Canadian Pacific Railway Limited (CP) 10-Q 22 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	Apr. 20, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Document Period End Date	Mar. 31, 2020
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-01342
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Central Index Key	0000016875
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0355078
Entity Address, Address Line One	7550 Ogden Dale Road S.E.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2C 4X9
City Area Code	(403)
Local Phone Number	319-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,631,754
Common Shares, without par value, of Canadian Pacific Railway Limited
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, without par value, of Canadian Pacific Railway Limited
Trading Symbol	CP
Security Exchange Name	NYSE
Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company
Entity Information [Line Items]
Title of 12(b) Security	Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company
Trading Symbol	CP/40
Security Exchange Name	NYSE

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME (unaudited) - CAD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 2,043	$ 1,767
Operating expenses
Compensation and benefits	398	406
Fuel	212	209
Materials	59	57
Equipment rents	36	35
Depreciation and amortization	192	160
Purchased services and other	312	357
Total operating expenses	1,209	1,224
Operating income	834	543
Less:
Other expense (income)	211	(47)
Other components of net periodic benefit recovery	(85)	(97)
Net interest expense	114	114
Income before income tax expense	594	573
Income tax expense	185	139
Net income	$ 409	$ 434
Earnings per share
Basic earnings per share	$ 2.99	$ 3.10
Diluted earnings per share	$ 2.98	$ 3.09
Weighted-average number of shares (millions)
Basic	136.7	140.1
Diluted	137.2	140.5
Dividends declared per share	$ 0.8300	$ 0.6500
Freight
Revenues
Total revenues	$ 2,000	$ 1,726
Non-freight
Revenues
Total revenues	$ 43	$ 41

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 409	$ 434
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(65)	16
Change in derivatives designated as cash flow hedges	2	2
Change in pension and post-retirement defined benefit plans	45	20
Other comprehensive (loss) income before income taxes	(18)	38
Income tax recovery (expense) on above items	60	(22)
Other comprehensive income (loss)	42	16
Comprehensive income	$ 451	$ 450

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS AS AT (unaudited) - CAD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 247	$ 133
Accounts receivable, net	885	805
Materials and supplies	177	182
Other current assets	98	90
Total current assets	1,407	1,210
Investments	369	341
Properties	19,900	19,156
Goodwill and intangible assets	223	206
Pension asset	1,111	1,003
Other assets	478	451
Total assets	23,488	22,367
Current liabilities
Accounts payable and accrued liabilities	1,528	1,693
Long-term debt maturing within one year	266	599
Total current liabilities	1,794	2,292
Pension and other benefit liabilities	790	785
Other long-term liabilities	541	562
Long-term debt	9,804	8,158
Deferred income taxes	3,604	3,501
Total liabilities	16,533	15,298
Shareholders’ equity
Share capital	1,985	1,993
Additional paid-in capital	51	48
Accumulated other comprehensive loss	(2,480)	(2,522)	$ (2,027)	$ (2,043)
Retained earnings	7,399	7,550
Total shareholders' equity	6,955	7,069	$ 6,814
Total liabilities and shareholders’ equity	$ 23,488	$ 22,367

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 409	$ 434
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	192	160
Deferred income tax expense	39	38
Pension recovery and funding	(65)	(88)
Foreign exchange loss (gain) on debt and lease liabilities	215	(45)
Other operating activities, net	(72)	45
Change in non-cash working capital balances related to operations	(229)	(131)
Cash provided by operating activities	489	413
Investing activities
Additions to properties	(355)	(224)
Proceeds from sale of properties and other assets	2	6
Other investing activities	(9)	(1)
Cash used in investing activities	(362)	(219)
Financing activities
Dividends paid	(114)	(91)
Issuance of CP Common Shares	24	4
Purchase of CP Common Shares	(501)	(207)
Issuance of long-term debt, excluding commercial paper	959	397
Repayment of long-term debt, excluding commercial paper	(15)	(5)
Net repayment of commercial paper	(553)	0
Increase in short-term borrowings	145	0
Other financing activities	11	0
Cash (used in) provided by financing activities	(44)	98
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	31	(1)
Cash position
Increase in cash and cash equivalents	114	291
Cash and cash equivalents at beginning of period	133	61
Cash and cash equivalents at end of period	247	352
Supplemental disclosures of cash flow information:
Income taxes paid	139	149
Interest paid	$ 157	$ 149

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - CAD ($) shares in Millions, $ in Millions	Total	Share capital	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at January 1, 2020, as restated	$ 6,631	$ 2,002	$ 42	$ (2,043)	$ 6,630
Beginning balance (shares) at Dec. 31, 2018	140.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 434	0	0	0	434
Other comprehensive income	16	0	0	16	0
Dividends declared	(91)	0	0	0	(91)
Effect of stock-based compensation expense	$ 5	0	5	0	0
CP Common Shares repurchased (shares)	(0.7)
CP Common Shares repurchased	$ (185)	(10)	0	0	(175)
Shares issued under stock option plan (shares)	0
Shares issued under stock option plan	$ (4)	(5)	(1)	0	0
Ending balance (shares) at Mar. 31, 2019	139.8
Ending balance at Mar. 31, 2019	$ 6,814	1,997	46	(2,027)	6,798
Beginning balance (shares) at Dec. 31, 2019	137
Beginning balance at Dec. 31, 2019	$ 7,069	1,993	48	(2,522)	7,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	409	0	0	0	409
Other comprehensive income	42	0	0	42	0
Dividends declared	(112)	0	0	0	(112)
Effect of stock-based compensation expense	$ 5	0	5	0	0
CP Common Shares repurchased (shares)	(1.6)
CP Common Shares repurchased	$ (468)	(21)	0	0	(447)
Shares issued under stock option plan (shares)	0.2
Shares issued under stock option plan	$ (11)	(13)	(2)	0	0
Ending balance (shares) at Mar. 31, 2020	135.6
Ending balance at Mar. 31, 2020	$ 6,955	$ 1,985	$ 51	$ (2,480)	$ 7,399

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation These unaudited interim consolidated financial statements of Canadian Pacific Railway Limited (“CP”, or “the Company”), expressed in Canadian dollars, reflect management’s estimates and assumptions that are necessary for their fair presentation in conformity with generally accepted accounting principles in the United States of America (“GAAP”). They do not include all disclosures required under GAAP for annual financial statements and should be read in conjunction with the 2019 annual consolidated financial statements and notes included in CP's 2019 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2019 annual consolidated financial statements, except for the newly adopted accounting policy discussed in Note 2. CP's operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary to present fairly such information. Interim results are not necessarily indicative of the results expected for the fiscal year.

Accounting Changes

Accounting Changes	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Changes	Accounting changes Implemented in 2020 Financial Instruments - Credit Losses On January 1, 2020, the Company adopted the new Accounting Standards Update ("ASU") 2016-13, issued by the Financial Accounting Standards Board ("FASB"), and all related amendments under FASB Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses. Using a modified retrospective approach, the Company recognized a cumulative-effect adjustment to its opening retained earnings balance 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. The impact of the adoption of ASC 326 as at January 1, 2020 was an increase in the allowance for credit losses of $1 million , with the offsets to "Deferred income taxes" and "Retained earnings" on the Company's Interim Consolidated Balance Sheet. See Note 8 for further discussion of the current period credit loss. Future Changes Simplification of Financial Disclosures about Guarantors In March 2020, the Securities and Exchange Commission issued amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, to improve the quality of disclosure and reduce compliance burdens. Among other changes, the amendments replace the current requirement for condensed consolidating financial information (“CCFI”), as specified in Rule 3-10 of Regulation S-X, with summarized financial information and expanded qualitative non-financial disclosures about the guarantees, issuers, and guarantors. The amendments will be effective on January 4, 2021, with the option to comply in advance. The Company is currently assessing the impact of these amendments for its future CCFI disclosures.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenues The following table disaggregates the Company’s revenues from contracts with customers by major source: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Freight Grain $ 418 $ 380 Coal 150 158 Potash 112 114 Fertilizers and sulphur 70 57 Forest products 78 73 Energy, chemicals and plastics 491 315 Metals, minerals and consumer products 189 173 Automotive 87 76 Intermodal 405 380 Total freight revenues 2,000 1,726 Non-freight excluding leasing revenues 29 26 Revenues from contracts with customers 2,029 1,752 Leasing revenues 14 15 Total revenues $ 2,043 $ 1,767 Contract liabilities Contract liabilities represent payments received for performance obligations not yet satisfied and relate to deferred revenue and are presented as components of "Accounts payable and accrued liabilities" and "Other long-term liabilities" on the Company's Interim Consolidated Balance Sheets. The following table summarizes the changes in contract liabilities: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Opening balance $ 146 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (37 ) (2 ) Increase due to consideration received, net of revenue recognized during the period 3 73 Closing balance $ 112 $ 73

Other (Income) Expense

Other (Income) Expense	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Income and Expenses	Other expense (income) For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Foreign exchange loss (gain) on debt and lease liabilities $ 215 $ (45 ) Other foreign exchange gains (5 ) (3 ) Other 1 1 Other expense (income) $ 211 $ (47 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Current income tax expense $ 146 $ 101 Deferred income tax expense 39 38 Income tax expense $ 185 $ 139 The effective tax rate for the three months ended March 31, 2020 was 31.10% , compared to 24.24% for the same period of 2019 . For the three months ended March 31, 2020 , the effective tax rate excluding the discrete item of the foreign exchange ("FX") loss of $215 million on debt and lease liabilities was 25.00% . For the three months ended March 31, 2019 , the effective tax rate excluding the discrete item of the FX gain of $45 million on debt and lease liabilities was 25.75%

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share has been calculated using Net income for the period divided by the weighted-average number of shares outstanding during the period. The number of shares used in the earnings per share calculations are reconciled as follows: For the three months ended March 31 (in millions) 2020 2019 Weighted-average basic shares outstanding 136.7 140.1 Dilutive effect of stock options 0.5 0.4 Weighted-average diluted shares outstanding 137.2 140.5 For the three months ended March 31, 2020 , there were 0.1 million options excluded from the computation of diluted earnings per share because their effects were not dilutive ( three months ended March 31, 2019 - 0.2 million ).

