lease Liabilities	(in millions of Canadian dollars) Finance Leases Operating Leases 2020 $ 11 $ 80 2021 10 55 2022 108 51 2023 8 39 2024 9 40 Thereafter 21 130 Total lease payments 167 395 Imputed interest (16 ) (41 ) Present value of lease payments $ 151 $ 354

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Summary of Information Related to Common Share Balances	The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2019 2018 2017 Share capital, January 1 140.5 144.9 146.3 CP Common Shares repurchased (3.8 ) (4.6 ) (1.9 ) Shares issued under stock option plan 0.3 0.2 0.5 Share capital, December 31 137.0 140.5 144.9
Activities Under the Share Repurchase Programs	The following table provides the activities under the share repurchase programs for each of the years ended December 31: 2019 2018 2017 Number of Common Shares repurchased (1) 3,794,149 4,683,162 1,888,100 Weighted-average price per share (2) $ 300.65 $ 240.68 $ 201.53 Amount of repurchase (in millions) (2) $ 1,141 $ 1,127 $ 381 (1) Includes shares repurchased but not yet cancelled at year end. (2) Includes brokerage fees.

Pensions and Other Benefits (Ta

Pensions and Other Benefits (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Net Periodic Benefit Cost for DB Pension Plans and Other Benefits	The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2017 2019 2018 2017 Current service cost (benefits earned by employees) $ 107 $ 120 $ 103 $ 11 $ 12 $ 12 Other components of net periodic benefit cost (recovery): Interest cost on benefit obligation 450 438 451 20 19 20 Expected return on fund assets (947 ) (955 ) (893 ) — — — Recognized net actuarial loss 84 114 153 12 2 (1 ) Amortization of prior service costs (1 ) (2 ) (5 ) 1 — 1 Total other components of net periodic benefit (recovery) cost (414 ) (405 ) (294 ) 33 21 20 Net periodic benefit (recovery) cost $ (307 ) $ (285 ) $ (191 ) $ 44 $ 33 $ 32
Information About DB Pension Plans and Other Benefits	Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at January 1 $ 11,372 $ 11,679 $ 501 $ 518 Current service cost 107 120 11 12 Interest cost 450 438 20 19 Employee contributions 41 47 — 1 Benefits paid (646 ) (640 ) (34 ) (33 ) Foreign currency changes (10 ) 20 — 2 Actuarial loss (gain) 1,296 (292 ) 43 (18 ) Projected benefit obligation at December 31 $ 12,610 $ 11,372 $ 541 $ 501 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Change in fund assets: Fair value of fund assets at January 1 $ 12,349 $ 12,808 $ 4 $ 4 Actual return on fund assets 1,528 82 1 — Employer contributions 53 36 34 32 Employee contributions 41 47 — 1 Benefits paid (646 ) (640 ) (34 ) (33 ) Foreign currency changes (6 ) 16 — — Fair value of fund assets at December 31 $ 13,319 $ 12,349 $ 5 $ 4 Funded status – plan surplus (deficit) $ 709 $ 977 $ (536 ) $ (497 )
Funded Status of Pension Plans	The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2019 2018 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (12,076 ) $ (534 ) $ (10,884 ) $ (488 ) Fair value of fund assets at December 31 13,079 240 12,127 222 Funded Status $ 1,003 $ (294 ) $ 1,243 $ (266 )
Amounts Recognized in the Company's Consolidated Balance Sheets	Amounts recognized in the Company’s Consolidated Balance Sheets are as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Pension asset $ 1,003 $ 1,243 $ — $ — Accounts payable and accrued liabilities (11 ) (11 ) (34 ) (34 ) Pension and other benefit liabilities (283 ) (255 ) (502 ) (463 ) Total amount recognized $ 709 $ 977 $ (536 ) $ (497 )
Amounts Recognized in Accumulated Other Comprehensive Loss	Amounts recognized in accumulated other comprehensive loss are as follows: Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Net actuarial loss: Other than deferred investment gains $ 3,434 $ 2,233 $ 91 $ 61 Deferred investment gains 41 611 — — Prior service cost 1 — 1 2 Deferred income tax (964 ) (797 ) (24 ) (16 ) Total (Note 8) $ 2,512 $ 2,047 $ 68 $ 47
Weighted-average Actuarial Assumptions Used	Weighted-average actuarial assumptions used were approximately: (percentages) 2019 2018 2017 Benefit obligation at December 31: Discount rate 3.25 4.01 3.80 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.50 (1) 6.00 (1) 7.00 (2) Benefit cost for year ended December 31: Discount rate 4.01 3.80 4.02 Expected rate of return on fund assets (3) 7.50 7.75 7.75 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 6.00 (1) 7.00 (2) 7.00 (2) (1) The health care cost trend rate was assumed to be 6.00% in 2019, is assumed to be 5.50% in 2020 and 5.00% per year in 2021 and thereafter. (2) The health care cost trend rate was previously assumed to be 7.00% in 2017 and 2018, and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2022 and thereafter. (3) The expected rate of return on fund assets that will be used to compute the 2020 net periodic benefit credit is 7.25% .
Pension Plan Asset Allocation and Current Weighted-average Policy Range	The Company’s pension plan asset allocation, the weighted average asset allocation targets and the weighted average policy range for each major asset class at year end, were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2019 2018 Cash and cash equivalents 1.2 0 – 10 0.9 1.1 Fixed income 24.1 20 – 40 24.6 25.6 Public equity 45.1 35 – 55 54.5 50.2 Real estate and infrastructure 9.8 4 – 13 6.8 7.7 Private debt 9.8 4 – 13 2.4 1.3 Absolute return 10.0 4 – 13 10.8 14.1 Total 100.0 100.0 100.0
Summary of Defined Benefit Pension Plan Assets at Fair Value	The following is a summary of the assets of the Company’s DB pension plans at December 31, 2019 and 2018 . As of December 31, 2019 and 2018 , there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan Assets (in millions of Canadian dollars) Quoted prices in Significant other December 31, 2019 Cash and cash equivalents $ 112 $ — $ — $ 112 Fixed income Government bonds (2) 233 1,857 — 2,090 Corporate bonds (2) 273 819 — 1,092 Mortgages (3) 159 5 — 164 Public equities Canada 1,351 — — 1,351 U.S. and international 5,883 22 — 5,905 Real estate (4) — — 724 724 Infrastructure (5) — — 187 187 Private debt (6) — — 313 313 Derivative instruments (7) — (59 ) — (59 ) Absolute return (8) Funds of hedge funds — — 1,418 1,418 Multi-strategy funds — — 22 22 $ 8,011 $ 2,644 $ 2,664 $ 13,319 December 31, 2018 Cash and cash equivalents $ 127 $ 12 $ — $ 139 Fixed income Government bonds (2) 101 1,281 — 1,382 Corporate bonds (2) 128 1,606 — 1,734 Mortgages (3) 41 — — 41 Public equities Canada 1,287 — — 1,287 U.S. and international 4,892 24 — 4,916 Real estate (4) — — 697 697 Infrastructure (5) — — 259 259 Private debt (6) — — 162 162 Derivative instruments (7) — (7 ) — (7 ) Absolute return (8) Funds of hedge funds — — 1,189 1,189 Multi-strategy funds — — 286 286 Credit funds — — 32 32 Equity funds — — 232 232 $ 6,576 $ 2,916 $ 2,857 $ 12,349 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plan’s ownership interest in the funds. Of the total, $606 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $583 million ). The remaining $118 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2018 – $114 million ). As at December 31, 2019 , there are $35 million of unfunded commitments for real estate investments (December 31, 2018 – $38 million ). (5) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $119 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $130 million ). The remaining $68 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2018 – $129 million ). (6) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $154 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2018 – $162 million ). The remaining $159 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2018 – $nil). As at December 31, 2019 , there are $392 million of unfunded commitments for private debt investments (December 31, 2018 – $608 million ). (7) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond forwards to reduce asset/liability interest rate risk exposures (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. As at December 31, 2019 , there are currency forwards with a notional value of $334 million (December 31, 2018 – $1,226 million ) and a fair value of $13 million (December 31, 2018 – $(7) million ). The fixed income investment manager utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2019, there are bond forwards with a notional value of $3,269 million and a negative fair value of $72 million (December 31, 2018 – $nil). (8) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 60 to 95 days and frequencies ranging from monthly to triennially.
Estimated Future DB Pension and Other Post-retirement Benefit Payments	The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2020 $ 620 $ 34 2021 623 32 2022 627 31 2023 630 30 2024 633 30 2025 – 2029 3,203 144

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Plan	The following table summarizes the Company’s stock option plan as at December 31, 2019 : Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2019 1,533,598 $ 176.02 714,102 $ 48.94 Granted 224,730 $ 269.99 224,730 $ 63.69 Exercised (334,127 ) $ 125.12 N/A N/A Vested N/A N/A (169,193 ) $ 47.59 Forfeited (7,855 ) $ 234.59 (7,855 ) $ 54.75 Outstanding, December 31, 2019 1,416,346 $ 199.12 761,784 $ 53.54 Vested or expected to vest at December 31, 2019 (1) 1,385,626 $ 197.89 N/A N/A Exercisable, December 31, 2019 654,562 $ 162.59 N/A N/A (1) As at December 31, 2019 , the weighted-average remaining term of vested or expected to vest options was 4.9 years with an aggregate intrinsic value of $184 million .
Stock Options Outstanding and Exercisable	The following table provides the number of stock options outstanding and exercisable as at December 31, 2019 by range of exercise price and their related intrinsic aggregate value, and for options outstanding, the weighted-average years to expiration. The table also provides the aggregate intrinsic value for in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their options on December 31, 2019 at the Company’s closing stock price of $331.03 . Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $51.17 – $167.50 354,357 4.1 $ 123.00 $ 74 303,455 $ 116.84 $ 65 $167.51 – $197.05 355,040 4.1 $ 188.53 $ 51 135,532 $ 175.30 $ 21 $197.06– $247.87 376,654 4.8 $ 222.75 $ 41 215,465 $ 218.98 $ 24 $247.88 – $313.16 330,295 5.9 $ 265.23 $ 22 110 $ 260.52 $ — Total (1) 1,416,346 4.7 $ 199.12 $ 187 654,562 $ 162.59 $ 110 (1) As at December 31, 2019 , the total number of in-the-money stock options outstanding was 1,416,346 with a weighted-average exercise price of $199.12 . The weighted-average years to expiration of exercisable stock options is 4.2 years .
Weighted-Average Fair Value Assumptions	The weighted-average fair value assumptions were approximately: 2019 2018 2017 Expected option life (years) (1) 5.00 5.00 5.48 Risk-free interest rate (2) 2.22 % 2.22 % 1.85 % Expected stock price volatility (3) 25.04 % 24.81 % 26.94 % Expected annual dividends per share (4) $ 2.6191 $ 2.3854 $ 2.0010 Expected forfeiture rate (5) 6.05 % 4.70 % 2.80 % Weighted-average grant date fair value of options granted during the year $ 63.69 $ 55.63 $ 45.78 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent 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. The rate is monitored on a periodic basis.
Schedule of Options Exercised	The following table provides information related to all options exercised in the stock option plan during the years ended December 31 : (in millions of Canadian dollars) 2019 2018 2017 Total intrinsic value $ 63 $ 17 $ 36 Cash received by the Company upon exercise of options 26 24 45
Summary of Performance Share Unit Plan	The following table summarizes information related to the Company’s PSUs as at December 31 : 2019 2018 Outstanding, January 1 395,048 334,028 Granted 134,260 162,255 Units, in lieu of dividends 4,032 3,643 Settled (117,228 ) (66,243 ) Forfeited (12,976 ) (38,635 ) Outstanding, December 31 403,136 395,048
Summary of Deferred Share Unit Plan	The following table summarizes information related to the DSUs as at December 31 : 2019 2018 Outstanding, January 1 152,760 156,547 Granted 19,912 16,481 Units, in lieu of dividends 1,608 1,551 Settled (12,110 ) (20,072 ) Forfeited (951 ) (1,747 ) Outstanding, December 31 161,219 152,760
Summary of Share-Based Liabilities Paid	The following table summarizes the total share-based liabilities paid for each of the years ended December 31 : (in millions of Canadian dollars) 2019 2018 2017 Plan PSUs $ 54 $ 30 $ 31 DSUs 4 6 6 Other — 1 2 Total $ 58 $ 37 $ 39

Segmented and Geographic Info_2

Segmented and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Geographic Information	Geographic information (in millions of Canadian dollars) Canada United States Total 2019 Revenues $ 5,675 $ 2,117 $ 7,792 Long-term assets excluding financial instruments and pension assets 13,131 7,020 20,151 2018 Revenues 5,232 2,084 7,316 Long-term assets excluding financial instruments and pension assets 12,133 6,759 18,892 2017 Revenues 4,667 1,887 6,554 Long-term assets excluding financial instruments and pension assets 11,505 5,947 17,452

