Canadian Pacific Railway Limited (CP) 10-K 23 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-01342
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0355078
Entity Address, Address Line One	7550 Ogden Dale Road S.E.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2C 4X9
City Area Code	(403)
Local Phone Number	319-7000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 51,279,545,149
Entity Common Stock, Shares Outstanding		929,712,071
Documents Incorporated by Reference	Not applicable.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000016875
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Deloitte LLP
Auditor Location	Calgary, Canada
Auditor Firm ID	1208

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 7,995	$ 7,710	$ 7,792
Operating expenses
Compensation and benefits	1,570	1,560	1,540
Fuel	854	652	882
Materials	215	216	210
Equipment rents	121	142	137
Depreciation and amortization	811	779	706
Purchased services and other	1,218	1,050	1,193
Total operating expenses	4,789	4,399	4,668
Operating income	3,206	3,311	3,124
Less:
Equity loss of Kansas City Southern	141	0	0
Other expense (income)	237	(7)	(89)
Merger termination fee	(845)	0	0
Other components of net periodic benefit recovery	(387)	(342)	(381)
Net interest expense	440	458	448
Income before income tax expense	3,620	3,202	3,146
Income tax expense	768	758	706
Net income	$ 2,852	$ 2,444	$ 2,440
Earnings per share
Basic earnings per share (cad per share)	$ 4.20	$ 3.61	$ 3.52
Diluted earnings per share (cad per share)	$ 4.18	$ 3.59	$ 3.50
Weighted-average number of shares (millions)
Basic (in shares)	679.7	677.2	693.8
Diluted (in shares)	682.8	679.9	696.3
Freight
Revenues
Total revenues	$ 7,816	$ 7,541	$ 7,613
Non-freight
Revenues
Total revenues	$ 179	$ 169	$ 179

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 2,852	$ 2,444	$ 2,440
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(291)	18	37
Change in derivatives designated as cash flow hedges	48	10	12
Change in pension and post-retirement defined benefit plans	1,286	(407)	(661)
Equity accounted investments	9	(1)	(2)
Other comprehensive income (loss) before income taxes	1,052	(380)	(614)
Income tax (expense) recovery on above items	(341)	88	135
Other comprehensive income (loss)	711	(292)	(479)
Comprehensive income	$ 3,563	$ 2,152	$ 1,961

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 69	$ 147
Restricted cash and cash equivalents	13	0
Accounts receivable, net	819	825
Materials and supplies	235	208
Other current assets	216	141
Total current assets	1,352	1,321
Investment in Kansas City Southern	42,309	0
Investments	209	199
Properties	21,200	20,422
Goodwill and intangible assets	371	366
Pension asset	2,317	894
Other assets	419	438
Total assets	68,177	23,640
Current liabilities
Accounts payable and accrued liabilities	1,609	1,467
Long-term debt maturing within one year	1,550	1,186
Total current liabilities	3,159	2,653
Pension and other benefit liabilities	718	832
Other long-term liabilities	542	585
Long-term debt	18,577	8,585
Deferred income taxes	11,352	3,666
Total liabilities	34,348	16,321
Shareholders’ equity
Share capital	25,475	1,983
Additional paid-in capital	66	55
Accumulated other comprehensive loss	(2,103)	(2,814)
Retained earnings	10,391	8,095
Total shareholders' equity	33,829	7,319
Total liabilities and shareholders’ equity	$ 68,177	$ 23,640