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss (AOCL) by Component	Changes in Accumulated other comprehensive loss ("AOCL") by component For the three months ended March 31 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, January 1, 2020 $ 112 $ (54 ) $ (2,580 ) $ (2,522 ) Other comprehensive income before reclassifications 7 — — 7 Amounts reclassified from accumulated other comprehensive loss — 2 33 35 Net other comprehensive income 7 2 33 42 Closing balance, March 31, 2020 $ 119 $ (52 ) $ (2,547 ) $ (2,480 ) Opening balance, January 1, 2019 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) Other comprehensive loss before reclassifications — (1 ) (1 ) (2 ) Amounts reclassified from accumulated other comprehensive loss — 2 16 18 Net other comprehensive income — 1 15 16 Closing balance, March 31, 2019 $ 113 $ (61 ) $ (2,079 ) $ (2,027 ) (1) Amounts are presented net of tax. Amounts in Pension and post-retirement defined benefit plans reclassified from AOCL are as follows: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Recognition of net actuarial loss (1) $ 45 $ 21 Income tax recovery (12 ) (5 ) Total net of income tax $ 33 $ 16 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable, net	Accounts receivable, net Accounts receivable from customers are recognized initially at fair value and subsequently measured at amortized cost less allowance for expected credit losses. Losses on accounts receivable are estimated based on historical credit loss experience of receivables with similar risk characteristics. Historical loss experience is adjusted to reflect any management expectations that current or future conditions will differ from conditions that existed for the period over which historical information is evaluated. To determine expected credit losses, customer receivables are disaggregated by credit characteristics, type of customer service, customer line of business, and receivable aging. (in millions of Canadian dollars) Freight Non-freight Total Accounts receivable, as at March 31, 2020 $ 724 $ 202 $ 926 Allowance for credit losses Restated, as at January 1, 2020 (Note 2) (27 ) (16 ) (43 ) Current period credit loss provision, net — 2 2 Allowance for credit losses, as at March 31, 2020 (27 ) (14 ) (41 ) Total accounts receivable, net as at March 31, 2020 $ 697 $ 188 $ 885 Total accounts receivable, net restated, as at January 1, 2020 $ 610 $ 194 $ 804 Receivables are considered to be in default and are written off against the allowance for credit losses when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the customer contracts. Subsequent recoveries of amounts previously written off are credited to earnings in the period recovered.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Issuance of long-term debt During the three months ended March 31, 2020, the Company issued U.S. $500 million 2.050% 10 -year unsecured notes due March 5, 2030 for net proceeds of approximately U.S. $495 million ( $662 million ) and $300 million 3.050% 30 -year unsecured notes due March 9, 2050 for net proceeds of approximately $296 million . These notes pay interest semi-annually and carry a negative pledge. Credit facility The Company's revolving credit facility consists of a U.S. $1.0 billion tranche maturing September 27, 2024 and a U.S. $300 million tranche maturing September 27, 2021. As at March 31, 2020, the Company had U.S. $100 million ( $142 million ) drawn from the U.S. $300 million tranche of its revolving credit facility (December 31, 2019 - undrawn). The interest rate on these borrowings is 1.875% . These borrowings are included in "Long-term debt maturing within one year" on the Company's Interim Consolidated Balance Sheets. Commercial paper program The Company has a commercial paper program which enables it to issue commercial paper up to a maximum aggregate principal amount of U.S. $1.0 billion in the form of unsecured promissory notes. This commercial paper program is backed by the U.S. $1.3 billion revolving credit facility. As at March 31, 2020 , the Company had total commercial paper borrowings of U.S. $20 million ( $28 million ), included in "Long-term debt maturing within one year" on the Company's Interim Consolidated Balance Sheets (December 31, 2019 - U.S. $397 million ). The weighted-average interest rate on these borrowings was 2.55% (December 31, 2019 - 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 Interim Consolidated Statements of Cash Flows on a net basis.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 as at: (in millions of Canadian dollars) March 31, 2020 December 31, 2019 Long-term debt (including current maturities): Fair value $ 11,607 $ 10,149 Carrying value 10,070 8,757 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 The effect of the Company's net investment hedge for the three months ended March 31, 2020 was an unrealized FX loss of $555 million ( three months ended March 31, 2019 - unrealized FX gain of $120 million ) recognized in “Other comprehensive income”.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' equity On December 17, 2019, the Company announced a normal course issuer bid ("NCIB"), commencing December 20, 2019, to purchase up to 4.80 million Common Shares in the open market for cancellation on or before December 19, 2020. As at March 31, 2020, the Company had purchased 1.75 million Common Shares for $568 million under this NCIB. 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. All purchases were made in accordance with the respective NCIB at prevailing 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 activities under the share repurchase programs: For the three months ended March 31 2020 2019 Number of Common Shares repurchased (1) 1,455,854 707,678 Weighted-average price per share (2) $ 321.71 $ 261.73 Amount of repurchase (in millions) (2) $ 468 $ 185 (1) Includes shares repurchased but not yet cancelled at end of period. (2) Includes brokerage fees.

Pension and Other Benefits

Pension and Other Benefits	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Pensions and Other Benefits	Pension and other benefits In the three months ended March 31, 2020 , the Company made contributions of $9 million ( three months ended March 31, 2019 - $11 million ) to its defined benefit pension plans. Net periodic benefit costs for defined benefit pension plans and other benefits included the following components: For the three months ended March 31 Pensions Other benefits (in millions of Canadian dollars) 2020 2019 2020 2019 Current service cost (benefits earned by employees) $ 35 $ 27 $ 3 $ 3 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 102 112 5 5 Expected return on fund assets (237 ) (237 ) — — Recognized net actuarial loss 44 21 1 2 Total other components of net periodic benefit (recovery) cost (91 ) (104 ) 6 7 Net periodic benefit (recovery) cost $ (56 ) $ (77 ) $ 9 $ 10