Selected Quarterly Data (Unau_2

Selected Quarterly Data (Unaudited) Selected Quarterly Data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data	For the quarter ended 2019 2018 (in millions of Canadian dollars, except per share data) Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Total revenues $ 2,069 $ 1,979 $ 1,977 $ 1,767 $ 2,006 $ 1,898 $ 1,750 $ 1,662 Operating income 890 869 822 543 874 790 627 540 Net income 664 618 724 434 545 622 436 348 Basic earnings per share (1) $ 4.84 $ 4.47 $ 5.19 $ 3.10 $ 3.84 $ 4.36 $ 3.05 $ 2.41 Diluted earnings per share (1) 4.82 4.46 5.17 3.09 3.83 4.35 3.04 2.41 (1) Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statements of Income	(in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 5,527 $ 2,084 $ 2 $ 7,613 Non-freight — 135 570 (526 ) 179 Total revenues — 5,662 2,654 (524 ) 7,792 Operating expenses Compensation and benefits — 1,042 490 8 1,540 Fuel — 695 187 — 882 Materials — 142 53 15 210 Equipment rents — 177 (9 ) (31 ) 137 Depreciation and amortization — 423 283 — 706 Purchased services and other — 967 742 (516 ) 1,193 Total operating expenses — 3,446 1,746 (524 ) 4,668 Operating income — 2,216 908 — 3,124 Less: Other (income) expense (12 ) (86 ) 9 — (89 ) Other components of net periodic benefit (recovery) cost — (388 ) 7 — (381 ) Net interest (income) expense (1 ) 474 (25 ) — 448 Income before income tax expense and equity in net earnings of subsidiaries 13 2,216 917 — 3,146 Less: Income tax expense 3 522 181 — 706 Add: Equity in net earnings of subsidiaries 2,430 736 — (3,166 ) — Net income $ 2,440 $ 2,430 $ 736 $ (3,166 ) $ 2,440 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 5,098 $ 2,054 $ — $ 7,152 Non-freight — 120 361 (317 ) 164 Total revenues — 5,218 2,415 (317 ) 7,316 Operating expenses Compensation and benefits — 996 466 6 1,468 Fuel — 716 202 — 918 Materials — 139 49 13 201 Equipment rents — 137 (7 ) — 130 Depreciation and amortization — 424 272 — 696 Purchased services and other — 886 522 (336 ) 1,072 Total operating expenses — 3,298 1,504 (317 ) 4,485 Operating income — 1,920 911 — 2,831 Less: Other expense (income) 19 193 (38 ) — 174 Other components of net periodic benefit (recovery) cost — (386 ) 2 — (384 ) Net interest expense (income) 3 478 (28 ) — 453 (Loss) income before income tax (recovery) expense and equity in net earnings of subsidiaries (22 ) 1,635 975 — 2,588 Less: Income tax (recovery) expense (4 ) 469 172 — 637 Add: Equity in net earnings of subsidiaries 1,969 803 — (2,772 ) — Net income $ 1,951 $ 1,969 $ 803 $ (2,772 ) $ 1,951 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,516 $ 1,859 $ — $ 6,375 Non-freight — 140 372 (333 ) 179 Total revenues — 4,656 2,231 (333 ) 6,554 Operating expenses Compensation and benefits — 879 423 7 1,309 Fuel — 522 155 — 677 Materials — 134 41 15 190 Equipment rents — 143 (1 ) — 142 Depreciation and amortization — 400 261 — 661 Purchased services and other — 826 585 (355 ) 1,056 Total operating expenses — 2,904 1,464 (333 ) 4,035 Operating income — 1,752 767 — 2,519 Less: Other (income) expense (33 ) (149 ) 4 — (178 ) Other components of net periodic benefit (recovery) cost — (278 ) 4 — (274 ) Net interest (income) expense (12 ) 517 (32 ) — 473 Income before income tax expense (recovery) and equity in net earnings of subsidiaries 45 1,662 791 — 2,498 Less: Income tax expense (recovery) 7 475 (389 ) — 93 Add: Equity in net earnings of subsidiaries 2,367 1,180 — (3,547 ) — Net income $ 2,405 $ 2,367 $ 1,180 $ (3,547 ) $ 2,405
Condensed Consolidating Statements of Comprehensive Income	(in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 2,440 $ 2,430 $ 736 $ (3,166 ) $ 2,440 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 288 (251 ) — 37 Change in derivatives designated as cash flow hedges — 10 — — 10 Change in pension and post-retirement defined — (651 ) (10 ) — (661 ) Other comprehensive loss before income taxes — (353 ) (261 ) — (614 ) Income tax recovery on above items — 132 3 — 135 Equity accounted investments (479 ) (258 ) — 737 — Other comprehensive loss (479 ) (479 ) (258 ) 737 (479 ) Comprehensive income $ 1,961 $ 1,951 $ 478 $ (2,429 ) $ 1,961 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,951 $ 1,969 $ 803 $ (2,772 ) $ 1,951 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (479 ) 419 — (60 ) Change in derivatives designated as cash flow hedges — 38 — — 38 Change in pension and post-retirement defined — (455 ) 6 — (449 ) Other comprehensive (loss) income before income taxes — (896 ) 425 — (471 ) Income tax recovery (expense) on above items — 171 (2 ) — 169 Equity accounted investments (302 ) 423 — (121 ) — Other comprehensive (loss) income (302 ) (302 ) 423 (121 ) (302 ) Comprehensive income $ 1,649 $ 1,667 $ 1,226 $ (2,893 ) $ 1,649 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 2,405 $ 2,367 $ 1,180 $ (3,547 ) $ 2,405 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 318 (294 ) — 24 Change in derivatives designated as cash flow hedges — 19 — — 19 Change in pension and post-retirement defined — 82 (2 ) — 80 Other comprehensive income (loss) before income taxes — 419 (296 ) — 123 Income tax (expense) recovery on above items — (66 ) 1 — (65 ) Equity accounted investments 58 (295 ) — 237 — Other comprehensive income (loss) 58 58 (295 ) 237 58 Comprehensive income $ 2,463 $ 2,425 $ 885 $ (3,310 ) $ 2,463
Condensed Consolidating Balance Sheets	(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 $ — $ 37 $ 96 $ — $ 133 Accounts receivable, net 24 597 184 — 805 Accounts receivable, intercompany 164 313 249 (726 ) — Short-term advances to affiliates — 1,387 3,700 (5,087 ) — Materials and supplies — 144 38 — 182 Other current assets — 41 49 — 90 188 2,519 4,316 (5,813 ) 1,210 Long-term advances to affiliates 1,090 7 84 (1,181 ) — Investments — 32 309 — 341 Investments in subsidiaries 10,522 11,165 — (21,687 ) — Properties — 10,287 8,869 — 19,156 Goodwill and intangible assets — — 206 — 206 Pension asset — 1,003 — — 1,003 Other assets — 173 278 — 451 Deferred income taxes 4 — — (4 ) — Total assets $ 11,804 $ 25,186 $ 14,062 $ (28,685 ) $ 22,367 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 146 $ 1,189 $ 358 $ — $ 1,693 Accounts payable, intercompany 6 402 318 (726 ) — Short-term advances from affiliates 4,583 490 14 (5,087 ) — Long-term debt maturing within one year — 548 51 — 599 4,735 2,629 741 (5,813 ) 2,292 Pension and other benefit liabilities — 698 87 — 785 Long-term advances from affiliates — 1,174 7 (1,181 ) — Other long-term liabilities — 206 356 — 562 Long-term debt — 8,145 13 — 8,158 Deferred income taxes — 1,812 1,693 (4 ) 3,501 Total liabilities 4,735 14,664 2,897 (6,998 ) 15,298 Shareholders’ equity Share capital 1,993 538 4,610 (5,148 ) 1,993 Additional paid-in capital 48 406 265 (671 ) 48 Accumulated other comprehensive (loss) income (2,522 ) (2,522 ) 581 1,941 (2,522 ) Retained earnings 7,550 12,100 5,709 (17,809 ) 7,550 7,069 10,522 11,165 (21,687 ) 7,069 Total liabilities and shareholders’ equity $ 11,804 $ 25,186 $ 14,062 $ (28,685 ) $ 22,367 (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
Condensed Consolidating Statements of Cash Flows	(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 $ 1,601 $ 2,133 $ 1,026 $ (1,770 ) $ 2,990 Investing activities Additions to properties — (1,243 ) (404 ) — (1,647 ) Investment in Central Maine & Qu é bec Railway — (47 ) (127 ) — (174 ) Proceeds from sale of properties and other assets — 21 5 — 26 Advances to affiliates — (263 ) (396 ) 659 — Repayment of advances to affiliates — 468 1,350 (1,818 ) — Capital contributions to affiliates — (125 ) — 125 — Repurchase of share capital from affiliates 1,246 1,345 — (2,591 ) — Other — 1 (9 ) — (8 ) Cash provided by (used in) investing activities 1,246 157 419 (3,625 ) (1,803 ) Financing activities Dividends paid (412 ) (1,612 ) (158 ) 1,770 (412 ) Issuance of share capital — — 125 (125 ) — Return of share capital to affiliates — (1,246 ) (1,345 ) 2,591 — Issuance of CP Common Shares 26 — — — 26 Purchase of CP Common Shares (1,132 ) (2 ) — — (1,134 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (500 ) — — (500 ) Net issuance of commercial paper — 524 — — 524 Advances from affiliates 495 151 13 (659 ) — Repayment of advances from affiliates (1,813 ) (5 ) — 1,818 — Other (11 ) (1 ) — — (12 ) Cash used in financing activities (2,847 ) (2,294 ) (1,365 ) 5,395 (1,111 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) (3 ) — (4 ) Cash position (Decrease) increase in cash and cash equivalents — (5 ) 77 — 72 Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 37 $ 96 $ — $ 133 (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 $ 316 $ 1,968 $ 1,128 $ (700 ) $ 2,712 Investing activities Additions to properties — (971 ) (580 ) — (1,551 ) Proceeds from sale of properties and other assets — 35 43 — 78 Advances to affiliates — (611 ) (209 ) 820 — Repayment of advances to affiliates — — 866 (866 ) — Repurchase of share capital from affiliates 500 964 — (1,464 ) — Other — 18 (3 ) — 15 Cash provided by (used in) investing activities 500 (565 ) 117 (1,510 ) (1,458 ) Financing activities Dividends paid (348 ) (348 ) (352 ) 700 (348 ) Return of share capital to affiliates — (500 ) (964 ) 1,464 — Issuance of CP Common Shares 24 — — — 24 Purchase of CP Common Shares (1,103 ) — — — (1,103 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (753 ) — — (753 ) Advances from affiliates 820 — — (820 ) — Repayment of advances from affiliates (209 ) (657 ) — 866 — Cash used in financing activities (816 ) (1,620 ) (1,316 ) 2,210 (1,542 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 18 (7 ) — 11 Cash position Decrease in cash and cash equivalents — (199 ) (78 ) — (277 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 42 $ 19 $ — $ 61 (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 $ 338 $ 1,334 $ 989 $ (479 ) $ 2,182 Investing activities Additions to properties — (950 ) (390 ) — (1,340 ) Proceeds from sale of properties and other assets — 29 13 — 42 Advances to affiliates (590 ) (550 ) (1,528 ) 2,668 — Repayment of advances to affiliates — 242 243 (485 ) — Capital contributions to affiliates — (1,039 ) — 1,039 — Repurchase of share capital from affiliates — 156 — (156 ) — Other — 5 (2 ) — 3 Cash used in investing activities (590 ) (2,107 ) (1,664 ) 3,066 (1,295 ) Financing activities Dividends paid (310 ) (310 ) (169 ) 479 (310 ) Issuance of share capital — — 1,039 (1,039 ) — Return of share capital to affiliates — — (156 ) 156 — Issuance of CP Common Shares 45 — — — 45 Purchase of CP Common Shares (381 ) — — — (381 ) Repayment of long-term debt, excluding commercial paper — (32 ) — — (32 ) Advances from affiliates 1,383 1,285 — (2,668 ) — Repayment of advances from affiliates (485 ) — — 485 — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 252 921 714 (2,587 ) (700 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (7 ) (6 ) — (13 ) Cash position Increase in cash and cash equivalents — 141 33 — 174 Cash and cash equivalents at beginning of year — 100 64 — 164 Cash and cash equivalents at end of year $ — $ 241 $ 97 $ — $ 338