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares authorized	Unlimited	Unlimited
Common stock, issued (in shares)	929,700,000	666,300,000
Common stock, outstanding (in shares)	929,700,000	666,300,000
First preferred stock, shares authorized	Unlimited	Unlimited
Second preferred stock, shares authorized	Unlimited	Unlimited
First preferred stock, shares outstanding	0	0
Second preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 2,852	$ 2,444	$ 2,440
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	811	779	706
Deferred income tax expense	242	221	181
Pension recovery and funding	(249)	(250)	(360)
Equity loss of Kansas City Southern	141	0	0
Foreign exchange gain on debt and lease liabilities	(7)	(14)	(94)
Other operating activities, net	(36)	11	143
Change in non-cash working capital related to operations	(66)	(389)	(26)
Cash provided by operating activities	3,688	2,802	2,990
Investing activities
Additions to properties	(1,532)	(1,671)	(1,647)
Investment in Kansas City Southern	(12,299)	0	0
Investment in Detroit River Tunnel Partnership	0	(398)	0
Investment in Central Maine & Quebec Railway	0	19	(174)
Proceeds from sale of properties and other assets	96	22	26
Other investing activities	5	(2)	(8)
Cash used in investing activities	(13,730)	(2,030)	(1,803)
Financing activities
Dividends paid	(507)	(467)	(412)
Issuance of CP Common Shares	25	52	26
Purchase of CP Common shares	0	(1,509)	(1,134)
Issuance of long-term debt, excluding commercial paper	10,673	958	397
Repayment of long-term debt, excluding commercial paper	(359)	(84)	(500)
Proceeds from term loan	633	0	0
Net (repayment) issuance of commercial paper	(454)	270	524
Net increase in short-term borrowings	0	5	0
Acquisition-related financing fees	(51)	0	0
Other financing activities	(24)	11	(12)
Cash used in financing activities	9,936	(764)	(1,111)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	41	6	(4)
Cash position
(Decrease) increase in cash, cash equivalents, and restricted cash	(65)	14	72
Cash and cash equivalents at beginning of year	147	133	61
Cash and cash equivalents at end of year	82	147	133
Supplemental disclosures of cash flow information:
Income taxes paid	552	582	506
Interest paid	$ 426	$ 443	$ 444

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CAD ($) $ in Millions		Total	Share capital	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained earnings	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted BalanceRetained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of accounting change		Accounting Standards Update 2016-13
Beginning balance at Dec. 31, 2018		$ 6,636	$ 2,002	$ 42	$ (2,043)	$ 6,635			$ 6,631	$ 6,630
Beginning balance (Accounting Standards Update 2016-02) at Dec. 31, 2018	[1]						$ (5)	$ (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2,440				2,440
Other comprehensive (loss) income		(479)			(479)
Dividends declared		(434)				(434)
Effect of stock-based compensation expense		15		15
CP Common Shares repurchased		(1,140)	(54)			(1,086)
Shares issued under stock option plan		36	45	(9)
Ending balance at Dec. 31, 2019		7,069	1,993	48	(2,522)	7,550			$ 7,068	$ 7,549
Ending balance (Accounting Standards Update 2016-13) at Dec. 31, 2019	[2]						$ (1)	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2,444				2,444
Other comprehensive (loss) income		(292)			(292)
Dividends declared		(479)				(479)
Effect of stock-based compensation expense		17		17
CP Common Shares repurchased		(1,477)	(58)			(1,419)
Shares issued under stock option plan		38	48	(10)
Ending balance at Dec. 31, 2020		7,319	1,983	55	(2,814)	8,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		2,852				2,852
Other comprehensive (loss) income		711			711
Dividends declared		(556)				(556)
Effect of stock-based compensation expense		23		23
Shares issued for Kansas City Southern acquisition		23,456	23,461	(5)
Shares issued under stock option plan		24	31	(7)
Ending balance at Dec. 31, 2021		$ 33,829	$ 25,475	$ 66	$ (2,103)	$ 10,391
[1]	Impact of the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019.
[2]	Impact of the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) on January 1, 2020.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (CAD per share)	$ 0.760	$ 0.712	$ 0.628