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-based compensation At March 31, 2020 , the Company had several stock-based compensation plans including stock option plans, various cash-settled liability plans, and an employee share purchase plan. These plans resulted in an expense for the three months ended March 31, 2020 of $11 million ( three months ended March 31, 2019 - an expense of $34 million ). Stock option plan In the three months ended March 31, 2020 , under CP’s stock option plans, the Company issued 212,020 options at the weighted-average price of $351.37 per share, based on the closing price on the grant date. Pursuant to the employee plan, these options may be exercised upon vesting, which is between 12 months and 48 months after the grant date, and will expire after seven years . Under the fair value method, the fair value of the stock options at grant date was approximately $15 million . The weighted-average fair value assumptions were approximately: For the three months ended March 31, 2020 Expected option life (years) (1) 4.75 Risk-free interest rate (2) 1.31% Expected stock price volatility (3) 23.05% Expected annual dividends per share (4) $3.3200 Expected forfeiture rate (5) 4.37% Weighted-average grant date fair value per option granted during the period $68.95 (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. (5) The Company estimates forfeitures based on past experience. This rate is monitored on a periodic basis. Performance share unit plans During the three months ended March 31, 2020 , the Company issued 97,205 Performance Share Units ("PSUs") with a grant date fair value of approximately $34 million and 10,029 Performance Deferred Share Units ("PDSUs") with a grant date fair value, including value of expected future matching units, of approximately $4 million . PSUs and PDSUs attract dividend equivalents in the form of additional units based on dividends paid on the Company’s Common Shares, and vest approximately three years after the grant date, contingent upon CP’s performance ("performance factor"). The fair value of these PSUs and PDSUs is measured periodically until settlement using a lattice-based valuation model.Vested PSUs are settled in cash. Vested PDSUs are settled in cash pursuant to the Deferred Share Unit ("DSU") Plan and are eligible for a 25% match if the holder has not exceeded their share ownership requirements, and are paid out only when the holder ceases their employment with CP. The performance period for PSUs and PDSUs issued in the three months ended March 31, 2020 is January 1, 2020 to December 31, 2022 and the performance factors 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 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 payout was 193% of the outstanding units multiplied by the Company's average share price calculated using the last 30 trading days preceding December 31, 2019. In the first quarter of 2020, payouts occurred on the total outstanding awards, including dividends reinvested, totalling $76 million on 121,225 outstanding awards. Deferred share unit plan During the three months ended March 31, 2020 , the Company granted 13,134 DSUs with a grant date fair value of approximately $4 million . DSUs vest over various periods of up to 48 months and are only redeemable for a specified period after employment is terminated. The expense for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies In the normal course of its operations, the Company becomes involved in various legal actions, including claims relating to injuries and damage to property. The Company maintains provisions it considers to be adequate for such actions. While the final outcome with respect to actions outstanding or pending at March 31, 2020 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. 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 exclusively controlled 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 remediate the derailment site (the "Cleanup Order") and served CP with a Notice of Claim for $95 million for those 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 was responsible for the petroleum crude oil from its point of origin until its delivery to Irving Oil Ltd.; 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, property damage, and economic loss. (4) Eight subrogated insurers sued CP in the Québec Superior Court claiming approximately $16 million in damages, which was amended and reduced to approximately $15 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. As such, the extent of any overlap between the damages claimed in these actions and 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 $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 majority of 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. bankruptcy 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 July 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. Environmental liabilities Environmental remediation accruals, recorded on an undiscounted basis unless a reliable, determinable estimate as to an amount and timing of costs can be established, cover site-specific remediation programs. The accruals for environmental remediation represent CP’s best estimate of its probable future obligation and include both asserted and unasserted claims, without reduction for anticipated recoveries from third parties. Although the recorded accruals include CP’s best estimate of all probable costs, CP’s total environmental remediation costs cannot be predicted with certainty. Accruals for environmental remediation may change from time to time as new information about previously untested sites becomes known, and as environmental laws and regulations evolve and advances are made in environmental remediation technology. The accruals may also vary as the courts decide legal proceedings against outside parties responsible for contamination. These potential charges, which cannot be quantified at this time, may materially affect income in the particular period in which a charge is recognized. Costs related to existing, but as yet unknown, or future contamination will be accrued in the period in which they become probable and reasonably estimable. The expense included in “Purchased services and other” for the three months ended March 31, 2020 was $1 million ( three months ended March 31, 2019 - $1 million ). Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion which is recorded in “Accounts payable and accrued liabilities”. The total amount provided at March 31, 2020 was $83 million ( December 31, 2019 - $77 million ). Payments are expected to be made over 10 years through 2029.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	Condensed consolidating financial information Canadian Pacific Railway Company, a 100%-owned subsidiary of Canadian Pacific Railway Limited (“CPRL”), is the issuer of certain debt securities, which are fully and unconditionally guaranteed by CPRL. The following tables present condensed consolidating financial information (“CCFI”) in accordance with Rule 3-10(c) of Regulation S-X. Investments in subsidiaries are accounted for under the equity method when presenting the CCFI. The tables include all adjustments necessary to reconcile the CCFI on a consolidated basis to CPRL’s consolidated financial statements for the periods presented. Interim Condensed Consolidating Statements of Income For the three months ended March 31, 2020 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,457 $ 543 $ — $ 2,000 Non-freight — 33 93 (83 ) 43 Total revenues — 1,490 636 (83 ) 2,043 Operating expenses Compensation and benefits — 275 120 3 398 Fuel — 167 45 — 212 Materials — 41 16 2 59 Equipment rents — 44 (5 ) (3 ) 36 Depreciation and amortization — 115 77 — 192 Purchased services and other — 243 154 (85 ) 312 Total operating expenses — 885 407 (83 ) 1,209 Operating income — 605 229 — 834 Less: Other expense (income) 21 208 (18 ) — 211 Other components of net periodic benefit (recovery) expense — (87 ) 2 — (85 ) Net interest expense (income) — 122 (8 ) — 114 (Loss) income before income tax expense and equity in net earnings of subsidiaries (21 ) 362 253 — 594 Less: Income tax expense — 134 51 — 185 Add: Equity in net earnings of subsidiaries 430 202 — (632 ) — Net income $ 409 $ 430 $ 202 $ (632 ) $ 409 Interim Condensed Consolidating Statements of Income For the three months ended March 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,244 $ 482 $ — $ 1,726 Non-freight — 29 114 (102 ) 41 Total revenues — 1,273 596 (102 ) 1,767 Operating expenses Compensation and benefits — 274 130 2 406 Fuel — 165 44 — 209 Materials — 38 15 4 57 Equipment rents — 33 2 — 35 Depreciation and amortization — 96 64 — 160 Purchased services and other — 278 187 (108 ) 357 Total operating expenses — 884 442 (102 ) 1,224 Operating income — 389 154 — 543 Less: Other (income) expense (5 ) (43 ) 1 — (47 ) Other components of net periodic benefit (recovery) expense — (98 ) 1 — (97 ) Net interest (income) expense (1 ) 122 (7 ) — 114 Income before income tax expense and equity in net earnings of subsidiaries 6 408 159 — 573 Less: Income tax expense — 104 35 — 139 Add: Equity in net earnings of subsidiaries 428 124 — (552 ) — Net income $ 434 $ 428 $ 124 $ (552 ) $ 434 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 409 $ 430 $ 202 $ (632 ) $ 409 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (555 ) 490 — (65 ) Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 44 1 — 45 Other comprehensive (loss) income before income taxes — (509 ) 491 — (18 ) Income tax recovery on above items — 60 — — 60 Equity accounted investments 42 491 — (533 ) — Other comprehensive income 42 42 491 (533 ) 42 Comprehensive income $ 451 $ 472 $ 693 $ (1,165 ) $ 451 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 434 $ 428 $ 124 $ (552 ) $ 434 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 120 (104 ) — 16 Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 19 1 — 20 Other comprehensive income (loss) before income taxes — 141 (103 ) — 38 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 16 (103 ) — 87 — Other comprehensive income (loss) 16 16 (103 ) 87 16 Comprehensive income $ 450 $ 444 $ 21 $ (465 ) $ 450 Interim Condensed Consolidating Balance Sheets As at March 31, 2020 (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 $ — $ 119 $ 128 $ — $ 247 Accounts receivable, net — 670 215 — 885 Accounts receivable, intercompany 172 249 168 (589 ) — Short-term advances to affiliates — 1,891 3,874 (5,765 ) — Materials and supplies — 134 43 — 177 Other current assets — 54 44 — 98 172 3,117 4,472 (6,354 ) 1,407 Long-term advances to affiliates 1,090 8 92 (1,190 ) — Investments — 29 340 — 369 Investments in subsidiaries 10,886 11,861 — (22,747 ) — Properties — 10,446 9,454 — 19,900 Goodwill and intangible assets — — 223 — 223 Pension asset — 1,111 — — 1,111 Other assets — 179 299 — 478 Deferred income taxes 5 — — (5 ) — Total assets $ 12,153 $ 26,751 $ 14,880 $ (30,296 ) $ 23,488 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 113 $ 1,025 $ 390 $ — $ 1,528 Accounts payable, intercompany 7 333 249 (589 ) — Short-term advances from affiliates 5,078 664 23 (5,765 ) — Long-term debt maturing within one year — 203 63 — 266 5,198 2,225 725 (6,354 ) 1,794 Pension and other benefit liabilities — 695 95 — 790 Long-term advances from affiliates — 1,181 9 (1,190 ) — Other long-term liabilities — 180 361 — 541 Long-term debt — 9,804 — — 9,804 Deferred income taxes — 1,780 1,829 (5 ) 3,604 Total liabilities 5,198 15,865 3,019 (7,549 ) 16,533 Shareholders’ equity Share capital 1,985 538 4,610 (5,148 ) 1,985 Additional paid-in capital 51 411 267 (678 ) 51 Accumulated other comprehensive (loss) income (2,480 ) (2,480 ) 1,072 1,408 (2,480 ) Retained earnings 7,399 12,417 5,912 (18,329 ) 7,399 6,955 10,886 11,861 (22,747 ) 6,955 Total liabilities and shareholders’ equity $ 12,153 $ 26,751 $ 14,880 $ (30,296 ) $ 23,488 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 Interim Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020 (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 $ 94 $ 240 $ 269 $ (114 ) $ 489 Investing activities Additions to properties — (271 ) (84 ) — (355 ) Proceeds from sale of properties and other assets — 1 1 — 2 Advances to affiliates — (496 ) (175 ) 671 — Other — (8 ) (1 ) — (9 ) Cash used in investing activities — (774 ) (259 ) 671 (362 ) Financing activities Dividends paid (114 ) (114 ) — 114 (114 ) Issuance of CP Common Shares 24 — — — 24 Purchase of CP Common Shares (501 ) — — — (501 ) Issuance of long-term debt, excluding commercial paper — 959 — — 959 Repayment of long-term debt, excluding commercial paper — (6 ) (9 ) — (15 ) Net repayment of commercial paper — (553 ) — — (553 ) Increase in short-term borrowings — 145 — — 145 Advances from affiliates 486 175 10 (671 ) — Other 11 — — — 11 Cash (used in) provided by financing activities (94 ) 606 1 (557 ) (44 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 10 21 — 31 Cash position Increase in cash and cash equivalents — 82 32 — 114 Cash and cash equivalents at beginning of period — 37 96 — 133 Cash and cash equivalents at end of period $ — $ 119 $ 128 $ — $ 247 Interim Condensed Consolidating Statements of Cash Flows For the three months ended March 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 $ 687 $ 198 $ 219 $ (691 ) $ 413 Investing activities Additions to properties — (141 ) (83 ) — (224 ) Proceeds from sale of properties and other assets — 4 2 — 6 Advances to affiliates — (250 ) (30 ) 280 — Repayment of advances to affiliates — 643 — (643 ) — Other — — (1 ) — (1 ) Cash provided by (used in) investing activities — 256 (112 ) (363 ) (219 ) Financing activities Dividends paid (91 ) (691 ) — 691 (91 ) Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (207 ) — — — (207 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (5 ) — — (5 ) Advances from affiliates 250 30 — (280 ) — Repayment of advances from affiliates (643 ) — — 643 — Cash (used in) provided by financing activities (687 ) (269 ) — 1,054 98 Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Increase in cash and cash equivalents — 184 107 — 291 Cash and cash equivalents at beginning of period — 42 19 — 61 Cash and cash equivalents at end of period $ — $ 226 $ 126 $ — $ 352