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Line items]
Short-term investments maturity, maximum	3 months
Expected return on fund assets, Market-related asset values used	five-year average of market values
Market-related asset value, Maximum percentage	120.00%
Market-related asset value, Minimum percentage	80.00%
Unrecognized actuarial gains and losses, Maximum percentage	10.00%
Expected average remaining service period of active employees expected to receive benefits	12 years
Probability threshold for recognizing income tax benefits to be realized upon settlement	50.00%
Intangible assets with finite lives amortization periods | Minimum
Summary of Significant Accounting Policies [Line items]
Amortization period of intangible assets with finite lives (years)	15 years
Intangible assets with finite lives amortization periods | Maximum
Summary of Significant Accounting Policies [Line items]
Amortization period of intangible assets with finite lives (years)	20 years

Accounting Changes - Narrative

Accounting Changes - Narrative (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Change in Accounting Estimate [Line Items]
Properties	$ 19,156	$ 18,406	$ 18,418
Other assets	451	470	71
Accounts payable and accrued liabilities	1,693	1,507	1,449
Other long-term liabilities	562	574	237
Deferred income taxes	3,501	3,515	3,518
Retained earnings	$ 7,550		6,635
Accounting Standards Update 2016-02
Change in Accounting Estimate [Line Items]
Properties		(12)
Other assets		399
Accounts payable and accrued liabilities		58
Other long-term liabilities		337
Deferred income taxes		(3)
Retained earnings
Change in Accounting Estimate [Line Items]
Retained earnings		6,630	$ 6,635
Retained earnings | Accounting Standards Update 2016-02
Change in Accounting Estimate [Line Items]
Retained earnings		$ (5)

Revenues (Details)

Revenues (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 7,729	$ 7,254	$ 6,492
Leasing revenues									63	62	62
Total revenues	$ 2,069	$ 1,979	$ 1,977	$ 1,767	$ 2,006	$ 1,898	$ 1,750	$ 1,662	7,792	7,316	6,554
Grain
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,684	1,566	1,532
Coal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									682	673	631
Potash
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									462	486	411
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									250	243	241
Forest products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									304	284	265
Energy, chemicals, and plastics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,534	1,243	898
Metals, minerals, and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									752	797	739
Automotive
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									352	322	293
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,593	1,538	1,365
Freight
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									7,613	7,152	6,375
Non-freight excluding leasing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 116	$ 102	$ 117

Revenues Contract Liabilities (

Revenues Contract Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Opening balance	$ 2	$ 2
Revenue recognized that was included in the contract liability balance at the beginning of the period	(2)	(2)
Increases due to consideration received, net of revenue recognized during the period	146	2
Closing balance	$ 146	$ 2

Other expense (income) (Detail

Other expense (income) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Income and Expenses [Abstract]
Foreign exchange (gain) loss on debt and lease liabilities	$ (94)	$ 168	$ (186)
Other foreign exchange (gains) losses	(4)	3	(7)
Insurance recovery of legal settlement	0	0	(10)
Charge on hedge roll and de-designation	0	0	13
Other	9	3	12
Other (income) expense	$ (89)	$ 174	$ (178)

Net Interest Expense (Details)

Net Interest Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Income (Expense), Net [Abstract]
Interest cost	$ 471	$ 475	$ 491
Interest capitalized to Properties	(17)	(20)	(16)
Interest expense	454	455	475
Interest income	(6)	(2)	(2)
Net interest expense	$ 448	$ 453	$ 473

Net Interest Expense - Narrativ

Net Interest Expense - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Income (Expense), Net [Abstract]
Interest on finance leases	$ 11	$ 11	$ 11

Income Taxes - Summary of Major

Income Taxes - Summary of Major Components of Company's Income Tax Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current income tax expense	$ 525	$ 381	$ 303
Origination and reversal of temporary differences	316	214	371
Effect of tax rate decrease	(95)	(21)	(541)
Effect of hedge of net investment in foreign subsidiaries	(38)	64	(42)
Other	(2)	(1)	2
Total deferred income tax expense (recovery)	181	256	(210)
Income tax expense	706	637	93
Income before income tax expense
Canada	2,392	1,788	1,829
Foreign	754	800	669
Income before income tax expense	3,146	2,588	2,498
Current
Canada	410	336	257
Foreign	115	45	46
Total current income tax expense	525	381	303
Deferred
Canada	141	174	256
Foreign	40	82	(466)
Total deferred income tax expense (recovery)	181	256	(210)
Income tax expense	$ 706	$ 637	$ 93

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets
Amount related to tax losses carried forward	$ 6	$ 11
Liabilities carrying value in excess of tax basis	139	97
Unrealized foreign exchange losses	26	85
Environmental remediation costs	22	23
Other	4	2
Total deferred income tax assets	197	218
Less: Valuation allowance	0	(5)
Total net deferred income tax assets	197	213
Deferred income tax liabilities
Properties carrying value in excess of tax basis	3,524	3,496
Pensions carrying value in excess of tax basis	83	164
Other	91	71
Total deferred income tax liabilities	3,698	3,731
Total net deferred income tax liabilities	$ 3,501	$ 3,518

Income Taxes - Expected Income

Income Taxes - Expected Income Tax Expense at Canadian Statutory Rates Reconciled to Income Tax Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory federal and provincial income tax rate (Canada)	26.77%	26.86%	26.56%
Expected income tax expense at Canadian enacted statutory tax rates	$ 842	$ 695	$ 663
(Gains) losses not subject to tax	(19)	8	(27)
Canadian tax rate differentials	0	0	1
Foreign tax rate differentials	(33)	(55)	(9)
Effect of tax rate decrease	(95)	(21)	(541)
Valuation allowance	(5)	5	0
Unrecognized tax benefit	33	0	1
Other	(17)	5	5
Income tax expense	$ 706	$ 637	$ 93

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Uncertain Tax Positions Related to Unrecognized Tax Benefits (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Uncertain Tax Positions to Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at January 1	$ 13	$ 13	$ 13
Tax benefits related to the current year	9	1	0
Tax benefits related to prior years	34	0	0
Gross uncertain tax benefits related to prior years	0	(1)	0
Settlements with taxing authorities	(4)	0	0
Unrecognized tax benefits at December 31	$ 52	$ 13	$ 13

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	$ (88)
Effect of tax rate decrease	95	$ 21	$ 541
Corporate income tax rate before Tax Cuts and Jobs Act			35.00%
Corporate income tax rate after Tax Cuts and Jobs Act		21.00%
Income tax operating losses carried forward	4	$ 8
Minimum tax credits or investment tax credits carried forward	0
Capital losses carried forward	2	3
Uncertain tax position liability	24
Investment tax credits carried forward		0
Net amount of accrued interest and penalties	1	0	$ 1
Total amount of accrued interest and penalties associated with unrecognized tax benefit	$ 10	$ 11	$ 11

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Dilutive options outstanding	1.6	1.3	1.4
Stock Option Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share	0	0.2	0.3

Earnings Per Share - Number Of

Earnings Per Share - Number Of Shares Used In the Earnings Per Share Calculations (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	$ 2,440	$ 1,951	$ 2,405
Weighted-average basic shares outstanding (in shares)									138.8	142.9	145.9
Dilutive effect of weighted average number of stock options (in shares)									0.5	0.4	0.4
Weighted-average diluted shares outstanding (in shares)									139.3	143.3	146.3
Earnings per share - basic	$ 4.84	$ 4.47	$ 5.19	$ 3.10	$ 3.84	$ 4.36	$ 3.05	$ 2.41	$ 17.58	$ 13.65	$ 16.49
Earnings per share - diluted	$ 4.82	$ 4.46	$ 5.17	$ 3.09	$ 3.83	$ 4.35	$ 3.04	$ 2.41	$ 17.52	$ 13.61	$ 16.44

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Income (Loss) and Related Tax Effects (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrealized foreign exchange (loss) gain on: Before tax amount
Translation of the net investment in U.S. subsidiaries, before tax	$ (251)	$ 419	$ (295)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, before tax	288	(479)	319
Change in derivatives designated as cash flow hedges: Before tax amount
Realized loss on cash flow hedges recognized in income, before tax	10	38	19
Unrealized gain (loss) on cash flow hedges and other, before tax		28	(6)
Change in pension and other benefits actuarial gains and losses, before tax	(661)	(447)	84
Change in prior service pension and other benefit costs, before tax		(2)	(4)
Other comprehensive (loss) income: Before tax amount	(614)	(471)	123
Unrealized foreign exchange gain (loss) on: Income tax (expense) recovery
Translation of the net investment in U.S. subsidiaries, tax	0	0	0
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, tax	(38)	64	(42)
Change in derivatives designated as cash flow hedges: Income tax (expense) recovery
Realized loss on cash flow hedges recognized in income, tax	(2)
Unrealized gain (loss) on cash flow hedges and other, tax		(8)	2
Change in pension and other benefits actuarial gains and losses, tax	175	115	(20)
Change in prior service pension and other benefit costs, tax		1	1
Other comprehensive (loss) income: Income tax (expense) recovery	135	169	(65)
Unrealized foreign exchange gain (loss) on: Net of tax amount
Translation of the net investment in U.S. subsidiaries, after tax	(251)	419	(295)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, after tax	250	(415)	277
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		10	25
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax		(3)	(6)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax		7	19
Change in derivatives designated as cash flow hedges: Net of tax amount
Realized loss on cash flow hedges recognized in income, after tax	8
Unrealized gain (loss) on cash flow hedges and other, after tax		20	(4)
Change in pension and other benefits actuarial gains and losses, after tax	(486)	(332)	64
Change in prior service pension and other benefit costs, after tax		(1)	(3)
Other comprehensive (loss) income	$ (479)	$ (302)	$ 58

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss) on net investment	$ 611	$ 862
Net deferred losses on derivatives and other	(54)	(62)
Amounts for defined benefit pension and other post-retirement plans not recognized in income	(2,580)	(2,094)
Accumulated other comprehensive loss	(2,522)	(2,043)	$ (1,741)
Net Investment Hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss) on net investment	$ (499)	$ (749)

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOC Income (Loss), Opening balance	$ (2,043)	$ (1,741)
Other comprehensive income (loss) before reclassifications	(551)	(394)
Amounts reclassified from accumulated other comprehensive loss	72	92
Net current-period other comprehensive income (loss)	(479)	(302)
AOC Income (Loss), Ending balance	(2,522)	(2,043)
Foreign currency net of hedging activities
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOC Income (Loss), Opening balance	113	109
Other comprehensive income (loss) before reclassifications	(1)	4
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	(1)	4
AOC Income (Loss), Ending balance	112	113
Derivatives and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOC Income (Loss), Opening balance	(62)	(89)
Other comprehensive income (loss) before reclassifications	0	19
Amounts reclassified from accumulated other comprehensive loss	8	8
Net current-period other comprehensive income (loss)	8	27
AOC Income (Loss), Ending balance	(54)	(62)
Pension and post-retirement defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOC Income (Loss), Opening balance	(2,094)	(1,761)
Other comprehensive income (loss) before reclassifications	(550)	(417)
Amounts reclassified from accumulated other comprehensive loss	64	84
Net current-period other comprehensive income (loss)	(486)	(333)
AOC Income (Loss), Ending balance	$ (2,580)	$ (2,094)

Other Comprehensive Income (L_6

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Amounts in Pension and Post-Retirement Defined Benefit Plans Reclassification from AOCL (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (recovery)	$ 706	$ 637	$ 93
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	0	(2)
Recognition of net actuarial loss	84	117
Total before income tax	84	115
Income tax expense (recovery)	(20)	(31)
Total net of income tax	$ 64	$ 84

Change in Non-Cash Working Ca_3

Change in Non-Cash Working Capital Balances Related to Operations - Change in Non-Cash Working Capital Balances Related to Operations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	$ 27	$ (107)	$ (91)
Materials and supplies	(8)	(11)	9
Other current assets	(24)	30	(26)
Accounts payable and accrued liabilities	(21)	153	(30)
Change in non-cash working capital, total	$ (26)	$ 65	$ (138)

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 847	$ 845
Allowance for doubtful accounts	(42)	(30)
Accounts receivable, net	805	815
Freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	637	677
Non-freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 210	$ 168

Business combination - Narrativ

Business combination - Narrative (Details) $ in Millions	Dec. 30, 2019CAD ($)mi	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)
Business Acquisition [Line Items]
Investment in Central Maine & Quebec Railway		$ 174
Goodwill		194	$ 194	$ 178
Rail investments accounted for on an equity basis		166	160
CMQ
Business Acquisition [Line Items]
Investment in Central Maine & Quebec Railway	$ 174	174	0	$ 0
Goodwill	$ 10
Rail investments accounted for on an equity basis		$ 127	$ 0
Canada | CMQ
Business Acquisition [Line Items]
Miles of rail lines acquired | mi	237
United States | CMQ
Business Acquisition [Line Items]
Miles of rail lines acquired | mi	244