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Nature of Operations	Canadian Pacific Railway Limited (“CPRL”), through its subsidiaries (collectively referred to as “CP” or “the Company”), operates a transcontinental railway in Canada and the United States ("U.S."). CP provides rail and intermodal transportation services over a network of approximately 13,000 miles, serving the principal business centres of Canada from Montréal, Québec, to Vancouver, British Columbia, and the U.S. Northeast and Midwest regions. CP’s railway network feeds directly into the U.S. heartland from the East and West coasts. Agreements with other carriers extend the Company’s market reach in Canada, throughout the U.S. and into Mexico. CP transports bulk commodities, merchandise freight and intermodal traffic. Bulk commodities include grain, coal, fertilizers and sulphur. Merchandise freight consists of finished vehicles and automotive parts, as well as forest, industrial and consumer products. Intermodal traffic consists largely of retail goods in overseas containers that can be transported by train, ship and truck, and in domestic containers and trailers that can be moved by train and truck.
Summary of Significant Accounting Policies	Summary of significant accounting policies Accounting principles generally accepted in the United States of America (“GAAP”) These Consolidated Financial Statements are expressed in Canadian dollars and have been prepared in accordance with GAAP. Principles of consolidation These Consolidated Financial Statements include the accounts of CP and all its subsidiaries. The Company’s investments in which it has significant influence are accounted for using the equity method. Distributions received from equity method investees are classified using the nature of the distribution approach for cash flow presentation purposes, whereby distributions received are classified based on the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). All intercompany accounts and transactions have been eliminated. Common Stock split On April 21, 2021, the Company's shareholders approved a five-for-one stock split to shareholders of record as of May 5, 2021. Proportional adjustments were made to all outstanding awards under the Company's stock-based compensation plans in order to reflect the share split. All share and per share amounts have been retroactively adjusted to reflect the impact of the stock split . Use of estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, deferred income tax assets and liabilities, as well as legal and personal injury liabilities based upon currently available information. Actual results could differ from these estimates. Revenue recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. Government imposed taxes that the Company collects concurrent with revenue generating activities are excluded from revenue. In the normal course of business, the Company does not generate any material revenue through acting as an agent for other entities. The Company provides rail freight transportation services to a wide variety of customers and transports bulk commodities, merchandise freight and intermodal traffic. The Company signs master service agreements with customers that dictate future services the Company is to perform for a customer at the time a bill of lading or service request is received. Each bill of lading or service request represents a separate distinct performance obligation that the Company is obligated to satisfy. The transaction price is generally in the form of a fixed fee determined at the inception of the bill of lading or service request. The Company allocates the transaction price to each distinct performance obligation based on the estimated standalone selling price for each performance obligation. As each bill of lading or service request represents a separate distinct performance obligation, the estimated standalone selling price is assessed at an observable price which is fair market value. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate variable consideration and is allocated to the applicable performance obligation and is recognized when the related performance obligation is satisfied. Additionally, the Company offers published rates for services through public tariff agreements in which a customer can request service, triggering a performance obligation the Company must satisfy. Railway freight revenues are recognized over time as services are provided based on the percentage of completed service method. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volumes and contract terms as freight service is provided. Freight revenues also include certain ancillary and other services provided in association with the performance of rail freight movements. Revenues from these activities are not material and therefore have been aggregated with the freight revenues from customer contracts with which they are associated. Non-freight revenues, including revenues earned from passenger service operators, switching fees, and revenues from logistics services, are recognized at the point in time the services are provided or when the performance obligations are satisfied. Non-freight revenues also include leasing revenues. Payment by customers is due upon satisfaction of performance obligations. Payment terms are such that amounts outstanding at the period end are expected to be collected within one reporting period. The Company invoices customers at the time the bill of lading or service request is processed and therefore the Company has no material unbilled receivables and no contract assets. All performance obligations not fully satisfied at period end are expected to be satisfied within the reporting period immediately following. Contracted customer incentives are amortized to income over the term of the related revenue contract. Income taxes The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Company's Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income. Income tax recovery or expense on items in "Accumulated other comprehensive loss" are recognized in "Income tax expense" as the related item is recognized in income. Earnings per share Basic earnings per share are calculated using the weighted-average number of the Company's Common Shares ("Common Shares") outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options. Foreign currency translation Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries and foreign equity method investees are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains, and losses. FX gains and losses arising from the translation of the foreign subsidiaries’ and foreign equity method investees' assets and liabilities are included in “Other comprehensive income (loss)”. Debt instruments and finance lease obligations ("long-term debt") and operating lease liabilities denominated in U.S. dollars have been designated as a hedge of the net investment in foreign subsidiaries and foreign equity method investees. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt and operating lease liabilities, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ and foreign equity method investees' accounts in “Other comprehensive income (loss)”. Cash and cash equivalents Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but excludes cash and cash equivalents subject to restrictions. Restricted cash and cash equivalents Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the Company's Consolidated Balance Sheets when applicable. In the Company's Consolidated Statements of Cash Flows, these balances, if any, are included with cash and cash equivalents. Accounts receivable 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, receivables are disaggregated by credit characteristics, type of customer service, customer line of business, and receivable aging. 