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	These unaudited interim consolidated financial statements of Canadian Pacific Railway Limited (“CP”, or “the Company”), expressed in Canadian dollars, reflect management’s estimates and assumptions that are necessary for their fair presentation in conformity with generally accepted accounting principles in the United States of America (“GAAP”). They do not include all disclosures required under GAAP for annual financial statements and should be read in conjunction with the 2019 annual consolidated financial statements and notes included in CP's 2019 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2019 annual consolidated financial statements, except for the newly adopted accounting policy discussed in Note 2. CP's operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary to present fairly such information. Interim results are not necessarily indicative of the results expected for the fiscal year.

Accounting Changes (Policies)

Accounting Changes (Policies)	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Changes	Implemented in 2020 Financial Instruments - Credit Losses On January 1, 2020, the Company adopted the new Accounting Standards Update ("ASU") 2016-13, issued by the Financial Accounting Standards Board ("FASB"), and all related amendments under FASB Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses. Using a modified retrospective approach, the Company recognized a cumulative-effect adjustment to its opening retained earnings balance 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. The impact of the adoption of ASC 326 as at January 1, 2020 was an increase in the allowance for credit losses of $1 million , with the offsets to "Deferred income taxes" and "Retained earnings" on the Company's Interim Consolidated Balance Sheet. See Note 8 for further discussion of the current period credit loss. Future Changes Simplification of Financial Disclosures about Guarantors In March 2020, the Securities and Exchange Commission issued amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, to improve the quality of disclosure and reduce compliance burdens. Among other changes, the amendments replace the current requirement for condensed consolidating financial information (“CCFI”), as specified in Rule 3-10 of Regulation S-X, with summarized financial information and expanded qualitative non-financial disclosures about the guarantees, issuers, and guarantors. The amendments will be effective on January 4, 2021, with the option to comply in advance. The Company is currently assessing the impact of these amendments for its future CCFI disclosures.

Accounts Receivable, Net (Polic

Accounts Receivable, Net (Policies)	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Credit Losses	Accounts receivable from customers are recognized initially at fair value and subsequently measured at amortized cost less allowance for expected credit losses. Losses on accounts receivable are estimated based on historical credit loss experience of receivables with similar risk characteristics. Historical loss experience is adjusted to reflect any management expectations that current or future conditions will differ from conditions that existed for the period over which historical information is evaluated. To determine expected credit losses, customer receivables are disaggregated by credit characteristics, type of customer service, customer line of business, and receivable aging.
Accounts Receivable	Receivables are considered to be in default and are written off against the allowance for credit losses when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the customer contracts. Subsequent recoveries of amounts previously written off are credited to earnings in the period recovered.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenues from contracts with customers by major source: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Freight Grain $ 418 $ 380 Coal 150 158 Potash 112 114 Fertilizers and sulphur 70 57 Forest products 78 73 Energy, chemicals and plastics 491 315 Metals, minerals and consumer products 189 173 Automotive 87 76 Intermodal 405 380 Total freight revenues 2,000 1,726 Non-freight excluding leasing revenues 29 26 Revenues from contracts with customers 2,029 1,752 Leasing revenues 14 15 Total revenues $ 2,043 $ 1,767
Changes in Contract Liabilities	The following table summarizes the changes in contract liabilities: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Opening balance $ 146 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (37 ) (2 ) Increase due to consideration received, net of revenue recognized during the period 3 73 Closing balance $ 112 $ 73

Other (Income) Expense (Tables)

Other (Income) Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Income and Expenses	For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Foreign exchange loss (gain) on debt and lease liabilities $ 215 $ (45 ) Other foreign exchange gains (5 ) (3 ) Other 1 1 Other expense (income) $ 211 $ (47 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Current income tax expense $ 146 $ 101 Deferred income tax expense 39 38 Income tax expense $ 185 $ 139

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Shares Used in the Earnings Per Share Calculation	The number of shares used in the earnings per share calculations are reconciled as follows: For the three months ended March 31 (in millions) 2020 2019 Weighted-average basic shares outstanding 136.7 140.1 Dilutive effect of stock options 0.5 0.4 Weighted-average diluted shares outstanding 137.2 140.5

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss (AOCL) by Component	For the three months ended March 31 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, January 1, 2020 $ 112 $ (54 ) $ (2,580 ) $ (2,522 ) Other comprehensive income before reclassifications 7 — — 7 Amounts reclassified from accumulated other comprehensive loss — 2 33 35 Net other comprehensive income 7 2 33 42 Closing balance, March 31, 2020 $ 119 $ (52 ) $ (2,547 ) $ (2,480 ) Opening balance, January 1, 2019 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) Other comprehensive loss before reclassifications — (1 ) (1 ) (2 ) Amounts reclassified from accumulated other comprehensive loss — 2 16 18 Net other comprehensive income — 1 15 16 Closing balance, March 31, 2019 $ 113 $ (61 ) $ (2,079 ) $ (2,027 ) (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 AOCL are as follows: For the three months ended March 31 (in millions of Canadian dollars) 2020 2019 Recognition of net actuarial loss (1) $ 45 $ 21 Income tax recovery (12 ) (5 ) Total net of income tax $ 33 $ 16 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss	(in millions of Canadian dollars) Freight Non-freight Total Accounts receivable, as at March 31, 2020 $ 724 $ 202 $ 926 Allowance for credit losses Restated, as at January 1, 2020 (Note 2) (27 ) (16 ) (43 ) Current period credit loss provision, net — 2 2 Allowance for credit losses, as at March 31, 2020 (27 ) (14 ) (41 ) Total accounts receivable, net as at March 31, 2020 $ 697 $ 188 $ 885 Total accounts receivable, net restated, as at January 1, 2020 $ 610 $ 194 $ 804

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value and Carrying Value of Long-term Debt	The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt as at: (in millions of Canadian dollars) March 31, 2020 December 31, 2019 Long-term debt (including current maturities): Fair value $ 11,607 $ 10,149 Carrying value 10,070 8,757

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Activities Under Share Repurchase Program	The following table provides activities under the share repurchase programs: For the three months ended March 31 2020 2019 Number of Common Shares repurchased (1) 1,455,854 707,678 Weighted-average price per share (2) $ 321.71 $ 261.73 Amount of repurchase (in millions) (2) $ 468 $ 185 (1) Includes shares repurchased but not yet cancelled at end of period. (2) Includes brokerage fees.