Business combination - Fair val

Business combination - Fair values of the acquired assets and liabilities (Details) $ in Millions, $ in Millions	Dec. 30, 2019CAD ($)	Dec. 31, 2019CAD ($)	Dec. 30, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)
Business Acquisition [Line Items]
Goodwill		$ 194		$ 194	$ 178
CMQ
Business Acquisition [Line Items]
Accounts receivable, net	$ 7
Properties	42
Intangible assets	5
Accounts payable and accrued liabilities	(2)
Long-term debt maturing within one year	(11)		$ (8)
Other long-term liabilities	(4)
Total Identifiable Assets and Liabilities	37
Goodwill	10
Fair value of net assets acquired	47
Cash, net of cash acquired	$ 47

Disposition of properties Dispo

Disposition of properties Disposition of properties - Proceeds and Gains on Sale (Details) $ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties and other assets			$ 26	$ 78	$ 42
Bass Lake Spur [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties and other assets	$ 37	$ 27
Gain on sale of properties and other assets	35
Gain after tax on sale of properties and other assets	$ 26

Investments (Details)

Investments (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Rail investments accounted for on an equity basis	$ 166	$ 160
Other investments	48	43
Total investments	341	203
CMQ
Schedule of Equity Method Investments [Line Items]
Rail investments accounted for on an equity basis	$ 127	$ 0

Properties - Net Properties (De

Properties - Net Properties (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Property, Plant and Equipment [Line Items]
Cost	$ 27,255	$ 26,382
Accumulated depreciation	8,099	7,964
Net book value	19,156	18,418		$ 18,406
Capitalized internal-use software costs	55	53	$ 49
Capitalized internal-use software, Depreciation	$ 44	49	$ 55
Track and roadway
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.80%
Cost	$ 19,299	18,599
Accumulated depreciation	5,522	5,236
Net book value	$ 13,777	13,363
Buildings
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.90%
Cost	$ 833	781
Accumulated depreciation	237	218
Net book value	$ 596	563
Rolling stock
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.80%
Cost	$ 4,529	4,467
Accumulated depreciation	1,445	1,613
Net book value	$ 3,084	2,854
Information systems software
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	10.00%
Cost	$ 527	551
Accumulated depreciation	215	252
Net book value	$ 312	299
Other
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	5.20%
Cost	$ 2,067	1,984
Accumulated depreciation	680	645
Net book value	$ 1,387	$ 1,339

Properties - Capital Leases Inc

Properties - Capital Leases Included in Properties (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Capital Leased Assets [Line Items]
Cost	$ 307	$ 312
Accumulated depreciation	130	125
Net book value	177	187
Buildings
Capital Leased Assets [Line Items]
Cost	0	1
Accumulated depreciation	0	1
Net book value	0	0
Rolling stock
Capital Leased Assets [Line Items]
Cost	303	311
Accumulated depreciation	130	124
Net book value	173	$ 187
Other
Capital Leased Assets [Line Items]
Cost	4
Accumulated depreciation	0
Net book value	$ 4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Opening balance	$ 194	$ 178
Foreign exchange impact	(10)	16
Additions	10
Ending balance	194	194
Intangible assets
Cost, Opening balance	22	22
Accumulated amortization, Opening balance	(14)	(13)
Net carrying amount, Opening balance	8	9
Finite-lived Intangible Assets Acquired	5
Amortization	(1)	(1)
Cost, Ending Balance	27	22
Accumulated amortization, Ending Balance	(15)	(14)
Net carrying amount, Ending balance	12	8
Opening Balance	202	187
Amortization	(1)	(1)
Additions	15
Foreign exchange impact	(10)	16
Ending Balance	$ 206	$ 202

Other Assets (Details)

Other Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating leases	$ 358		$ 0
Long-term materials	41		26
Contracted customer incentives	32		11
Prepaid leases	0		10
Other	20		24
Total other assets	$ 451	$ 470	$ 71

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Trade payables	$ 453		$ 474
Accrued charges	348		360
Unearned revenue	142		2
Income and other taxes payable	139		104
Accrued interest	131		135
Dividends payable	114		91
Stock-based compensation liabilities	85		53
Payroll-related accruals	78		78
Operating leases	69		0
Accrued vacation	60		61
Personal injury and other claims provision	55		68
Provision for environmental remediation	7		8
Other(1)	12		15
Total accounts payable and accrued liabilities	$ 1,693	$ 1,507	$ 1,449

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	$ 8,816	$ 8,757
Long-term debt and finance lease obligation, excluding perpetual debt	8,771	8,710
Unamortized fees on long-term debt	(59)	(61)
Long-term debt, including current debt	8,757	8,696
Long-term debt maturing within one year	599	506
Long-term debt	$ 8,158	$ 8,190
7.250% 10-year Notes
Debt Instrument [Line Items]
Interest rate	7.25%	7.25%
Maturity date	May 15, 2019
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 0	$ 477
9.450% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	9.45%	9.45%
Maturity date	Aug. 1, 2021
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 325	$ 341
5.100% 10-year Medium Term Notes
Debt Instrument [Line Items]
Interest rate	5.10%	5.10%
Maturity date	Jan. 14, 2022
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 125	$ 125
4.500% 10-year Notes
Debt Instrument [Line Items]
Interest rate	4.50%	4.50%
Maturity date	Jan. 15, 2022
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 324	$ 339
4.450% 12.5-year Notes
Debt Instrument [Line Items]
Interest rate	4.45%	4.45%
Maturity date	Mar. 15, 2023
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 454	$ 477
2.900% 10-year Notes
Debt Instrument [Line Items]
Interest rate	2.90%	2.90%
Maturity date	Feb. 1, 2025
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 909	$ 955
3.700% 10.5-year Notes
Debt Instrument [Line Items]
Interest rate	3.70%	3.70%
Maturity date	Feb. 2, 2026
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 324	$ 340
4.000% 10-year Notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%	4.00%
Maturity date	Jun. 1, 2028	Jun. 1, 2028
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 649	$ 682
3.150% 10-year Notes
Debt Instrument [Line Items]
Interest rate	3.15%
Maturity date	Mar. 13, 2029
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 399	$ 0
7.125% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	7.125%	7.125%
Maturity date	Oct. 15, 2031
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 454	$ 477
5.750% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%
Maturity date	Mar. 15, 2033
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 318	$ 334
4.800% 20-year Notes
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%
Maturity date	Sep. 15, 2035
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 388	$ 408
5.950% 30-year Notes
Debt Instrument [Line Items]
Interest rate	5.95%	5.95%
Maturity date	May 15, 2037
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 578	$ 607
6.450% 30-year Notes
Debt Instrument [Line Items]
Interest rate	6.45%	6.45%
Maturity date	Nov. 17, 2039
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 400	$ 400
5.750% 30-year Notes
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%
Maturity date	Jan. 15, 2042
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 319	$ 336
4.800% 30-year Notes
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%
Maturity date	Aug. 1, 2045
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 712	$ 748
6.125% 100-year Notes
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%
Maturity date	Sep. 15, 2115
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 1,169	$ 1,228
8.000% 5-year Promissory Notes
Debt Instrument [Line Items]
Interest rate	8.00%
Maturity date	Jun. 30, 2020
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 11	$ 0
5.41% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	5.41%	5.41%
Maturity date	Mar. 3, 2024
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 100	$ 113
6.91% Secured Equipment Notes
Debt Instrument [Line Items]
Interest rate	6.91%	6.91%
Maturity date	Oct. 1, 2024
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 91	$ 106
7.49% Equipment Trust Certificates
Debt Instrument [Line Items]
Interest rate	7.49%	7.49%
Maturity date	Jan. 15, 2021
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 55	$ 57
2.97% Finance Lease
Debt Instrument [Line Items]
Interest rate	2.97%	2.97%
Maturity date	Jun. 1, 2020
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 3	$ 0
6.99% Finance Lease
Debt Instrument [Line Items]
Interest rate	6.99%	6.99%
Maturity date	Mar. 12, 2022
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 99	$ 104
6.57% Finance Lease
Debt Instrument [Line Items]
Interest rate	6.57%	6.57%
Maturity date	Dec. 30, 2026
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 45	$ 52
12.77% Finance Lease
Debt Instrument [Line Items]
Interest rate	12.77%	12.77%
Maturity date	Jan. 1, 2031
Currency in which payable	CDN$
Long-term debt, including unamortized fees	$ 4	$ 4
Commercial Paper
Debt Instrument [Line Items]
Currency in which payable	U.S.$
Commercial paper	$ 516	$ 0
Perpetual 4% Consolidated Debenture Stock (USD)
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	$ 39	$ 41
Perpetual 4% Consolidated Debenture Stock (GBP)
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Currency in which payable	G.B.£
Long-term debt, including unamortized fees	$ 6	$ 6

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 30, 2019CAD ($)	Dec. 30, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current	$ 8,816					$ 8,757
Annual maturities and principal repayments in 2020	592
Annual maturities and principal repayments in 2021	365
Annual maturities and principal repayments in 2022	477
Annual maturities and principal repayments in 2023	484
Annual maturities and principal repayments in 2024	84
Carrying value of assets collateralizing finance lease obligations	$ 177					187
Promissory Notes
Debt Instrument [Line Items]
Interest rate	8.00%		8.00%
Debt instrument, Term	5 years	5 years
5.41% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current	$ 100					$ 113
Interest rate	5.41%		5.41%			5.41%	5.41%
Value of locomotive units used as collateral	$ 102
Final repayment of principal amount		$ 44
6.91% Secured Equipment Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current	$ 91					$ 106
Interest rate	6.91%		6.91%			6.91%	6.91%
Value of locomotive units used as collateral	$ 59
Final repayment of principal amount	11
7.49% Equipment Trust Certificates
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current	$ 55					$ 57
Interest rate	7.49%		7.49%			7.49%	7.49%
Value of locomotive units used as collateral	$ 97
Final repayment of principal amount		$ 11
CMQ
Debt Instrument [Line Items]
Business combination, Promissory notes assumed				$ (11)	$ (8)
U.S dollar-denominated
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current			$ 6,016				$ 5,970

Debt - Components of Long-ter_2

Debt - Components of Long-term Debt - A (Narrative) (Details) $ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017CAD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Settlement of forward starting swaps on debt issuance		$ 0		$ 24		$ 0
Forward Starting Swaps
Debt Instrument [Line Items]
Floating-to-fixed interest rate swaps, Notional amount	$ 500				$ 500		$ 500
Settlement of forward starting swaps on debt issuance				$ 24	$ 19
3.150% 10-year Notes
Debt Instrument [Line Items]
Interest rate		3.15%
Debt instrument, Term		10 years	10 years
Debt instrument, Face amount		$ 400
Maturity date		Mar. 13, 2029	Mar. 13, 2029
Proceeds from issuance of debt		$ 397
4.000% 10-year Notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%			4.00%
Debt instrument, Term	10 years			10 years	10 years
Debt instrument, Face amount	$ 500				$ 500
Maturity date		Jun. 1, 2028	Jun. 1, 2028	Jun. 1, 2028	Jun. 1, 2028
Proceeds from issuance of debt				$ 638	$ 495
7.250% 10-year Notes
Debt Instrument [Line Items]
Extinguishment of debt, Amount		$ 471	$ 350
Interest rate		7.25%
Debt instrument, Term		10 years	10 years
6.500% 10-year Notes
Debt Instrument [Line Items]
Extinguishment of debt, Amount				$ 352	$ 275
Interest rate					6.50%
Debt instrument, Term				10 years	10 years
6.250% 10-year Medium Term Notes
Debt Instrument [Line Items]
Extinguishment of debt, Amount				$ 375
Interest rate					6.25%
Debt instrument, Term				10 years	10 years

Debt - Credit Facility (Narrati

Debt - Credit Facility (Narrative) (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)
Commercial Paper
Debt Instrument [Line Items]
Credit facility, Total available amount		$ 1,000
Commercial paper	$ 516	397
Commercial paper, Weighted-average interest rate	2.03%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Total available amount		1,300		$ 1,000
Remaining borrowing capacity		1,300		$ 1,000
Five-Year Portion [Member]
Debt Instrument [Line Items]
Credit facility, Total available amount		1,000
One-Year Plus One-Year Term-Out Portion [Member]
Debt Instrument [Line Items]
Credit facility, Total available amount		$ 300
Letters of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit, Drawn	$ 80		$ 60
Maximum capacity under credit facility	$ 300		$ 600

Financial Instruments - FV and

Financial Instruments - FV and CV of Long-term Debt (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Long-term Debt, Fair value	$ 10,149	$ 9,639
Portion at Carrying Value
Schedule of Investments [Line Items]
Long-term Debt, Carrying value	$ 8,757	$ 8,696