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. Materials and supplies Materials and supplies are carried at the lower of average cost or market value and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars. Properties Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability, when reliably estimable, is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value and an impairment loss is recognized. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs, material costs, project supervision costs, and fringe benefits. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs mainly include work trains, material distribution, highway vehicles and work equipment. Overheads primarily include a portion of the engineering department’s costs, which plans, designs and administers these capital projects. These costs are allocated to projects by applying a measure consistent with the nature of the cost, based on cost studies. For replacement properties, the project costs are allocated to dismantling and installation based on cost studies. Dismantling work, which is expensed, is performed concurrently with the installation. Ballast programs including undercutting, shoulder ballasting and renewal programs that form part of the annual track program are capitalized as this work, and the related added ballast material, significantly improves drainage, which in turn extends the life of ties and other track materials. These costs are tracked separately from the underlying assets and depreciated over the period to the next estimated similar ballast program. Spot replacement of ballast is considered a repair which is expensed as incurred. The costs of large refurbishments are capitalized and locomotive overhauls are expensed as incurred, except where overhauls represent a betterment of the locomotive in which case costs are capitalized. The Company capitalizes development costs for major new computer systems. The Company follows group depreciation, which groups assets which are similar in nature and have similar economic lives. The property groups are depreciated on a straight-line basis reflecting their expected economic lives determined by depreciation studies. Depreciation studies are regular reviews of asset service lives, salvage values, accumulated depreciation and other related factors. Depreciation rates are established through these studies. Actual use and retirement of assets may vary from current estimates, and would be identified in the next study. These changes in expected economic lives would impact the amount of depreciation expense recognized in future periods. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. When depreciable property is retired or otherwise disposed of in the normal course of business, the book value, less net salvage proceeds, is charged to accumulated depreciation and if different than the assumptions under the depreciation study could potentially result in adjusted depreciation expense over a period of years. However, when removal costs exceed the salvage value on assets and the Company has no legal obligation to remove the assets, the removal costs incurred are charged to income in the period in which the assets are removed and are not charged to accumulated depreciation. For certain asset classes, the historical cost of the asset is separately recorded in the Company’s property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified the amount of the gross book value to be retired is estimated using either an indexation methodology, whereby the current replacement cost of the asset is indexed to the estimated year of installation for the asset, or a first-in, first-out approach, or statistical analysis is used to determine the age of the retired asset. CP uses indices that closely correlate to the principal costs of the assets. There are a number of estimates inherent in the depreciation and retirement processes and as it is not possible to precisely estimate each of these variables until a group of property is completely retired, CP regularly monitors the estimated service lives of assets and the associated accumulated depreciation for each asset class to ensure depreciation rates are appropriate. If the recorded amounts of accumulated depreciation are greater or less than the amounts indicated by the depreciation studies, then the excess or deficit is amortized as a component of depreciation expense over the remaining service lives of the applicable asset classes. For the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in the Company’s depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. The accumulated depreciation to be retired includes asset-specific accumulated depreciation, when known, and an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Revisions to the estimated useful lives and net salvage projections constitute a change in accounting estimate and are addressed prospectively by amending depreciation rates. Equipment under finance lease is included in Properties and depreciated over the period of expected use. Leases The Company has leases for rolling stock, buildings, vehicles, railway equipment, roadway machines, and information systems hardware. CP has entered into rolling stock and roadway machine leases that are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed term, short-term, and variable operating lease costs are recorded in "Equipment rents" and "Purchased services and other" on the Company's Consolidated Statements of Income. Components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" on the Company's Consolidated Statements of Income. The Company determines lease existence and classification at the lease inception date. Leases are identified when an agreement conveys the right to control identified property for a period of time in exchange for consideration. The Company recognizes both an operating lease liability and right-of-use (“ROU”) asset for operating leases with fixed terms and in-substance fixed terms. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the Company's leases do not provide a readily determinable implicit interest rate, the Company uses internal incremental secured borrowing rates for comparable tenor in the same currency at the commencement date in determining the present value of lease payments. Operating and finance lease ROU assets also include lease prepayments and initial direct costs, but are reduced by lease incentives. The lease term may include periods associated with options to extend or exclude periods associated with options to terminate the lease when it is reasonably certain that the Company will exercise these options. The Company has short-term operating leases with terms of 12 months or less, some of which include options to purchase that the Company is not reasonably certain to exercise. The Company has elected to apply the recognition exemption and, as such, accounts for leases with a term of 12 months or less off-balance sheet. Therefore, lease payments on these short-term operating leases are not included in operating lease ROU assets and liabilities, but are recognized as an expense in the Company's Consolidated Statements of Income on a straight-line basis over the term of the lease. Further, the Company has elected to combine lease and non-lease components for all leases, except for leases of roadway machines and information systems hardware. Assets held for sale Assets to be disposed that meet the held for sale criteria are reported in "Other assets" at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated. This classification is applied at the date at which applicable criteria for recognition are met. Goodwill and intangible assets Goodwill represents the excess of the purchase price in a business combination over the fair value of identifiable net assets acquired. Goodwill is allocated at the date of the business combination to the reporting unit that is expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year as at October 1 st , or more frequently as economic events dictate. The Company has the option of performing an assessment of certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value or proceeding directly to a quantitative impairment test. Qualitative factors include but are not limited to, economic, market and industry conditions, cost factors, overall financial performance of the reporting unit, and events such as notable changes in management or customers. If the assessment of qualitative factors indicates that the carrying value is less than the fair value, then performing the quantitative goodwill impairment test is unnecessary. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill is impaired. The impairment charge that would be recognized is the excess of the carrying value over the fair value of the reporting unit, limited to the total amount of goodwill allocated to the reporting unit. The Company defines the fair value of a reporting unit as the price expected to be received to sell the entire reporting unit in an orderly transaction between market participants as of the impairment date. In order to determine the fair value of a reporting unit, the Company uses the discounted cash flow method with a pre-tax discount rate, reflecting current market assessments of the time value of money and the risks specific to the asset(s). Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. The Company tests the recoverability of its intangible assets whenever future undiscounted cash flows indicate that the carrying amount may not be recoverable. If the carrying amount of an intangible asset exceeds the fair value, an impairment loss will be recognized in the Company's Consolidated Statements of Income for the difference between the carrying amount of the asset and fair value. Pensions and other benefits Pension costs are actuarially determined using the projected-benefit method pro-rated over the credited service periods of employees. This method incorporates management’s best estimates of expected plan investment performance, salary escalation and retirement ages of employees. The expected return on fund assets is calculated using market-related asset values developed from a five-year average of market values for the fund’s public equity securities and absolute return strategies (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the fund’s fixed income, real estate, infrastructure and private debt securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected-benefit obligation is based on blended market interest rates on high-quality debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 12 years). Prior service costs arising from collectively bargained amendments to pension plan benefit provisions are amortized over the term of the applicable union agreement. Prior service costs arising from all other sources are amortized over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of amendment. Costs for post-retirement and post-employment benefits other than pensions, including post-retirement health care and life insurance and some workers’ compensation and long-term disability benefits in Canada, are actuarially determined on a basis similar to pension costs. The over or under funded status of defined benefit pension and other post-retirement benefit plans are measured as the difference between the fair value of the plan assets and the benefit obligation, and are recognized on the balance sheets. In addition, any unrecognized actuarial gains and losses and prior service costs and credits that arise during the period are recognized as a component of “Other comprehensive income (loss)”, net of tax. Gains and losses on post-employment benefits that do not vest or accumulate, including some workers’ compensation and long-term disability benefits in Canada, are included immediately on the Company's Consolidated Statements of Income as "Other components of net periodic benefit cost or recovery". The current service cost component of net periodic benefit cost is reported in "Compensation and benefits" for pensions and post-retirement benefits, and in "Purchased services and other" for self-insured workers' compensation and long-term disability benefits on the Company's Consolidated Statements of Income. Other components of net periodic benefit cost or recovery are reported in "Other components of net periodic benefit cost or recovery" outside of Operating income on the Company's Consolidated Statements of Income. Capitalization of pension costs, when applicable, is restricted to the current service cost component of net periodic benefit cost. Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and other investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Cash and cash equivalents and derivatives are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, other long-term liabilities, and long-term debt are also measured at amortized cost. Derivative financial instruments Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates, and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates, and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives that are not designated as hedges is recognized in the period in which the change occurs in the Company's Consolidated Statements of Income in the line item to which the derivative instrument is related. For fair value hedges, the periodic changes in value are recognized in income, on the same line as the changes in value of the hedged items are also recorded. For designated cash flow hedges, the changes in value of the hedging instrument is recognized in “Other comprehensive income (loss)” and remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. The changes in value of the hedging instrument is recognized in the Company's Consolidated Statements of Income if derivatives designated as cash flow hedges are subsequently de-designated. Cash flows relating to derivative instruments designated as hedges are included in the same category as the related hedged items on the Company's Consolidated Statements of Cash Flows. Environmental remediation Environmental remediation accruals, recorded on an undiscounted basis unless a reliably determinable estimate as to amount and timing of costs can be established, cover site-specific remediation programs. The accruals are recorded when the costs to remediate are probable and reasonably estimable. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”. Stock-based compensation CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period or over the period from the grant date to the date employees become eligible to retire, when this is shorter than the vesting period, based on their fair values on the grant date as determined using the Black-Scholes option-pricing model. Forfeitures are estimated at issuance and monitored on a periodic basis. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital" and credited to “Share capital”. Compensation expense is also recognized for performance share units (“PSUs”), performance deferred share units ("PDSUs"), deferred share units ("DSUs"), and restricted share units (“RSUs”) that settle in cash using the fair value method. Compensation expense is recognized over the vesting period or over the period from the grant date to the date employees become eligible to retire, when this is shorter than the vesting period where applicable. Forfeitures are estimated at issuance and monitored on a periodic basis. The employee share purchase plan gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period.