Pension and Other Benefits (Tab

Pension and Other Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Net Periodic Benefit Cost for Defined Benefit Pension Plans and Other Benefits	Net periodic benefit costs for defined benefit pension plans and other benefits included the following components: For the three months ended March 31 Pensions Other benefits (in millions of Canadian dollars) 2020 2019 2020 2019 Current service cost (benefits earned by employees) $ 35 $ 27 $ 3 $ 3 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 102 112 5 5 Expected return on fund assets (237 ) (237 ) — — Recognized net actuarial loss 44 21 1 2 Total other components of net periodic benefit (recovery) cost (91 ) (104 ) 6 7 Net periodic benefit (recovery) cost $ (56 ) $ (77 ) $ 9 $ 10

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Weighted-Average Fair Value Assumptions	The weighted-average fair value assumptions were approximately: For the three months ended March 31, 2020 Expected option life (years) (1) 4.75 Risk-free interest rate (2) 1.31% Expected stock price volatility (3) 23.05% Expected annual dividends per share (4) $3.3200 Expected forfeiture rate (5) 4.37% Weighted-average grant date fair value per option granted during the period $68.95 (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. (5) The Company estimates forfeitures based on past experience. This rate is monitored on a periodic basis.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Condensed Consolidating Statements of Income	Interim Condensed Consolidating Statements of Income For the three months ended March 31, 2020 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,457 $ 543 $ — $ 2,000 Non-freight — 33 93 (83 ) 43 Total revenues — 1,490 636 (83 ) 2,043 Operating expenses Compensation and benefits — 275 120 3 398 Fuel — 167 45 — 212 Materials — 41 16 2 59 Equipment rents — 44 (5 ) (3 ) 36 Depreciation and amortization — 115 77 — 192 Purchased services and other — 243 154 (85 ) 312 Total operating expenses — 885 407 (83 ) 1,209 Operating income — 605 229 — 834 Less: Other expense (income) 21 208 (18 ) — 211 Other components of net periodic benefit (recovery) expense — (87 ) 2 — (85 ) Net interest expense (income) — 122 (8 ) — 114 (Loss) income before income tax expense and equity in net earnings of subsidiaries (21 ) 362 253 — 594 Less: Income tax expense — 134 51 — 185 Add: Equity in net earnings of subsidiaries 430 202 — (632 ) — Net income $ 409 $ 430 $ 202 $ (632 ) $ 409 Interim Condensed Consolidating Statements of Income For the three months ended March 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,244 $ 482 $ — $ 1,726 Non-freight — 29 114 (102 ) 41 Total revenues — 1,273 596 (102 ) 1,767 Operating expenses Compensation and benefits — 274 130 2 406 Fuel — 165 44 — 209 Materials — 38 15 4 57 Equipment rents — 33 2 — 35 Depreciation and amortization — 96 64 — 160 Purchased services and other — 278 187 (108 ) 357 Total operating expenses — 884 442 (102 ) 1,224 Operating income — 389 154 — 543 Less: Other (income) expense (5 ) (43 ) 1 — (47 ) Other components of net periodic benefit (recovery) expense — (98 ) 1 — (97 ) Net interest (income) expense (1 ) 122 (7 ) — 114 Income before income tax expense and equity in net earnings of subsidiaries 6 408 159 — 573 Less: Income tax expense — 104 35 — 139 Add: Equity in net earnings of subsidiaries 428 124 — (552 ) — Net income $ 434 $ 428 $ 124 $ (552 ) $ 434
Interim Condensed Consolidating Statements of Comprehensive Income	Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 409 $ 430 $ 202 $ (632 ) $ 409 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (555 ) 490 — (65 ) Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 44 1 — 45 Other comprehensive (loss) income before income taxes — (509 ) 491 — (18 ) Income tax recovery on above items — 60 — — 60 Equity accounted investments 42 491 — (533 ) — Other comprehensive income 42 42 491 (533 ) 42 Comprehensive income $ 451 $ 472 $ 693 $ (1,165 ) $ 451 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 434 $ 428 $ 124 $ (552 ) $ 434 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 120 (104 ) — 16 Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 19 1 — 20 Other comprehensive income (loss) before income taxes — 141 (103 ) — 38 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 16 (103 ) — 87 — Other comprehensive income (loss) 16 16 (103 ) 87 16 Comprehensive income $ 450 $ 444 $ 21 $ (465 ) $ 450
Interim Condensed Consolidating Balance Sheets	Interim Condensed Consolidating Balance Sheets As at March 31, 2020 (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 $ — $ 119 $ 128 $ — $ 247 Accounts receivable, net — 670 215 — 885 Accounts receivable, intercompany 172 249 168 (589 ) — Short-term advances to affiliates — 1,891 3,874 (5,765 ) — Materials and supplies — 134 43 — 177 Other current assets — 54 44 — 98 172 3,117 4,472 (6,354 ) 1,407 Long-term advances to affiliates 1,090 8 92 (1,190 ) — Investments — 29 340 — 369 Investments in subsidiaries 10,886 11,861 — (22,747 ) — Properties — 10,446 9,454 — 19,900 Goodwill and intangible assets — — 223 — 223 Pension asset — 1,111 — — 1,111 Other assets — 179 299 — 478 Deferred income taxes 5 — — (5 ) — Total assets $ 12,153 $ 26,751 $ 14,880 $ (30,296 ) $ 23,488 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 113 $ 1,025 $ 390 $ — $ 1,528 Accounts payable, intercompany 7 333 249 (589 ) — Short-term advances from affiliates 5,078 664 23 (5,765 ) — Long-term debt maturing within one year — 203 63 — 266 5,198 2,225 725 (6,354 ) 1,794 Pension and other benefit liabilities — 695 95 — 790 Long-term advances from affiliates — 1,181 9 (1,190 ) — Other long-term liabilities — 180 361 — 541 Long-term debt — 9,804 — — 9,804 Deferred income taxes — 1,780 1,829 (5 ) 3,604 Total liabilities 5,198 15,865 3,019 (7,549 ) 16,533 Shareholders’ equity Share capital 1,985 538 4,610 (5,148 ) 1,985 Additional paid-in capital 51 411 267 (678 ) 51 Accumulated other comprehensive (loss) income (2,480 ) (2,480 ) 1,072 1,408 (2,480 ) Retained earnings 7,399 12,417 5,912 (18,329 ) 7,399 6,955 10,886 11,861 (22,747 ) 6,955 Total liabilities and shareholders’ equity $ 12,153 $ 26,751 $ 14,880 $ (30,296 ) $ 23,488 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
Interim Condensed Consolidating Statements of Cash Flows	Interim Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020 (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 $ 94 $ 240 $ 269 $ (114 ) $ 489 Investing activities Additions to properties — (271 ) (84 ) — (355 ) Proceeds from sale of properties and other assets — 1 1 — 2 Advances to affiliates — (496 ) (175 ) 671 — Other — (8 ) (1 ) — (9 ) Cash used in investing activities — (774 ) (259 ) 671 (362 ) Financing activities Dividends paid (114 ) (114 ) — 114 (114 ) Issuance of CP Common Shares 24 — — — 24 Purchase of CP Common Shares (501 ) — — — (501 ) Issuance of long-term debt, excluding commercial paper — 959 — — 959 Repayment of long-term debt, excluding commercial paper — (6 ) (9 ) — (15 ) Net repayment of commercial paper — (553 ) — — (553 ) Increase in short-term borrowings — 145 — — 145 Advances from affiliates 486 175 10 (671 ) — Other 11 — — — 11 Cash (used in) provided by financing activities (94 ) 606 1 (557 ) (44 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 10 21 — 31 Cash position Increase in cash and cash equivalents — 82 32 — 114 Cash and cash equivalents at beginning of period — 37 96 — 133 Cash and cash equivalents at end of period $ — $ 119 $ 128 $ — $ 247 Interim Condensed Consolidating Statements of Cash Flows For the three months ended March 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 $ 687 $ 198 $ 219 $ (691 ) $ 413 Investing activities Additions to properties — (141 ) (83 ) — (224 ) Proceeds from sale of properties and other assets — 4 2 — 6 Advances to affiliates — (250 ) (30 ) 280 — Repayment of advances to affiliates — 643 — (643 ) — Other — — (1 ) — (1 ) Cash provided by (used in) investing activities — 256 (112 ) (363 ) (219 ) Financing activities Dividends paid (91 ) (691 ) — 691 (91 ) Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (207 ) — — — (207 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (5 ) — — (5 ) Advances from affiliates 250 30 — (280 ) — Repayment of advances from affiliates (643 ) — — 643 — Cash (used in) provided by financing activities (687 ) (269 ) — 1,054 98 Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Increase in cash and cash equivalents — 184 107 — 291 Cash and cash equivalents at beginning of period — 42 19 — 61 Cash and cash equivalents at end of period $ — $ 226 $ 126 $ — $ 352

Accounting Changes - Impact of

Accounting Changes - Impact of ASC 326 Adoption (Details) $ in Millions	Jan. 01, 2020CAD ($)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact from adoption of ASC 326	$ 1

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2,029	$ 1,752
Leasing revenues	14	15
Total revenues	2,043	1,767
Freight
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,000	1,726
Total revenues	2,000	1,726
Grain
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	418	380
Coal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	150	158
Potash
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	112	114
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	70	57
Forest products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78	73
Energy, chemicals and plastics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	491	315
Metals, minerals and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	189	173
Automotive
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	87	76
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	405	380
Non-freight excluding leasing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 29	$ 26