Financial Instruments (Details)

Financial Instruments (Details) $ in Millions, $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2018CAD ($)	Jun. 30, 2017CAD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Schedule of Investments [Line Items]
Charge on hedge roll and de-designation				$ 0	$ 0	$ 13
4.000% 10-year Notes
Schedule of Investments [Line Items]
Debt instrument, Face amount							$ 500	$ 500
Interest rate	4.00%			4.00%	4.00%		4.00%	4.00%
Debt instrument, Term	10 years				10 years
Forward Starting Swaps
Schedule of Investments [Line Items]
Gain (Loss) on Derivative, Net					$ 31
Floating-to-fixed interest rate swaps, Notional amount			$ 500				$ 500	$ 500
Fair value loss	$ 24							$ 19
Derivative, Notional Amount De-designated			700
Derivative, Notional Amount Settled			200
Payment for settlement of forward starting swaps		$ 22	$ 16
Charge on hedge roll and de-designation		$ 13
Forward Starting Swaps | Net Interest Expense
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense				$ 9	10	11
Derivative losses expected to be amortized to net interest expense				9
Treasury Rate Locks
Schedule of Investments [Line Items]
Unamortized losses, Treasury rate locks				18	19
Treasury Rate Locks | Net Interest Expense
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense				1	1	1
Derivative losses expected to be amortized to net interest expense				1
Net Investment Hedge
Schedule of Investments [Line Items]
Gain (Loss) on Derivative, Net				$ 288	$ (479)	$ 319

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Operating lease liabilities, net of current portion	$ 285		$ 0
Stock-based compensation liabilities, net of current portion	111		81
Provision for environmental remediation, net of current portion	70		74
Deferred revenue on rights-of-way license agreements, net of current portion	20		24
Deferred gains on sale leaseback transactions	6		13
Other, net of current portion	70		45
Total other long-term liabilities	562	$ 574	237
Aggregate provision for environmental remediation, including current portion	$ 77		$ 82

Other Long-Term Liabilities - N

Other Long-Term Liabilities - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Expected time period for payment of provision for environmental remediation	P10Y
Environmental remediation costs charged to income	$ 6	$ 6	$ 5

Narrative (Details)

Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)
Lessee, Lease, Description [Line Items]
Lessee, Operating lease, Option to extend	P10Y
Lessee, Operating lease, Option to terminate	P1Y
Operating lease, Residual value guarantee	$ 2
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating And Finance leases, Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating And Finance leases, Remaining Lease Term	15 years

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Operating lease cost	$ 89
Short-term lease cost	10
Variable lease cost	13
Sublease income	(3)
Finance lease, Amortization of right-of-use assets	9
Finance lease, Interest on lease liabilities	11	$ 11	$ 11
Total lease costs	$ 129

Leases Supplemental Balance She

Leases Supplemental Balance Sheet Information (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease, ROU asset	$ 358	$ 0
Finance lease, ROU asset	177
Operating lease, Liability, Current	69	0
Finance lease, Liability, Current	7
Operating lease, Liability, Non-current	285	$ 0
Finance lease, Liability, Non-current	$ 144

Leases Weighted Average Remaini

Leases Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2019
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	7 years
Finance leases, Weighted-average remaining lease term	4 years
Operating leases, Weighted-average discount rate	3.45%
Finance leases, Weighted-average discount rate	7.07%

Leases Supplemental Information

Leases Supplemental Information Related to Leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)
Leases [Abstract]
Operating cash outflows from operating leases	$ 82
Operating cash outflows from finance leases	10
Financing cash outflows from finance leases	6
Right-of-use assets obtained in exchange for operating lease liabilities	38
Right-of-use assets obtained in exchange for finance lease liabilities	$ 4

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2019CAD ($)
Leases [Abstract]
Finance Leases, Payments due 2020	$ 11
Finance Leases, Payments due 2021	10
Finance Leases, Payments due 2022	108
Finance Leases, Payments due 2023	8
Finance Leases, Payments due 2024	9
Finance Leases, Payments due thereafter	21
Finance Leases, Total lease payments	167
Finance Leases, Imputed interest	(16)
Finance Leases, Present value of lease payments	151
Operating Leases, Payments due 2020	80
Operating Leases, Payments due 2021	55
Operating Leases, Payments due 2022	51
Operating Leases, Payments due 2023	39
Operating Leases, Payments due 2024	40
Operating Leases, Payments due thereafter	130
Operating Leases, Total lease payments	395
Operating Leases, Imputed interest	(41)
Operating Leases, Present value of lease payments	$ 354

Shareholders Equity - Narrative

Shareholders Equity - Narrative (Details) - CAD ($) $ in Millions	Dec. 19, 2020	Dec. 31, 2019	Oct. 23, 2019	May 14, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 17, 2019	Oct. 19, 2018	May 10, 2017
Preferred shares issued		0			0
Common Shares repurchased					3,800,000	4,600,000	1,900,000
Common Shares repurchased (value)					$ 1,140	$ 1,127	$ 381
2017 Normal Course Issuer Bid
Common shares authorized to be repurchased										4,380,000
Share repurchase program expiration date				May 14, 2018
Common Shares repurchased							1,888,100
Common Shares repurchased (value)							$ 381
2018 Normal Course Issuer Bid
Common shares authorized to be repurchased									5,680,000
Share repurchase program expiration date			Oct. 23, 2019
Common Shares repurchased						4,683,162
Common Shares repurchased (value)						$ 1,127
Current Normal Course Issuer Bid
Common shares authorized to be repurchased								4,800,000
Share repurchase program expiration date	Dec. 19, 2020
Common Shares repurchased		300,000
Common Shares repurchased (value)		$ 100
Share capital
Stock-based compensation transferred from APIC					7	12	12
Common Shares repurchased (value)					$ 54	$ 66	$ 27

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Information Related to Common Share Balances (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share capital, January 1	140.5	144.9	146.3
CP Common Shares repurchased	(3.8)	(4.6)	(1.9)
Shares issued under stock option plan	0.3	0.2	0.5
Share capital, December 31	137	140.5	144.9

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Shares Repurchase Program (Details) - CAD ($) $ / shares in Units, $ in Millions	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Common Shares repurchased		3,800,000	4,600,000	1,900,000
Amount of repurchase (in millions)		$ 1,140	$ 1,127	$ 381
2018 and Current Normal Course Issuer Bid
Number of Common Shares repurchased		3,794,149
Weighted-average price per share		$ 300.65
Amount of repurchase (in millions)		$ 1,141
2018 Normal Course Issuer Bid
Number of Common Shares repurchased			4,683,162
Weighted-average price per share			$ 240.68
Amount of repurchase (in millions)			$ 1,127
2017 Normal Course Issuer Bid
Number of Common Shares repurchased				1,888,100
Weighted-average price per share				$ 201.53
Amount of repurchase (in millions)				$ 381
Current Normal Course Issuer Bid
Number of Common Shares repurchased	300,000
Amount of repurchase (in millions)	$ 100

Pensions and Other Benefits - A

Pensions and Other Benefits - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Period of average market values for calculating net periodic benefit cost	5 years
Defined Benefit Plan, Accumulated Benefit Obligation	$ 12,201	$ 10,981
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	419	395
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets	186	$ 180
Effect of one percentage point increase on post-retirement benefit obligation	(5)
Effect of one percentage point decrease on post-retirement benefit obligation	$ 5
Maximum value of underlying assets represented by financial derivatives, excluding currency forwards	30.00%
Solvency funded position hedged against interest rate risk	45.00%	11.00%
Company's common shares in fund assets	119,758	86,084
Net cost of defined contribution plan	$ 11	$ 10	$ 9
Multi-employer plan contributions	$ 3	$ 3	$ 5
US Dollar
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	39.00%	33.00%
Percentage of plan exposed to foreign currency risk, excluding currency forwards	41.00%	43.00%
Euro
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	6.00%	4.00%
Other Currencies
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	14.00%	13.00%
Public equities
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets	$ 40	$ 21
Defined Benefit Plan, Debt Security
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets		$ 1
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	176
Unamortized prior service cost expected to be recognized in next fiscal year	1
Other Post-retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	$ 3

Pensions and Other Benefits - N

Pensions and Other Benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Other components of net periodic benefit (recovery) cost	$ (381)	$ (384)	$ (274)
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	107	120	103
Interest cost on benefit obligation	450	438	451
Expected return on fund assets	(947)	(955)	(893)
Recognized net actuarial loss	84	114	153
Amortization of prior service costs	(1)	(2)	(5)
Other components of net periodic benefit (recovery) cost	(414)	(405)	(294)
Net periodic benefit (recovery) cost	(307)	(285)	(191)
Other Post-retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	11	12	12
Interest cost on benefit obligation	20	19	20
Expected return on fund assets	0	0	0
Recognized net actuarial loss	12	2	(1)
Amortization of prior service costs	1	0	1
Other components of net periodic benefit (recovery) cost	33	21	20
Net periodic benefit (recovery) cost	$ 44	$ 33	$ 32

Pensions and Other Benefits - I

Pensions and Other Benefits - Information About DB Pension Plans and Other Benefits (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in fund assets:
Fair value of fund assets at January 1	$ 12,349
Fair value of fund assets at December 31	13,319	$ 12,349
Pension Plan, Defined Benefit
Change in projected benefit obligation:
Benefit obligation at January 1	11,372	11,679
Current service cost	107	120	$ 103
Interest cost	450	438	451
Employee contributions	41	47
Benefits paid	(646)	(640)
Foreign currency changes	(10)	20
Actuarial loss (gain)	1,296	(292)
Projected benefit obligation at December 31	12,610	11,372	11,679
Change in fund assets:
Fair value of fund assets at January 1	12,349	12,808
Actual return on fund assets	1,528	82
Employer contributions	53	36
Employee contributions	41	47
Benefits paid	(646)	(640)
Foreign currency changes	(6)	16
Fair value of fund assets at December 31	13,319	12,349	12,808
Funded status - plan surplus (deficit)	709	977
Other Post-retirement Benefit Plans
Change in projected benefit obligation:
Benefit obligation at January 1	501	518
Current service cost	11	12	12
Interest cost	20	19	20
Employee contributions	0	1
Benefits paid	(34)	(33)
Foreign currency changes	0	2
Actuarial loss (gain)	43	(18)
Projected benefit obligation at December 31	541	501	518
Change in fund assets:
Fair value of fund assets at January 1	4	4
Actual return on fund assets	1	0
Employer contributions	34	32
Employee contributions	0	1
Benefits paid	(34)	(33)
Foreign currency changes	0	0
Fair value of fund assets at December 31	5	4	$ 4
Funded status - plan surplus (deficit)	$ (536)	$ (497)

Pensions and Other Benefits - P

Pensions and Other Benefits - Pension Plan Asset (Details) - Pension Plan, Defined Benefit - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Pension plans in deficit [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	$ (534)	$ (488)
Fair value of fund assets at December 31	240	222
Pension plans in deficit, Funded Status	(294)	(266)
Pension plans in surplus [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	(12,076)	(10,884)
Fair value of fund assets at December 31	13,079	12,127
Pension plans in surplus, Funded Status	$ 1,003	$ 1,243

Pensions and Other Benefits -_2

Pensions and Other Benefits - Amounts Recognized in Company's Consolidated Balance Sheets (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Pension asset	$ 1,003	$ 1,243
Pension and other benefit liabilities	(785)	(718)
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Pension asset	1,003	1,243
Accounts payable and accrued liabilities	(11)	(11)
Pension and other benefit liabilities	(283)	(255)
Total amount recognized	709	977
Other Post-retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Pension asset	0	0
Accounts payable and accrued liabilities	(34)	(34)
Pension and other benefit liabilities	(502)	(463)
Total amount recognized	$ (536)	$ (497)

Pensions and Other Benefits -_3

Pensions and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Losses (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Amounts recognized in accumulated other comprehensive loss	$ (2,580)	$ (2,094)
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment gains	3,434	2,233
Deferred investment gains	41	611
Prior service cost	1	0
Deferred income tax	(964)	(797)
Amounts recognized in accumulated other comprehensive loss	2,512	2,047
Other Post-retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment gains	91	61
Deferred investment gains	0	0
Prior service cost	1	2
Deferred income tax	(24)	(16)
Amounts recognized in accumulated other comprehensive loss	$ 68	$ 47