Accounting Changes

Accounting Changes	12 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Changes	Accounting changes Implemented in 2021 No accounting pronouncements that became effective during 2021 had a material impact on the Company's Consolidated Balance Sheets, Consolidated Statements of Income, or Consolidated Statements of Cash Flows. Future Changes Disclosures about Government Assistance In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The amendment is made to increase transparency by introducing specific disclosure requirements to FASB ASC Topic 832 for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The amendment is effective January 1, 2022 and is not expected to have a significant impact on the Company's disclosures. Contract Assets and Contract Liabilities Acquired in a Business Combination In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This amendment introduces the requirement for an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the requirements of FASB ASC Topic 606, Revenue from Contracts with Customers, rather than at fair value. This amendment will be effective prospectively from January 1, 2023, with early adoption permitted. The Company is currently assessing the impact of this amendment.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table disaggregates the Company’s revenues from contracts with customers by major source: (in millions of Canadian dollars) 2021 2020 2019 Freight Grain $ 1,684 $ 1,829 $ 1,684 Coal 625 566 682 Potash 463 493 462 Fertilizers and sulphur 305 290 250 Forest products 348 328 304 Energy, chemicals and plastics 1,563 1,519 1,534 Metals, minerals and consumer products 728 629 752 Automotive 376 324 352 Intermodal 1,724 1,563 1,593 Total freight revenues 7,816 7,541 7,613 Non-freight excluding leasing revenues 100 107 116 Revenues from contracts with customers 7,916 7,648 7,729 Leasing revenues 79 62 63 Total revenues $ 7,995 $ 7,710 $ 7,792 Contract liabilities Contract liabilities represent payments received for performance obligations not yet satisfied and relate to deferred revenue and are presented as components of "Accounts payable and accrued liabilities" and "Other long-term liabilities" on the Company's Consolidated Balance Sheets. The following table summarizes the changes in contract liabilities for the years ended December 31, 2021 and 2020: (in millions of Canadian dollars) 2021 2020 Opening balance $ 61 $ 146 Revenue recognized that was included in the contract liability balance at the beginning of the period (48) (100) Increase due to consideration received, net of revenue recognized during the period 54 15 Closing balance $ 67 $ 61

Other expense (income)

Other expense (income)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other expense (income)	Other expense (income) (in millions of Canadian dollars) 2021 2020 2019 Foreign exchange gain on debt and lease liabilities $ (7) $ (14) $ (94) Other foreign exchange gains (4) (1) (4) Acquisition-related costs (Note 11) 247 — — Other 1 8 9 Other expense (income) $ 237 $ (7) $ (89)

Net interest expense

Net interest expense	12 Months Ended
	Dec. 31, 2021
Interest Income (Expense), Net [Abstract]
Net interest expense	Net interest expense (in millions of Canadian dollars) 2021 2020 2019 Interest cost $ 459 $ 478 $ 471 Interest capitalized to Properties (13) (16) (17) Interest expense 446 462 454 Interest income (6) (4) (6) Net interest expense $ 440 $ 458 $ 448 Interest expense includes interest on finance leases of $10 million for the year ended December 31, 2021 (2020 – $11 million; 2019 – $11 million).