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Contract with Customer, Liability [Abstract]
Opening balance	$ 146	$ 2
Revenue recognized that was included in the contract liability balance at the beginning of the period	(37)	(2)
Increase due to consideration received, net of revenue recognized during the period	3	73
Closing balance	$ 112	$ 73

Other (Income) Expense - Other

Other (Income) Expense - Other Income and Expense (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Foreign exchange loss (gain) on debt and lease liabilities	$ 215	$ (45)
Other foreign exchange gains	(5)	(3)
Other	1	1
Other expense (income)	$ 211	$ (47)

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Current income tax expense	$ 146	$ 101
Deferred income tax expense	39	38
Income tax expense	$ 185	$ 139

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	31.10%	24.24%
Foreign exchange loss (gain) on debt and lease liabilities	$ 215	$ (45)
Effective tax rate, excluding discrete items	25.00%	25.75%

Earnings Per Share - Number of

Earnings Per Share - Number of Shares Used in the Earnings Per Share Calculations (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted-average basic shares outstanding	136.7	140.1
Dilutive effect of stock options	0.5	0.4
Weighted-average diluted shares outstanding	137.2	140.5

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share	0.1	0.2

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Changes in Accumulated Other Comprehensive Loss (AOCL) by Component (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	$ (2,522)	$ (2,043)
Other comprehensive income (loss) before reclassifications	7	(2)
Amounts reclassified from accumulated other comprehensive loss	35	18
Net other comprehensive income	42	16
AOC Income (Loss), Closing balance	(2,480)	(2,027)
Foreign currency net of hedging activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	112	113
Other comprehensive income (loss) before reclassifications	7	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income	7	0
AOC Income (Loss), Closing balance	119	113
Derivatives and other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(54)	(62)
Other comprehensive income (loss) before reclassifications	0	(1)
Amounts reclassified from accumulated other comprehensive loss	2	2
Net other comprehensive income	2	1
AOC Income (Loss), Closing balance	(52)	(61)
Pension and post-retirement defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(2,580)	(2,094)
Other comprehensive income (loss) before reclassifications	0	(1)
Amounts reclassified from accumulated other comprehensive loss	33	16
Net other comprehensive income	33	15
AOC Income (Loss), Closing balance	$ (2,547)	$ (2,079)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (recovery)	$ 185	$ 139
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Recognition of net actuarial loss	45	21
Income tax expense (recovery)	(12)	(5)
Total net of income tax	$ 33	$ 16

Accounts Receivable, Net - Allo

Accounts Receivable, Net - Allowance for Credit Loss (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 926
Allowance for Credit Loss [Roll Forward]
Current period credit loss provision, net	2
Allowance for credit losses, Closing	(41)
Accounts receivable, net	885	$ 804
Freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	724
Allowance for Credit Loss [Roll Forward]
Current period credit loss provision, net	0
Allowance for credit losses, Closing	(27)
Accounts receivable, net	697	610
Non-freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	202
Allowance for Credit Loss [Roll Forward]
Current period credit loss provision, net	2
Allowance for credit losses, Closing	(14)
Accounts receivable, net	$ 188	$ 194

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2020CAD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Commercial paper borrowings	$ 28,000,000		$ 20,000,000	$ 397,000,000
Commercial Paper
Debt Instrument [Line Items]
Current borrowing capacity			$ 1,000,000,000
Commercial paper, Weighted-average interest rate	2.55%		2.55%	2.03%
U.S $1.0 Billion Tranche
Debt Instrument [Line Items]
Current borrowing capacity			$ 1,000,000,000
U.S. $300 Million Tranche
Debt Instrument [Line Items]
Current borrowing capacity			300,000,000
Revolving credit facility, Drawn	$ 142,000,000		$ 100,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, Interest rate	1.875%		1.875%
Current borrowing capacity			$ 1,300,000,000
2.050% 10-year Notes
Debt Instrument [Line Items]
Debt instrument, Face amount			$ 500,000,000
Debt instrument, Interest rate	2.05%		2.05%
Debt instrument, Term	10 years	10 years
Debt instrument, Maturity date	Mar. 5, 2030	Mar. 5, 2030
Net proceeds from issuance of debt	$ 662,000,000	$ 495,000,000
3.050% 30-year Notes
Debt Instrument [Line Items]
Debt instrument, Face amount	$ 300,000,000
Debt instrument, Interest rate	3.05%		3.05%
Debt instrument, Term	30 years	30 years
Debt instrument, Maturity date	Mar. 9, 2050	Mar. 9, 2050
Net proceeds from issuance of debt	$ 296,000,000

Financial Instruments - Fair Va

Financial Instruments - Fair Value and Carrying Value of Long-term Debt (Details) - CAD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Long-term Debt, Fair value	$ 11,607	$ 10,149
Carrying Value Measurement
Schedule of Investments [Line Items]
Long-term Debt, Carrying value	$ 10,070	$ 8,757

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Hedge
Schedule of Investments [Line Items]
Gain (loss) on net investment hedge	$ (555)	$ 120

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 17, 2019	Oct. 19, 2018
Common Shares repurchased		1,600,000	700,000
Common Shares repurchased (value)		$ 468	$ 185
Current Normal Course Issuer Bid (NCIB)
Common Shares authorized to be repurchased				4,800,000
Common Shares repurchased	1,750,000	1,455,854
Common Shares repurchased (value)	$ 568	$ 468
2018 Normal Course Issuer Bid (NCIB)
Common Shares authorized to be repurchased					5,680,000
Common Shares repurchased			707,678
Common Shares repurchased (value)			$ 185

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Share Repurchase Program (Detail) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Common Shares repurchased		1,600,000	700,000
Common Shares repurchased (value)		$ 468	$ 185
Current Normal Course Issuer Bid (NCIB)
Common Shares repurchased	1,750,000	1,455,854
Weighted-average price per share		$ 321.71
Common Shares repurchased (value)	$ 568	$ 468
2018 Normal Course Issuer Bid (NCIB)
Common Shares repurchased			707,678
Weighted-average price per share			$ 261.73
Common Shares repurchased (value)			$ 185

Pension and Other Benefits - Na

Pension and Other Benefits - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the Company	$ 9	$ 11

Pension and Other Benefits - Ne

Pension and Other Benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan and Other Postretirement Benefit Plans
Total other components of net periodic benefit (recovery) cost	$ (85)	$ (97)
Defined Benefit Pension Plan
Defined Benefit Plan and Other Postretirement Benefit Plans
Current service cost (benefits earned by employees)	35	27
Interest cost on benefit obligation	102	112
Expected return on fund assets	(237)	(237)
Recognized net actuarial loss	44	21
Total other components of net periodic benefit (recovery) cost	(91)	(104)
Net periodic benefit (recovery) cost	(56)	(77)
Other Post-retirement Benefit Plans
Defined Benefit Plan and Other Postretirement Benefit Plans
Current service cost (benefits earned by employees)	3	3
Interest cost on benefit obligation	5	5
Expected return on fund assets	0	0
Recognized net actuarial loss	1	2
Total other components of net periodic benefit (recovery) cost	6	7
Net periodic benefit (recovery) cost	$ 9	$ 10

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 11	$ 34
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued	212,020
Weighted-average grant price	$ 351.37
Expiration period	7 years
Grant date fair value	$ 15
Stock Options | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	12 months
Stock Options | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	48 months
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued	97,205
Grant date fair value	$ 34
PSU payout percentage			193.00%
Number of trading days			30 days
PSU cash payout	$ 76
Units paid in period	121,225
Performance Deferred Share Units (PDSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued	10,029
Grant date fair value	$ 4
Number of additional PDSUs that can be granted as a percentage of original units granted	25.00%
PSUs and PDSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Deferred Share Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	48 months
Units issued	13,134
Grant date fair value	$ 4

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Details) - Stock Options	3 Months Ended
	Mar. 31, 2020CAD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (years)	4 years 9 months
Risk-free interest rate	1.31%
Expected stock price volatility	23.05%
Expected annual dividends per share | $	$ 3.3200
Estimated forfeiture rate	4.37%
Weighted-average grant date fair value per option granted during the period | $ / shares	$ 68.95