Pensions and Other Benefits -_4

Pensions and Other Benefits - Actuarial Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, Next fiscal year	5.50%	6.00%	7.00%
Benefit cost, Expected rate of return on fund assets	7.25%
Health care cost trend rate change	0.50%
Ultimate health care cost trend rate	5.00%
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, Discount rate	3.25%	4.01%	3.80%
Benefit obligation, Projected future salary increases	2.75%	2.75%	2.75%
Health care cost trend rate, Next fiscal year	5.50%	6.00%	7.00%
Benefit cost, Discount rate	4.01%	3.80%	4.02%
Benefit cost, Expected rate of return on fund assets	7.50%	7.75%	7.75%
Benefit cost, Projected future salary increases	2.75%	2.75%	2.75%

Pensions and Other Benefits - S

Pensions and Other Benefits - Summary of Pension Plan Asset Allocation and Current Weighted Average Policy Range (Details) - Pension Plan, Defined Benefit	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	100.00%
Percentage of plan assets	100.00%	100.00%
Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	1.20%
Percentage of plan assets	0.90%	1.10%
Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	24.10%
Percentage of plan assets	24.60%	25.60%
Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	45.10%
Percentage of plan assets	54.50%	50.20%
Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	9.80%
Percentage of plan assets	6.80%	7.70%
Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	9.80%
Percentage of plan assets	2.40%	1.30%
Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	10.00%
Percentage of plan assets	10.80%	14.10%
Minimum | Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0	0
Minimum | Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.2	0.2
Minimum | Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.35	0.35
Minimum | Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.04	.04
Minimum | Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.04	0.04
Minimum | Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.04	0.04
Maximum | Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.1	0.10
Maximum | Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.4	0.4
Maximum | Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.55	0.55
Maximum | Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.13	0.13
Maximum | Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.13	0.13
Maximum | Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Target asset allocation percentages	0.13	0.13

Pensions and Other Benefits -_5

Pensions and Other Benefits - Summary of Defined Benefit Pension Plan Assets at Fair Value (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 13,319	$ 12,349
Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	2,664	2,857
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	112	139
Cash and cash equivalents | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	2,090	1,382
Government bonds | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,092	1,734
Corporate bonds | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	164	41
Mortgages | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Public equities | Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,351	1,287
Public equities | Canada | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Public equities | U.S. and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	5,905	4,916
Public equities | U.S. and international | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	724	697
Fund value subject to redemption	606	583
Fund value not subject to redemption	118	114
Unfunded commitments	35	38
Real estate | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	724	697
Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	187	259
Fund value subject to redemption	119	130
Fund value not subject to redemption	68	129
Infrastructure | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	187	259
Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	313	162
Fund value subject to redemption	154	162
Fund value not subject to redemption	159
Unfunded commitments	392	608
Private debt | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	313	162
Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	(59)	(7)
Derivative instruments | Currency Forward
Defined Benefit Plan Disclosure [Line Items]
Derivative, Notional Amount	334	1,226
Derivative, Fair Value, Net	13	(7)
Derivative instruments | Bond Forward
Defined Benefit Plan Disclosure [Line Items]
Derivative, Notional Amount	3,269
Derivative, Fair Value, Net	72
Derivative instruments | Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Absolute return | Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,418	1,189
Absolute return | Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	22	286
Absolute return | Credit funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		32
Absolute return | Equity funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		232
Absolute return | Investments measured at NAV | Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,418	1,189
Absolute return | Investments measured at NAV | Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	22	286
Absolute return | Investments measured at NAV | Credit funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		32
Absolute return | Investments measured at NAV | Equity funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		232
Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	8,011	6,576
Fair Value, Inputs, Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	112	127
Fair Value, Inputs, Level 1 | Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	233	101
Fair Value, Inputs, Level 1 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	273	128
Fair Value, Inputs, Level 1 | Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	159	41
Fair Value, Inputs, Level 1 | Public equities | Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,351	1,287
Fair Value, Inputs, Level 1 | Public equities | U.S. and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	5,883	4,892
Fair Value, Inputs, Level 1 | Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Absolute return | Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Absolute return | Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 1 | Absolute return | Credit funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		0
Fair Value, Inputs, Level 1 | Absolute return | Equity funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		0
Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	2,644	2,916
Fair Value, Inputs, Level 2 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	12
Fair Value, Inputs, Level 2 | Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,857	1,281
Fair Value, Inputs, Level 2 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	819	1,606
Fair Value, Inputs, Level 2 | Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	5	0
Fair Value, Inputs, Level 2 | Public equities | Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 2 | Public equities | U.S. and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	22	24
Fair Value, Inputs, Level 2 | Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 2 | Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 2 | Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 2 | Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	(59)	(7)
Fair Value, Inputs, Level 2 | Absolute return | Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Fair Value, Inputs, Level 2 | Absolute return | Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 0	0
Fair Value, Inputs, Level 2 | Absolute return | Credit funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		0
Fair Value, Inputs, Level 2 | Absolute return | Equity funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values		$ 0

Pensions and Other Benefits -_6

Pensions and Other Benefits - Summary of Estimated Future Pension and Other Post-retirement Benefit Payments (Details) $ in Millions	Dec. 31, 2019CAD ($)
Pension Plan, Defined Benefit
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2020	$ 620
2021	623
2022	627
2023	630
2024	633
2025 – 2029	3,203
Other Post-retirement Benefit Plans
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2020	34
2021	32
2022	31
2023	30
2024	30
2025 – 2029	$ 144

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)$ / sharesshares	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 133	$ 75	$ 35
Share-based liabilities paid	58	37	39
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 89	$ 54	30
Forfeited awards other than options | shares	12,976	38,635
Vesting period	3 years
Unrecognized compensation related to stock options	$ 42
Weighted-average period of recognition for unrecognized compensation	1 year 6 months
Units issued | shares	133,681	125,280
Grant date fair value	$ 36
Payout percentage	193.00%	177.00%
PSUs vested in period | shares	121,098
Fair value of PSUs vested in period	$ 75
Number of trading days	30 days	30 days
Share-based liabilities paid	$ 54	$ 30	31
Units paid in period | shares	117,228	66,243
Performance Share Units | Regular and Retention Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued | shares	134,260	162,255
Performance Share Units | Retention Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued | shares	579	36,975
Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 20	$ 4	(3)
Forfeited awards other than options | shares	951	1,747
Vesting period	48 months
Unrecognized compensation related to stock options	$ 0.7
Weighted-average period of recognition for unrecognized compensation	1 year 2 months 12 days
Units issued | shares	19,912	16,481
Grant date fair value	$ 5
Number of trading days	10 days
Share-based liabilities paid	$ 4	$ 6	6
Units paid in period | shares	12,110	20,072
Matching % of DSU's granted to senior managers	25.00%
Ownership target period	5 years
Regular and Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14	$ 10	3
Forfeited options | shares	7,855
Company's closing stock price (CAD) | $ / shares	$ 331.03
Expiration period	7 years
Fair value of options at grant date	$ 14	16	17
Unrecognized compensation related to stock options	$ 14
Weighted-average period of recognition for unrecognized compensation	1 year 3 months 18 days
Fair value of shares vested for stock option plan	$ 8	11	14
Regular and Performance Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	12 months
Regular and Performance Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	48 months
Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6	$ 5	$ 4
Vesting period	1 year
Maximum percentage of annual salary that an employee can contribute	6.00%
Number of shares purchased on behalf of participants | shares	137,942	118,865	130,041
Employer contributions	$ 8	$ 6	$ 5
Employer matching ratio per dollar contributed	0.3333
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits recovery			(51)
Pension and other post-retirement benefits recovery			$ (27)
Chief Executive Officer | Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited awards other than options | shares			22,514
Chief Executive Officer | Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited awards other than options | shares			68,612
Chief Executive Officer | Regular and Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited options | shares			752,145

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plan (Details) - Stock Option Plan - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of options, Options outstanding (in shares)
Outstanding, January 1	1,533,598
Granted	224,730
Exercised	(334,127)
Forfeited	(7,855)
Outstanding, December 31	1,416,346	1,533,598
Vested or expected to vest at December 31	1,385,626
Exercisable, December 31	654,562
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, January 1	$ 176.02
Granted	269.99
Exercised	125.12
Forfeited	234.59
Outstanding at December 31	199.12	$ 176.02
Vested or expected to vest as at December 31	197.89
Exercisable at December 31	$ 162.59
Number of options, Nonvested options (in shares)
Non-vested, Outstanding January 1	714,102
Granted	224,730
Vested	(169,193)
Non-vested, Forfeited	(7,855)
Non-vested, Outstanding December 31	761,784	714,102
Weighted average grant date fair value, Nonvested options
Non-vested, Outstanding, January 1	$ 48.94
Non-vested, Granted	63.69	$ 55.63	$ 45.78
Vested	47.59
Non-vested, Forfeited	54.75
Non-vested, Outstanding, December 31	$ 53.54	$ 48.94
Weighted average remaining term of vested or expected to vest options	4 years 10 months 24 days
Aggregate intrinsic value of vested or expected to vest options	$ 184

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)$ / sharesshares
$51.17 - $167.50
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum	$ 51.17
Range of exercise prices, maximum	167.50
$167.51 - $197.05
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum	167.51
Range of exercise prices, maximum	197.05
$197.06 - $247.87
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum	197.06
Range of exercise prices, maximum	247.87
$247.88 - $313.16
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum	247.88
Range of exercise prices, maximum	$ 313.16
Stock Option Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares	1,416,346
Options outstanding, Weighted-average years to expiration	4 years 8 months 12 days
Options outstanding, Weighted-average exercise price	$ 199.12
Options outstanding, Aggregate intrinsic value | $	$ 187
Options exercisable, Number of options (in shares) | shares	654,562
Options exercisable, Weighted-average exercise price	$ 162.59
Options exercisable, Aggregate intrinsic value | $	$ 110
Number of stock options in-the-money | shares	1,416,346
Weighted-average exercise price of stock options in-the-money	$ 199.12
Weighted-average years to expiration	4 years 2 months 12 days
Stock Option Plan | $51.17 - $167.50
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares	354,357
Options outstanding, Weighted-average years to expiration	4 years 1 month 6 days
Options outstanding, Weighted-average exercise price	$ 123
Options outstanding, Aggregate intrinsic value | $	$ 74
Options exercisable, Number of options (in shares) | shares	303,455
Options exercisable, Weighted-average exercise price	$ 116.84
Options exercisable, Aggregate intrinsic value | $	$ 65
Stock Option Plan | $167.51 - $197.05
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares	355,040
Options outstanding, Weighted-average years to expiration	4 years 1 month 6 days
Options outstanding, Weighted-average exercise price	$ 188.53
Options outstanding, Aggregate intrinsic value | $	$ 51
Options exercisable, Number of options (in shares) | shares	135,532
Options exercisable, Weighted-average exercise price	$ 175.30
Options exercisable, Aggregate intrinsic value | $	$ 21
Stock Option Plan | $197.06 - $247.87
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares	376,654
Options outstanding, Weighted-average years to expiration	4 years 9 months 18 days
Options outstanding, Weighted-average exercise price	$ 222.75
Options outstanding, Aggregate intrinsic value | $	$ 41
Options exercisable, Number of options (in shares) | shares	215,465
Options exercisable, Weighted-average exercise price	$ 218.98
Options exercisable, Aggregate intrinsic value | $	$ 24
Stock Option Plan | $247.88 - $313.16
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares	330,295
Options outstanding, Weighted-average years to expiration	5 years 10 months 24 days
Options outstanding, Weighted-average exercise price	$ 265.23
Options outstanding, Aggregate intrinsic value | $	$ 22
Options exercisable, Number of options (in shares) | shares	110
Options exercisable, Weighted-average exercise price	$ 260.52
Options exercisable, Aggregate intrinsic value | $	$ 0

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Details) - Stock Option Plan - CAD ($)	May 06, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (years)		5 years	5 years	5 years 5 months 23 days
Risk-free interest rate		2.22%	2.22%	1.85%
Expected stock price volatility		25.04%	24.81%	26.94%
Expected annual dividends per share	$ 0.8300	$ 2.6191	$ 2.3854	$ 2.0010
Estimated forfeiture rate		6.05%	4.70%	2.80%
Weighted average grant date fair value of options granted during the year		$ 63.69	$ 55.63	$ 45.78
Expected annual dividends per share		$ 3.3200

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Options Exercised (Details) - Stock Option Plan - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value	$ 63	$ 17	$ 36
Cash received by the Company upon exercise of options	$ 26	$ 24	$ 45

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Performance Share Units Plan (Details) - Performance Share Units - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] (in shares)
Outstanding, January 1	395,048	334,028
Granted	133,681	125,280
Units, in lieu of dividends	4,032	3,643
Settled	(117,228)	(66,243)
Forfeited	(12,976)	(38,635)
Outstanding, December 31	403,136	395,048
Regular and Retention Grant
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] (in shares)
Granted	134,260	162,255