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The following is a summary of the major components of the Company’s income tax expense: (in millions of Canadian dollars) 2021 2020 2019 Current income tax expense $ 526 $ 537 $ 525 Deferred income tax expense Origination and reversal of temporary differences 259 277 316 Effect of tax rate decrease (11) (32) (95) Effect of hedge of net investment in foreign subsidiaries (3) (18) (38) Other (3) (6) (2) Total deferred income tax expense 242 221 181 Total income taxes $ 768 $ 758 $ 706 Income before income tax expense Canada $ 2,899 $ 2,518 $ 2,392 Foreign 721 684 754 Total income before income tax expense $ 3,620 $ 3,202 $ 3,146 Income tax expense Current Canada $ 404 $ 412 $ 410 Foreign 122 125 115 Total current income tax expense 526 537 525 Deferred Canada (179) 231 141 Foreign 421 (10) 40 Total deferred income tax expense 242 221 181 Total income taxes $ 768 $ 758 $ 706 The provision for deferred income taxes arises from temporary differences in the carrying values of assets and liabilities for financial statement and income tax purposes and the effect of loss carry forwards. The items comprising the deferred income tax assets and liabilities are as follows: (in millions of Canadian dollars) 2021 2020 Deferred income tax assets Amount related to tax losses carried forward $ 17 $ 17 Liabilities carrying value in excess of tax basis 124 131 Unrealized foreign exchange losses — 4 Environmental remediation costs 22 22 Other 7 4 Total net deferred income tax assets 170 178 Deferred income tax liabilities Investment in Kansas City Southern (Note 11) 7,079 — Properties carrying value in excess of tax basis 3,887 3,708 Pensions carrying value in excess of tax basis 441 43 Unrealized foreign exchange gains 13 — Other 102 93 Total deferred income tax liabilities 11,522 3,844 Total net deferred income tax liabilities $ 11,352 $ 3,666 The Company’s consolidated effective income tax rate differs from the expected Canadian statutory tax rates. Expected income tax expense at statutory rates is reconciled to income tax expense as follows: (in millions of Canadian dollars, except percentage) 2021 2020 2019 Statutory federal and provincial income tax rate (Canada) 26.12 % 26.31 % 26.77 % Expected income tax expense at Canadian enacted statutory tax rates $ 946 $ 842 $ 842 (Decrease) increase in taxes resulting from: Gains not subject to tax (116) (23) (19) Canadian tax rate differentials (22) (3) — Foreign tax rate differentials (37) (32) (33) Effect of tax rate decrease (11) (32) (95) Valuation allowance — — (5) Unrecognized tax benefits (2) (7) 33 Other 10 13 (17) Income tax expense $ 768 $ 758 $ 706 In 2021, the Company recorded a deferred tax liability of $7.2 billion (U.S. $5.6 billion) on the outside basis difference of its investment in KCS. This balance is held in a U.S. functional currency entity and subsequently revalued to $7.1 billion due to changes in FX. The outside basis difference is the excess of the carrying amount of CP’s investment in KCS for financial reporting over the tax basis of this investment. Reversal of this deferred tax liability is expected to be recognized through income tax expense. In 2021, the Company recorded a deferred tax recovery of $33 million (U.S. $26 million) on the outside basis difference of the change in the equity investment in KCS from initial recognition on December 14, 2021. In 2020, the Company revalued its deferred income tax balances as a result of a tax filing election for the state of North Dakota resulting in a lower corporate income tax rate and a net recovery of $29 million . In 2019, the Company revalued its deferred income tax balances as a result of a corporate income tax rate decrease in the province of Alberta, resulting in a net recovery of $88 million . The Company has not provided a deferred liability for the income taxes, if any, which might become payable on any temporary difference associated with its foreign investments because the Company intends to indefinitely reinvest in its foreign investments and has no intention to realize this difference by a sale of its interest in foreign investments. It is not practical to calculate the amount of the deferred tax liability. It is more likely than not that the Company will realize the majority of its deferred income tax assets from the generation of future taxable income, as the payments for provisions, reserves and accruals are made and losses and tax credits carried forward are utilized. At December 31, 2021, the Company had tax effected operating losses carried forward of $15 million (2020 – $15 million), which have been recognized as a deferred tax asset. The losses carried forward will begin to expire in 2034. The Company expects to fully utilize these tax effected operating losses