Contingencies - Legal Proceedin

Contingencies - Legal Proceedings (Details) - 3 months ended Mar. 31, 2020 - Lac-Megantic Rail Accident $ in Millions, $ in Millions	CAD ($)claim	USD ($)claim
Claimed derailment damages
Other Commitments [Line Items]
Amount of fund distributed	$ 440
Quebec Minister of Sustainable Development, Environment, Wildlife and Parks
Other Commitments [Line Items]
Value of damages sought	95
Attorney General of Quebec
Other Commitments [Line Items]
Value of damages sought	315
Initial value of damages sought	409
Initial Subrogated Insurers | Subrogated insurance claim
Other Commitments [Line Items]
Value of damages sought	15
Initial value of damages sought	$ 16
Number of subrogated insurer claims | claim	8	8
Additional Subrogated Insurers | Subrogated insurance claim
Other Commitments [Line Items]
Value of damages sought	$ 3
Number of subrogated insurer claims | claim	2	2
Class Action Plaintiffs
Other Commitments [Line Items]
Value of damages sought	$ 5
Number of plaintiffs | claim	48	48
WD Trustee | Damaged rail cars and lost crude recovery
Other Commitments [Line Items]
Value of damages sought		$ 6
WD Trustee | Reimbursement for settlement paid by consignor
Other Commitments [Line Items]
Value of damages sought		110
WD Trustee | Reimbursement for settlement paid by consignee
Other Commitments [Line Items]
Value of damages sought		$ 60

Contingencies - Environmental L

Contingencies - Environmental Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Site Contingency [Line Items]
Total amount provided for provisions for environmental remediation costs	$ 83		$ 77
Term for expected payments to be made	10 years
Purchased services and other
Site Contingency [Line Items]
Environmental remediation expense	$ 1	$ 1

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Income (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 2,043	$ 1,767
Operating expenses
Compensation and benefits	398	406
Fuel	212	209
Materials	59	57
Equipment rents	36	35
Depreciation and amortization	192	160
Purchased services and other	312	357
Total operating expenses	1,209	1,224
Operating income	834	543
Less:
Other expense (income)	211	(47)
Other components of net periodic benefit recovery cost	(85)	(97)
Net interest (income) expense	114	114
(Loss) income before income tax expense and equity in net earnings of subsidiaries	594	573
Income tax expense (recovery)	185	139
Add: Equity in net earnings of subsidiaries	0	0
Net income	409	434
Freight
Revenues
Total revenues	2,000	1,726
Non-freight
Revenues
Total revenues	43	41
Consolidating Adjustments and Eliminations [Member]
Revenues
Total revenues	(83)	(102)
Operating expenses
Compensation and benefits	3	2
Fuel	0	0
Materials	2	4
Equipment rents	(3)	0
Depreciation and amortization	0	0
Purchased services and other	(85)	(108)
Total operating expenses	(83)	(102)
Operating income	0	0
Less:
Other expense (income)	0	0
Other components of net periodic benefit recovery cost	0	0
Net interest (income) expense	0	0
(Loss) income before income tax expense and equity in net earnings of subsidiaries	0	0
Income tax expense (recovery)	0	0
Add: Equity in net earnings of subsidiaries	(632)	(552)
Net income	(632)	(552)
Consolidating Adjustments and Eliminations [Member] | Freight
Revenues
Total revenues	0	0
Consolidating Adjustments and Eliminations [Member] | Non-freight
Revenues
Total revenues	(83)	(102)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	0	0
Operating expenses
Compensation and benefits	0	0
Fuel	0	0
Materials	0	0
Equipment rents	0	0
Depreciation and amortization	0	0
Purchased services and other	0	0
Total operating expenses	0	0
Operating income	0	0
Less:
Other expense (income)	21	(5)
Other components of net periodic benefit recovery cost	0	0
Net interest (income) expense	0	(1)
(Loss) income before income tax expense and equity in net earnings of subsidiaries	(21)	6
Income tax expense (recovery)	0	0
Add: Equity in net earnings of subsidiaries	430	428
Net income	409	434
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	0	0
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	0	0
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	1,490	1,273
Operating expenses
Compensation and benefits	275	274
Fuel	167	165
Materials	41	38
Equipment rents	44	33
Depreciation and amortization	115	96
Purchased services and other	243	278
Total operating expenses	885	884
Operating income	605	389
Less:
Other expense (income)	208	(43)
Other components of net periodic benefit recovery cost	(87)	(98)
Net interest (income) expense	122	122
(Loss) income before income tax expense and equity in net earnings of subsidiaries	362	408
Income tax expense (recovery)	134	104
Add: Equity in net earnings of subsidiaries	202	124
Net income	430	428
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	1,457	1,244
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	33	29
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	636	596
Operating expenses
Compensation and benefits	120	130
Fuel	45	44
Materials	16	15
Equipment rents	(5)	2
Depreciation and amortization	77	64
Purchased services and other	154	187
Total operating expenses	407	442
Operating income	229	154
Less:
Other expense (income)	(18)	1
Other components of net periodic benefit recovery cost	2	1
Net interest (income) expense	(8)	(7)
(Loss) income before income tax expense and equity in net earnings of subsidiaries	253	159
Income tax expense (recovery)	51	35
Add: Equity in net earnings of subsidiaries	0	0
Net income	202	124
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	543	482
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	$ 93	$ 114

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Comprehensive Income (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Net income	$ 409	$ 434
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(65)	16
Change in derivatives designated as cash flow hedges	2	2
Change in pension and post-retirement defined benefit plans	45	20
Other comprehensive (loss) income before income taxes	(18)	38
Income tax recovery (expense) on above items	60	(22)
Equity accounted investments	0	0
Other comprehensive income (loss)	42	16
Comprehensive income	451	450
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(632)	(552)
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	0	0
Change in derivatives designated as cash flow hedges	0	0
Change in pension and post-retirement defined benefit plans	0	0
Other comprehensive (loss) income before income taxes	0	0
Income tax recovery (expense) on above items	0	0
Equity accounted investments	(533)	87
Other comprehensive income (loss)	(533)	87
Comprehensive income	(1,165)	(465)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	409	434
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	0	0
Change in derivatives designated as cash flow hedges	0	0
Change in pension and post-retirement defined benefit plans	0	0
Other comprehensive (loss) income before income taxes	0	0
Income tax recovery (expense) on above items	0	0
Equity accounted investments	42	16
Other comprehensive income (loss)	42	16
Comprehensive income	451	450
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	430	428
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(555)	120
Change in derivatives designated as cash flow hedges	2	2
Change in pension and post-retirement defined benefit plans	44	19
Other comprehensive (loss) income before income taxes	(509)	141
Income tax recovery (expense) on above items	60	(22)
Equity accounted investments	491	(103)
Other comprehensive income (loss)	42	16
Comprehensive income	472	444
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	202	124
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	490	(104)
Change in derivatives designated as cash flow hedges	0	0
Change in pension and post-retirement defined benefit plans	1	1
Other comprehensive (loss) income before income taxes	491	(103)
Income tax recovery (expense) on above items	0	0
Equity accounted investments	0	0
Other comprehensive income (loss)	491	(103)
Comprehensive income	$ 693	$ 21