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Deferred Share Units Plan (Details) - Deferred Share Units - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] (in shares)
Outstanding, January 1	152,760	156,547
Granted	19,912	16,481
Units, in lieu of dividends	1,608	1,551
Settled	(12,110)	(20,072)
Forfeited	(951)	(1,747)
Outstanding, December 31	161,219	152,760

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Total Share Based Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 58	$ 37	$ 39
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	54	30	31
Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	4	6	6
Other share-based liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 0	$ 1	$ 2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)
Variable Interest Entity [Line Items]
VIE, Ownership percentage	100.00%
VIE, Not primary beneficiary
Variable Interest Entity [Line Items]
Lease payments after tax	$ 15
Future minimum lease payments before tax	$ 138
Period over which lease payments will be paid	11 years

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - 12 months ended Dec. 31, 2019 $ in Millions, $ in Millions	CAD ($)claim	USD ($)claim
Commitments and Contingencies [Line Items]
Period for which future capital and operating expenditures are committed, beginning year	2020	2020
Period for which future capital and operating expenditures are committed, end year	2032	2032
Estimated future purchase commitment, next 5 years	$ 2,700
Lac-Megantic Rail Accident | Claimed damages as a result of derailment
Commitments and Contingencies [Line Items]
Amount to be distributed	440
Lac-Megantic Rail Accident | Quebec Minister of Sustainable Development, Environment, Wildlife and Parks
Commitments and Contingencies [Line Items]
Value of damages sought	95
Lac-Megantic Rail Accident | Attorney General of Quebec
Commitments and Contingencies [Line Items]
Value of damages sought	315
Loss Contingency, Damages Sought Previously, Value	409
Lac-Megantic Rail Accident | Initial Subrogated Insurers | Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought	14
Loss Contingency, Damages Sought Previously, Value	$ 16
Number of subrogated insurer claims | claim	8
Lac-Megantic Rail Accident | Additional Subrogated Insurers | Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought	$ 3
Number of subrogated insurer claims | claim	2
Lac-Megantic Rail Accident | Class Action Plaintiffs
Commitments and Contingencies [Line Items]
Value of damages sought		$ 5
Number of plaintiffs | claim	48	48
Lac-Megantic Rail Accident | WD Trustee | Damaged railcars and lost crude recovery
Commitments and Contingencies [Line Items]
Value of damages sought		$ 6
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignor
Commitments and Contingencies [Line Items]
Value of damages sought		110
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignee
Commitments and Contingencies [Line Items]
Value of damages sought		$ 60
Capital Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures	$ 664
Operating Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures	$ 3,100

Guarantees (Details)

Guarantees (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Guarantees [Abstract]
Guarantee to uphold equity investee's credit facility	$ 19
Accrued guarantees	$ 10	$ 10

Segmented and Geographic Info_3

Segmented and Geographic Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting [Abstract]
Number of operating segments	1
Number of customers that comprise more than 10% of total revenues and accounts receivable	0	0	0

Segmented and Geographic Info_4

Segmented and Geographic Information - Geographic Information (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,069	$ 1,979	$ 1,977	$ 1,767	$ 2,006	$ 1,898	$ 1,750	$ 1,662	$ 7,792	$ 7,316	$ 6,554
Long-term assets excluding financial instruments and pension assets	20,151				18,892				20,151	18,892	17,452
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									5,675	5,232	4,667
Long-term assets excluding financial instruments and pension assets	13,131				12,133				13,131	12,133	11,505
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									2,117	2,084	1,887
Long-term assets excluding financial instruments and pension assets	$ 7,020				$ 6,759				$ 7,020	$ 6,759	$ 5,947

Selected Quarterly Data (Unau_3

Selected Quarterly Data (Unaudited) (Details) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 2,069	$ 1,979	$ 1,977	$ 1,767	$ 2,006	$ 1,898	$ 1,750	$ 1,662	$ 7,792	$ 7,316	$ 6,554
Operating income	890	869	822	543	874	790	627	540	3,124	2,831	2,519
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	$ 2,440	$ 1,951	$ 2,405
Basic earnings per share	$ 4.84	$ 4.47	$ 5.19	$ 3.10	$ 3.84	$ 4.36	$ 3.05	$ 2.41	$ 17.58	$ 13.65	$ 16.49
Diluted earnings per share	$ 4.82	$ 4.46	$ 5.17	$ 3.09	$ 3.83	$ 4.35	$ 3.04	$ 2.41	$ 17.52	$ 13.61	$ 16.44

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Income (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 2,069	$ 1,979	$ 1,977	$ 1,767	$ 2,006	$ 1,898	$ 1,750	$ 1,662	$ 7,792	$ 7,316	$ 6,554
Operating expenses
Compensation and benefits									1,540	1,468	1,309
Fuel									882	918	677
Materials									210	201	190
Equipment rents									137	130	142
Depreciation and amortization									706	696	661
Purchased services and other									1,193	1,072	1,056
Total operating expenses									4,668	4,485	4,035
Operating income	890	869	822	543	874	790	627	540	3,124	2,831	2,519
Less:
Other (income) expense									(89)	174	(178)
Other components of net periodic benefit (recovery) cost									(381)	(384)	(274)
Net interest expense (income)									448	453	473
Income (loss) before income tax (recovery) expense and equity in net earnings of subsidiaries									3,146	2,588	2,498
Income tax expense (recovery)									706	637	93
Add: Equity in net earnings of subsidiaries									0	0	0
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	2,440	1,951	2,405
Freight
Revenues
Total revenues									7,613	7,152	6,375
Non-freight
Revenues
Total revenues									179	164	179
Consolidating Adjustments and Eliminations
Revenues
Total revenues									(524)	(317)	(333)
Operating expenses
Compensation and benefits									8	6	7
Fuel									0	0	0
Materials									15	13	15
Equipment rents									(31)	0	0
Depreciation and amortization									0	0	0
Purchased services and other									(516)	(336)	(355)
Total operating expenses									(524)	(317)	(333)
Operating income									0	0	0
Less:
Other (income) expense									0	0	0
Other components of net periodic benefit (recovery) cost									0	0	0
Net interest expense (income)									0	0	0
Income (loss) before income tax (recovery) expense and equity in net earnings of subsidiaries									0	0	0
Income tax expense (recovery)									0	0	0
Add: Equity in net earnings of subsidiaries									(3,166)	(2,772)	(3,547)
Net income									(3,166)	(2,772)	(3,547)
Consolidating Adjustments and Eliminations | Freight
Revenues
Total revenues									2	0	0
Consolidating Adjustments and Eliminations | Non-freight
Revenues
Total revenues									(526)	(317)	(333)
CPRL (Parent Guarantor) | Reportable Legal Entities
Revenues
Total revenues									0	0	0
Operating expenses
Compensation and benefits									0	0	0
Fuel									0	0	0
Materials									0	0	0
Equipment rents									0	0	0
Depreciation and amortization									0	0	0
Purchased services and other									0	0	0
Total operating expenses									0	0	0
Operating income									0	0	0
Less:
Other (income) expense									(12)	19	(33)
Other components of net periodic benefit (recovery) cost									0	0	0
Net interest expense (income)									(1)	3	(12)
Income (loss) before income tax (recovery) expense and equity in net earnings of subsidiaries									13	(22)	45
Income tax expense (recovery)									3	(4)	7
Add: Equity in net earnings of subsidiaries									2,430	1,969	2,367
Net income									2,440	1,951	2,405
CPRL (Parent Guarantor) | Reportable Legal Entities | Freight
Revenues
Total revenues									0	0	0
CPRL (Parent Guarantor) | Reportable Legal Entities | Non-freight
Revenues
Total revenues									0	0	0
CPRC (Subsidiary Issuer) | Reportable Legal Entities
Revenues
Total revenues									5,662	5,218	4,656
Operating expenses
Compensation and benefits									1,042	996	879
Fuel									695	716	522
Materials									142	139	134
Equipment rents									177	137	143
Depreciation and amortization									423	424	400
Purchased services and other									967	886	826
Total operating expenses									3,446	3,298	2,904
Operating income									2,216	1,920	1,752
Less:
Other (income) expense									(86)	193	(149)
Other components of net periodic benefit (recovery) cost									(388)	(386)	(278)
Net interest expense (income)									474	478	517
Income (loss) before income tax (recovery) expense and equity in net earnings of subsidiaries									2,216	1,635	1,662
Income tax expense (recovery)									522	469	475
Add: Equity in net earnings of subsidiaries									736	803	1,180
Net income									2,430	1,969	2,367
CPRC (Subsidiary Issuer) | Reportable Legal Entities | Freight
Revenues
Total revenues									5,527	5,098	4,516
CPRC (Subsidiary Issuer) | Reportable Legal Entities | Non-freight
Revenues
Total revenues									135	120	140
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Total revenues									2,654	2,415	2,231
Operating expenses
Compensation and benefits									490	466	423
Fuel									187	202	155
Materials									53	49	41
Equipment rents									(9)	(7)	(1)
Depreciation and amortization									283	272	261
Purchased services and other									742	522	585
Total operating expenses									1,746	1,504	1,464
Operating income									908	911	767
Less:
Other (income) expense									9	(38)	4
Other components of net periodic benefit (recovery) cost									7	2	4
Net interest expense (income)									(25)	(28)	(32)
Income (loss) before income tax (recovery) expense and equity in net earnings of subsidiaries									917	975	791
Income tax expense (recovery)									181	172	(389)
Add: Equity in net earnings of subsidiaries									0	0	0
Net income									736	803	1,180
Non-Guarantor Subsidiaries | Reportable Legal Entities | Freight
Revenues
Total revenues									2,084	2,054	1,859
Non-Guarantor Subsidiaries | Reportable Legal Entities | Non-freight
Revenues
Total revenues									$ 570	$ 361	$ 372

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income	$ 664	$ 618	$ 724	$ 434	$ 545	$ 622	$ 436	$ 348	$ 2,440	$ 1,951	$ 2,405
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									37	(60)	24
Change in derivatives designated as cash flow hedges									10	38	19
Change in pension and post-retirement defined benefit plans									(661)	(449)	80
Other comprehensive income (loss) before income taxes									(614)	(471)	123
Income tax recovery (expense) on above items									135	169	(65)
Equity accounted investments									0	0	0
Other comprehensive (loss) income									(479)	(302)	58
Comprehensive income									1,961	1,649	2,463
Consolidating Adjustments and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income									(3,166)	(2,772)	(3,547)
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									0	0	0
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									0	0	0
Other comprehensive income (loss) before income taxes									0	0	0
Income tax recovery (expense) on above items									0	0	0
Equity accounted investments									737	(121)	237
Other comprehensive (loss) income									737	(121)	237
Comprehensive income									(2,429)	(2,893)	(3,310)
CPRL (Parent Guarantor) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income									2,440	1,951	2,405
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									0	0	0
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									0	0	0
Other comprehensive income (loss) before income taxes									0	0	0
Income tax recovery (expense) on above items									0	0	0
Equity accounted investments									(479)	(302)	58
Other comprehensive (loss) income									(479)	(302)	58
Comprehensive income									1,961	1,649	2,463
CPRC (Subsidiary Issuer) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income									2,430	1,969	2,367
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									288	(479)	318
Change in derivatives designated as cash flow hedges									10	38	19
Change in pension and post-retirement defined benefit plans									(651)	(455)	82
Other comprehensive income (loss) before income taxes									(353)	(896)	419
Income tax recovery (expense) on above items									132	171	(66)
Equity accounted investments									(258)	423	(295)
Other comprehensive (loss) income									(479)	(302)	58
Comprehensive income									1,951	1,667	2,425
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net income									736	803	1,180
Net gain (loss) in foreign currency translation adjustments, net of hedging activities									(251)	419	(294)
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									(10)	6	(2)
Other comprehensive income (loss) before income taxes									(261)	425	(296)
Income tax recovery (expense) on above items									3	(2)	1
Equity accounted investments									0	0	0
Other comprehensive (loss) income									(258)	423	(295)
Comprehensive income									$ 478	$ 1,226	$ 885