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Interim Condensed Consolidating Balance Sheets (Details) - CAD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 247	$ 133
Accounts receivable, net	885	805
Accounts receivable, intercompany	0	0
Short-term advances to affiliates	0	0
Materials and supplies	177	182
Other current assets	98	90
Total current assets	1,407	1,210
Long-term advances to affiliates	0	0
Investments	369	341
Investments in subsidiaries	0	0
Properties	19,900	19,156
Goodwill and intangible assets	223	206
Pension asset	1,111	1,003
Other assets	478	451
Deferred income taxes	0	0
Total assets	23,488	22,367
Current liabilities
Accounts payable and accrued liabilities	1,528	1,693
Accounts payable, intercompany	0	0
Short-term advances from affiliates	0	0
Long-term debt maturing within one year	266	599
Total current liabilities	1,794	2,292
Pension and other benefit liabilities	790	785
Long-term advances from affiliates	0	0
Other long-term liabilities	541	562
Long-term debt	9,804	8,158
Deferred income taxes	3,604	3,501
Total liabilities	16,533	15,298
Shareholders’ equity
Share capital	1,985	1,993
Additional paid-in capital	51	48
Accumulated other comprehensive (loss) income	(2,480)	(2,522)	$ (2,027)	$ (2,043)
Retained earnings	7,399	7,550
Total shareholders' equity	6,955	7,069	$ 6,814
Total liabilities and shareholders’ equity	23,488	22,367
Consolidating Adjustments and Eliminations [Member]
Current assets
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Accounts receivable, intercompany	(589)	(726)
Short-term advances to affiliates	(5,765)	(5,087)
Materials and supplies	0	0
Other current assets	0	0
Total current assets	(6,354)	(5,813)
Long-term advances to affiliates	(1,190)	(1,181)
Investments	0	0
Investments in subsidiaries	(22,747)	(21,687)
Properties	0	0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	0
Deferred income taxes	(5)	(4)
Total assets	(30,296)	(28,685)
Current liabilities
Accounts payable and accrued liabilities	0	0
Accounts payable, intercompany	(589)	(726)
Short-term advances from affiliates	(5,765)	(5,087)
Long-term debt maturing within one year	0	0
Total current liabilities	(6,354)	(5,813)
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	(1,190)	(1,181)
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	(5)	(4)
Total liabilities	(7,549)	(6,998)
Shareholders’ equity
Share capital	(5,148)	(5,148)
Additional paid-in capital	(678)	(671)
Accumulated other comprehensive (loss) income	1,408	1,941
Retained earnings	(18,329)	(17,809)
Total shareholders' equity	(22,747)	(21,687)
Total liabilities and shareholders’ equity	(30,296)	(28,685)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	0	0
Accounts receivable, net	0	24
Accounts receivable, intercompany	172	164
Short-term advances to affiliates	0	0
Materials and supplies	0	0
Other current assets	0	0
Total current assets	172	188
Long-term advances to affiliates	1,090	1,090
Investments	0	0
Investments in subsidiaries	10,886	10,522
Properties	0	0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	0
Deferred income taxes	5	4
Total assets	12,153	11,804
Current liabilities
Accounts payable and accrued liabilities	113	146
Accounts payable, intercompany	7	6
Short-term advances from affiliates	5,078	4,583
Long-term debt maturing within one year	0	0
Total current liabilities	5,198	4,735
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	0	0
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	0	0
Total liabilities	5,198	4,735
Shareholders’ equity
Share capital	1,985	1,993
Additional paid-in capital	51	48
Accumulated other comprehensive (loss) income	(2,480)	(2,522)
Retained earnings	7,399	7,550
Total shareholders' equity	6,955	7,069
Total liabilities and shareholders’ equity	12,153	11,804
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	119	37
Accounts receivable, net	670	597
Accounts receivable, intercompany	249	313
Short-term advances to affiliates	1,891	1,387
Materials and supplies	134	144
Other current assets	54	41
Total current assets	3,117	2,519
Long-term advances to affiliates	8	7
Investments	29	32
Investments in subsidiaries	11,861	11,165
Properties	10,446	10,287
Goodwill and intangible assets	0	0
Pension asset	1,111	1,003
Other assets	179	173
Deferred income taxes	0	0
Total assets	26,751	25,186
Current liabilities
Accounts payable and accrued liabilities	1,025	1,189
Accounts payable, intercompany	333	402
Short-term advances from affiliates	664	490
Long-term debt maturing within one year	203	548
Total current liabilities	2,225	2,629
Pension and other benefit liabilities	695	698
Long-term advances from affiliates	1,181	1,174
Other long-term liabilities	180	206
Long-term debt	9,804	8,145
Deferred income taxes	1,780	1,812
Total liabilities	15,865	14,664
Shareholders’ equity
Share capital	538	538
Additional paid-in capital	411	406
Accumulated other comprehensive (loss) income	(2,480)	(2,522)
Retained earnings	12,417	12,100
Total shareholders' equity	10,886	10,522
Total liabilities and shareholders’ equity	26,751	25,186
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	128	96
Accounts receivable, net	215	184
Accounts receivable, intercompany	168	249
Short-term advances to affiliates	3,874	3,700
Materials and supplies	43	38
Other current assets	44	49
Total current assets	4,472	4,316
Long-term advances to affiliates	92	84
Investments	340	309
Investments in subsidiaries	0	0
Properties	9,454	8,869
Goodwill and intangible assets	223	206
Pension asset	0	0
Other assets	299	278
Deferred income taxes	0	0
Total assets	14,880	14,062
Current liabilities
Accounts payable and accrued liabilities	390	358
Accounts payable, intercompany	249	318
Short-term advances from affiliates	23	14
Long-term debt maturing within one year	63	51
Total current liabilities	725	741
Pension and other benefit liabilities	95	87
Long-term advances from affiliates	9	7
Other long-term liabilities	361	356
Long-term debt	0	13
Deferred income taxes	1,829	1,693
Total liabilities	3,019	2,897
Shareholders’ equity
Share capital	4,610	4,610
Additional paid-in capital	267	265
Accumulated other comprehensive (loss) income	1,072	581
Retained earnings	5,912	5,709
Total shareholders' equity	11,861	11,165
Total liabilities and shareholders’ equity	$ 14,880	$ 14,062

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Cash Flows (Details) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	$ 489	$ 413
Investing activities
Additions to properties	(355)	(224)
Proceeds from sale of properties and other assets	2	6
Advances to affiliates	0	0
Repayment of advances to affiliates		0
Other investing activities	(9)	(1)
Cash used in investing activities	(362)	(219)
Financing activities
Dividends paid	(114)	(91)
Issuance of CP Common Shares	24	4
Purchase of CP Common Shares	(501)	(207)
Issuance of long-term debt, excluding commercial paper	959	397
Repayment of long-term debt, excluding commercial paper	(15)	(5)
Net repayment of commercial paper	(553)	0
Increase in short-term borrowings	145	0
Advances from affiliates	0	0
Repayment of advances from affiliates		0
Other financing activities	11	0
Cash (used in) provided by financing activities	(44)	98
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	31	(1)
Cash position
Increase (decrease) in cash and cash equivalents	114	291
Cash and cash equivalents at beginning of period	133	61
Cash and cash equivalents at end of period	247	352
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(114)	(691)
Investing activities
Additions to properties	0	0
Proceeds from sale of properties and other assets	0	0
Advances to affiliates	671	280
Repayment of advances to affiliates		(643)
Other investing activities	0	0
Cash used in investing activities	671	(363)
Financing activities
Dividends paid	114	691
Issuance of CP Common Shares	0	0
Purchase of CP Common Shares	0	0
Issuance of long-term debt, excluding commercial paper	0	0
Repayment of long-term debt, excluding commercial paper	0	0
Net repayment of commercial paper	0
Increase in short-term borrowings	0
Advances from affiliates	(671)	(280)
Repayment of advances from affiliates		643
Other financing activities	0
Cash (used in) provided by financing activities	(557)	1,054
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	94	687
Investing activities
Additions to properties	0	0
Proceeds from sale of properties and other assets	0	0
Advances to affiliates	0	0
Repayment of advances to affiliates		0
Other investing activities	0	0
Cash used in investing activities	0	0
Financing activities
Dividends paid	(114)	(91)
Issuance of CP Common Shares	24	4
Purchase of CP Common Shares	(501)	(207)
Issuance of long-term debt, excluding commercial paper	0	0
Repayment of long-term debt, excluding commercial paper	0	0
Net repayment of commercial paper	0
Increase in short-term borrowings	0
Advances from affiliates	486	250
Repayment of advances from affiliates		(643)
Other financing activities	11
Cash (used in) provided by financing activities	(94)	(687)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	240	198
Investing activities
Additions to properties	(271)	(141)
Proceeds from sale of properties and other assets	1	4
Advances to affiliates	(496)	(250)
Repayment of advances to affiliates		643
Other investing activities	(8)	0
Cash used in investing activities	(774)	256
Financing activities
Dividends paid	(114)	(691)
Issuance of CP Common Shares	0	0
Purchase of CP Common Shares	0	0
Issuance of long-term debt, excluding commercial paper	959	397
Repayment of long-term debt, excluding commercial paper	(6)	(5)
Net repayment of commercial paper	(553)
Increase in short-term borrowings	145
Advances from affiliates	175	30
Repayment of advances from affiliates		0
Other financing activities	0
Cash (used in) provided by financing activities	606	(269)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	10	(1)
Cash position
Increase (decrease) in cash and cash equivalents	82	184
Cash and cash equivalents at beginning of period	37	42
Cash and cash equivalents at end of period	119	226
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	269	219
Investing activities
Additions to properties	(84)	(83)
Proceeds from sale of properties and other assets	1	2
Advances to affiliates	(175)	(30)
Repayment of advances to affiliates		0
Other investing activities	(1)	(1)
Cash used in investing activities	(259)	(112)
Financing activities
Dividends paid	0	0
Issuance of CP Common Shares	0	0
Purchase of CP Common Shares	0	0
Issuance of long-term debt, excluding commercial paper	0	0
Repayment of long-term debt, excluding commercial paper	(9)	0
Net repayment of commercial paper	0
Increase in short-term borrowings	0
Advances from affiliates	10	0
Repayment of advances from affiliates		0
Other financing activities	0
Cash (used in) provided by financing activities	1	0
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	21	0
Cash position
Increase (decrease) in cash and cash equivalents	32	107
Cash and cash equivalents at beginning of period	96	19
Cash and cash equivalents at end of period	$ 128	$ 126

Uncategorized Items - q12020qua

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 7,068,000,000
Accounts Receivable, Allowance for Credit Loss	us-gaap_AllowanceForDoubtfulAccountsReceivable	$ 43,000,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	137,000,000
Cargo and Freight [Member]
Accounts Receivable, Allowance for Credit Loss	us-gaap_AllowanceForDoubtfulAccountsReceivable	$ 27,000,000
Non-Freight [Member]
Accounts Receivable, Allowance for Credit Loss	us-gaap_AllowanceForDoubtfulAccountsReceivable	16,000,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(2,522,000,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	48,000,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,993,000,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	7,549,000,000
Accounting Standards Update 2016-13 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2016-13 [Member] | Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2016-13 [Member] | Common Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,000,000)