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 133		$ 61
Accounts receivable, net	805		815
Accounts receivable, intercompany	0		0
Short-term advances to affiliates	0		0
Materials and supplies	182		173
Other current assets	90		68
Total current assets	1,210		1,117
Long-term advances to affiliates	0		0
Investments	341		203
Investments in subsidiaries	0		0
Properties	19,156	$ 18,406	18,418
Goodwill and intangible assets	206		202	$ 187
Pension asset	1,003		1,243
Other assets	451	470	71
Deferred income taxes	0		0
Total assets	22,367		21,254
Current liabilities
Accounts payable and accrued liabilities	1,693	1,507	1,449
Accounts payable, intercompany	0		0
Short-term advances from affiliates	0		0
Long-term debt maturing within one year	599		506
Total current liabilities	2,292		1,955
Pension and other benefit liabilities	785		718
Long-term advances from affiliates	0		0
Other long-term liabilities	562	574	237
Long-term debt	8,158		8,190
Deferred income taxes	3,501	3,515	3,518
Total liabilities	15,298		14,618
Shareholders’ equity
Share capital	1,993		2,002
Additional paid-in capital	48		42
Accumulated other comprehensive (loss) income	(2,522)		(2,043)	(1,741)
Retained earnings	7,550		6,635
Total shareholders' equity	7,069	$ 6,631	6,636	$ 6,437	$ 4,626
Total liabilities and shareholders’ equity	22,367		21,254
Consolidating Adjustments and Eliminations
Current assets
Cash and cash equivalents	0		0
Accounts receivable, net	0		0
Accounts receivable, intercompany	(726)		(516)
Short-term advances to affiliates	(5,087)		(6,253)
Materials and supplies	0		0
Other current assets	0		0
Total current assets	(5,813)		(6,769)
Long-term advances to affiliates	(1,181)		(1,188)
Investments	0		0
Investments in subsidiaries	(21,687)		(23,446)
Properties	0		0
Goodwill and intangible assets	0		0
Pension asset	0		0
Other assets	0		0
Deferred income taxes	(4)		(6)
Total assets	(28,685)		(31,409)
Current liabilities
Accounts payable and accrued liabilities	0		0
Accounts payable, intercompany	(726)		(516)
Short-term advances from affiliates	(5,087)		(6,253)
Long-term debt maturing within one year	0		0
Total current liabilities	(5,813)		(6,769)
Pension and other benefit liabilities	0		0
Long-term advances from affiliates	(1,181)		(1,188)
Other long-term liabilities	0		0
Long-term debt	0		0
Deferred income taxes	(4)		(6)
Total liabilities	(6,998)		(7,963)
Shareholders’ equity
Share capital	(5,148)		(6,484)
Additional paid-in capital	(671)		(1,748)
Accumulated other comprehensive (loss) income	1,941		1,204
Retained earnings	(17,809)		(16,418)
Total shareholders' equity	(21,687)		(23,446)
Total liabilities and shareholders’ equity	(28,685)		(31,409)
CPRL (Parent Guarantor) | Reportable Legal Entities
Current assets
Cash and cash equivalents	0		0
Accounts receivable, net	24		0
Accounts receivable, intercompany	164		125
Short-term advances to affiliates	0		0
Materials and supplies	0		0
Other current assets	0		0
Total current assets	188		125
Long-term advances to affiliates	1,090		1,090
Investments	0		0
Investments in subsidiaries	10,522		11,443
Properties	0		0
Goodwill and intangible assets	0		0
Pension asset	0		0
Other assets	0		0
Deferred income taxes	4		6
Total assets	11,804		12,664
Current liabilities
Accounts payable and accrued liabilities	146		115
Accounts payable, intercompany	6		4
Short-term advances from affiliates	4,583		5,909
Long-term debt maturing within one year	0		0
Total current liabilities	4,735		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	4,735		6,028
Shareholders’ equity
Share capital	1,993		2,002
Additional paid-in capital	48		42
Accumulated other comprehensive (loss) income	(2,522)		(2,043)
Retained earnings	7,550		6,635
Total shareholders' equity	7,069		6,636
Total liabilities and shareholders’ equity	11,804		12,664
CPRC (Subsidiary Issuer) | Reportable Legal Entities
Current assets
Cash and cash equivalents	37		42
Accounts receivable, net	597		629
Accounts receivable, intercompany	313		167
Short-term advances to affiliates	1,387		1,602
Materials and supplies	144		136
Other current assets	41		39
Total current assets	2,519		2,615
Long-term advances to affiliates	7		5
Investments	32		24
Investments in subsidiaries	11,165		12,003
Properties	10,287		9,579
Goodwill and intangible assets	0		0
Pension asset	1,003		1,243
Other assets	173		57
Deferred income taxes	0		0
Total assets	25,186		25,526
Current liabilities
Accounts payable and accrued liabilities	1,189		1,017
Accounts payable, intercompany	402		344
Short-term advances from affiliates	490		341
Long-term debt maturing within one year	548		506
Total current liabilities	2,629		2,208
Pension and other benefit liabilities	698		639
Long-term advances from affiliates	1,174		1,182
Other long-term liabilities	206		120
Long-term debt	8,145		8,135
Deferred income taxes	1,812		1,799
Total liabilities	14,664		14,083
Shareholders’ equity
Share capital	538		538
Additional paid-in capital	406		1,656
Accumulated other comprehensive (loss) income	(2,522)		(2,043)
Retained earnings	12,100		11,292
Total shareholders' equity	10,522		11,443
Total liabilities and shareholders’ equity	25,186		25,526
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets
Cash and cash equivalents	96		19
Accounts receivable, net	184		186
Accounts receivable, intercompany	249		224
Short-term advances to affiliates	3,700		4,651
Materials and supplies	38		37
Other current assets	49		29
Total current assets	4,316		5,146
Long-term advances to affiliates	84		93
Investments	309		179
Investments in subsidiaries	0		0
Properties	8,869		8,839
Goodwill and intangible assets	206		202
Pension asset	0		0
Other assets	278		14
Deferred income taxes	0		0
Total assets	14,062		14,473
Current liabilities
Accounts payable and accrued liabilities	358		317
Accounts payable, intercompany	318		168
Short-term advances from affiliates	14		3
Long-term debt maturing within one year	51		0
Total current liabilities	741		488
Pension and other benefit liabilities	87		79
Long-term advances from affiliates	7		6
Other long-term liabilities	356		117
Long-term debt	13		55
Deferred income taxes	1,693		1,725
Total liabilities	2,897		2,470
Shareholders’ equity
Share capital	4,610		5,946
Additional paid-in capital	265		92
Accumulated other comprehensive (loss) income	581		839
Retained earnings	5,709		5,126
Total shareholders' equity	11,165		12,003
Total liabilities and shareholders’ equity	$ 14,062		$ 14,473

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	$ 2,990	$ 2,712	$ 2,182
Investing activities
Additions to properties	(1,647)	(1,551)	(1,340)
Investment in Central Maine & Quebec Railway	(174)
Proceeds from sale of properties and other assets	26	78	42
Advances to affiliates	0	0	0
Repayment of advances to affiliates	0	0	0
Capital contributions to affiliates	0		0
Repurchase of share capital from affiliates	0	0	0
Other investing activities	(8)	15	3
Cash used in investing activities	(1,803)	(1,458)	(1,295)
Financing activities
Dividends paid	(412)	(348)	(310)
Issuance of share capital	0		0
Return of share capital to affiliates	0	0	0
Issuance of CP Common Shares	26	24	45
Purchase of CP Common shares	(1,134)	(1,103)	(381)
Issuance of long-term debt, excluding commercial paper	397	638	0
Repayment of long-term debt, excluding commercial paper	(500)	(753)	(32)
Net issuance of commercial paper	524	0	0
Advances from affiliates	0	0	0
Repayment of advances from affiliates	0	0	0
Settlement of forward starting swaps on de-designation	0	0	(22)
Other financing activities	(12)	0	0
Cash used in financing activities	(1,111)	(1,542)	(700)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(4)	11	(13)
Cash position
Increase (decrease) in cash and cash equivalents	72	(277)	174
Cash and cash equivalents at beginning of year	61	338	164
Cash and cash equivalents at end of year	133	61	338
Consolidating Adjustments and Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(1,770)	(700)	(479)
Investing activities
Additions to properties	0	0	0
Investment in Central Maine & Quebec Railway	0
Proceeds from sale of properties and other assets	0	0	0
Advances to affiliates	659	820	2,668
Repayment of advances to affiliates	(1,818)	(866)	(485)
Capital contributions to affiliates	125		1,039
Repurchase of share capital from affiliates	(2,591)	(1,464)	(156)
Other investing activities	0	0	0
Cash used in investing activities	(3,625)	(1,510)	3,066
Financing activities
Dividends paid	1,770	700	479
Issuance of share capital	(125)		(1,039)
Return of share capital to affiliates	2,591	1,464	156
Issuance of CP Common Shares	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
Net issuance of commercial paper	0
Advances from affiliates	(659)	(820)	(2,668)
Repayment of advances from affiliates	1,818	866	485
Settlement of forward starting swaps on de-designation			0
Other financing activities	0
Cash used in financing activities	5,395	2,210	(2,587)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of year	0	0	0
Cash and cash equivalents at end of year	0	0	0
CPRL (Parent Guarantor) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	1,601	316	338
Investing activities
Additions to properties	0	0	0
Investment in Central Maine & Quebec Railway	0
Proceeds from sale of properties and other assets	0	0	0
Advances to affiliates	0	0	(590)
Repayment of advances to affiliates	0	0	0
Capital contributions to affiliates	0		0
Repurchase of share capital from affiliates	1,246	500	0
Other investing activities	0	0	0
Cash used in investing activities	1,246	500	(590)
Financing activities
Dividends paid	(412)	(348)	(310)
Issuance of share capital	0		0
Return of share capital to affiliates	0	0	0
Issuance of CP Common Shares	26	24	45
Purchase of CP Common shares	(1,132)	(1,103)	(381)
Issuance of long-term debt, excluding commercial paper	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0
Net issuance of commercial paper	0
Advances from affiliates	495	820	1,383
Repayment of advances from affiliates	(1,813)	(209)	(485)
Settlement of forward starting swaps on de-designation			0
Other financing activities	(11)
Cash used in financing activities	(2,847)	(816)	252
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of year	0	0	0
Cash and cash equivalents at end of year	0	0	0
CPRC (Subsidiary Issuer) | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	2,133	1,968	1,334
Investing activities
Additions to properties	(1,243)	(971)	(950)
Investment in Central Maine & Quebec Railway	(47)
Proceeds from sale of properties and other assets	21	35	29
Advances to affiliates	(263)	(611)	(550)
Repayment of advances to affiliates	468	0	242
Capital contributions to affiliates	(125)		(1,039)
Repurchase of share capital from affiliates	1,345	964	156
Other investing activities	1	18	5
Cash used in investing activities	157	(565)	(2,107)
Financing activities
Dividends paid	(1,612)	(348)	(310)
Issuance of share capital	0		0
Return of share capital to affiliates	(1,246)	(500)	0
Issuance of CP Common Shares	0	0	0
Purchase of CP Common shares	(2)	0	0
Issuance of long-term debt, excluding commercial paper	397	638
Repayment of long-term debt, excluding commercial paper	(500)	(753)	(32)
Net issuance of commercial paper	524
Advances from affiliates	151	0	1,285
Repayment of advances from affiliates	(5)	(657)	0
Settlement of forward starting swaps on de-designation			(22)
Other financing activities	(1)
Cash used in financing activities	(2,294)	(1,620)	921
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(1)	18	(7)
Cash position
Increase (decrease) in cash and cash equivalents	(5)	(199)	141
Cash and cash equivalents at beginning of year	42	241	100
Cash and cash equivalents at end of year	37	42	241
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	1,026	1,128	989
Investing activities
Additions to properties	(404)	(580)	(390)
Investment in Central Maine & Quebec Railway	(127)
Proceeds from sale of properties and other assets	5	43	13
Advances to affiliates	(396)	(209)	(1,528)
Repayment of advances to affiliates	1,350	866	243
Capital contributions to affiliates	0		0
Repurchase of share capital from affiliates	0	0	0
Other investing activities	(9)	(3)	(2)
Cash used in investing activities	419	117	(1,664)
Financing activities
Dividends paid	(158)	(352)	(169)
Issuance of share capital	125		1,039
Return of share capital to affiliates	(1,345)	(964)	(156)
Issuance of CP Common Shares	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
Net issuance of commercial paper	0
Advances from affiliates	13	0	0
Repayment of advances from affiliates	0	0	0
Settlement of forward starting swaps on de-designation			0
Other financing activities	0
Cash used in financing activities	(1,365)	(1,316)	714
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(3)	(7)	(6)
Cash position
Increase (decrease) in cash and cash equivalents	77	(78)	33
Cash and cash equivalents at beginning of year	19	97	64
Cash and cash equivalents at end of year	$ 96	$ 19	$ 97

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accruals for personal injury and other claims provision
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	$ 152	$ 118	$ 130
Additions charged to expenses	142	93	66
Payments and other reductions	(152)	(60)	(77)
Impact of FX	(1)	1	(1)
Ending balance at December 31	141	152	118
Environmental liabilities
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	82	78	85
Additions charged to expenses	6	6	5
Payments and other reductions	(8)	(7)	(8)
Impact of FX	(3)	5	(4)
Ending balance at December 31	$ 77	$ 82	$ 78

Uncategorized Items - cpr2019-a

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