before their expiry. The Company did not have any minimum tax credits or investment tax credits carried forward. At December 31, 2021, the Company had $2 million (2020 – $2 million) in tax effected capital losses carried forward recognized as a deferred tax asset. The Company has no unrecognized tax benefits from capital losses at December 31, 2021 and 2020. The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the U.S. for the year ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Unrecognized tax benefits at January 1 $ 55 $ 52 $ 13 Increase in unrecognized: Tax benefits related to the current year — — 9 Tax benefits related to prior years — 10 34 Dispositions: Gross uncertain tax benefits related to prior years (6) (9) — Settlements with taxing authorities — 2 (4) Unrecognized tax benefits at December 31 $ 49 $ 55 $ 52 If these uncertain tax positions were recognized, all of the amount of unrecognized tax positions as at December 31, 2021 would impact the Company’s effective tax rate. During the fourth quarter of 2019, a tax authority proposed an adjustment for a prior tax year without assessing taxes. Although the Company had commenced action to have the proposal removed, an increase in uncertain tax position was recorded on deferred income tax liability and expense in the amount of $24 million. While the proposed adjustment was withdrawn during 2020, the ultimate resolution of this matter may give rise to further favourable or unfavourable adjustments to deferred tax, the timing and amount of which are not determinable at this time. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of "Income tax expense" in the Company’s Consolidated Statements of Income. The net amount of accrued interest and penalties in 2021 was a $4 million expense (2020 – $1 million recovery; 2019 – $1 million recovery). The total amount of accrued interest and penalties associated with unrecognized tax benefits at December 31, 2021 was $13 million (2020 – $9 million; 2019 – $10 million). The Company and its subsidiaries are subject to either Canadian federal and provincial income tax, U.S. federal, state and local income tax, or the relevant income tax in other international jurisdictions. The Company has substantially concluded all Canadian federal and provincial income tax matters for the years through 2014. The federal and provincial income tax returns filed for 2015 and subsequent years remain subject to examination by the Canadian taxation authorities. The income tax returns for 2018 and subsequent years continue to remain subject to examination by the IRS and U.S. state tax jurisdictions. The Company believes that it has recorded sufficient income tax reserves at December 31, 2021 with respect to these income tax examinations.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share has been calculated using Net income for the year divided by the weighted-average number of shares outstanding during the year. Diluted earnings per share has been calculated using the treasury stock method which assumes that any proceeds received from the exercise of in-the-money options would be used to purchase CP Common Shares at the average market price for the period. For purposes of this calculation, at December 31, 2021, there were 7.5 million dilutive options outstanding (2020 – 7.0 million; 2019 – 7.9 million). The number of shares used in the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars, except per share data) 2021 2020 2019 Net income $ 2,852 $ 2,444 $ 2,440 Weighted-average basic shares outstanding (millions) 679.7 677.2 693.8 Dilutive effect of stock options (millions) 3.1 2.7 2.5 Weighted-average diluted shares outstanding (millions) 682.8 679.9 696.3 Earnings per share – basic $ 4.20 $ 3.61 $ 3.52 Earnings per share – diluted $ 4.18 $ 3.59 $ 3.50 In 2021, there were 0.1 million options excluded from the computation of diluted earnings per share because their effects were not dilutive (2020 – nil; 2019 – 0.2 million).

Other comprehensive income (los

Other comprehensive income (loss) and accumulated other comprehensive loss	12 Months Ended
	Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income (loss) and accumulated other comprehensive loss	Other comprehensive income (loss) and accumulated other comprehensive loss The components of Other comprehensive income (loss) and the related tax effects are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2021 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (316) $ — $ (316) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 19) 25 (3) 22 Change in derivatives designated as cash flow hedges: Realized loss on derivatives designated as cash flow hedges recognized in income 10 (3) 7 Unrealized gain on cash flow hedges 38 (9) 29 Change in pension and other benefits actuarial gains and losses 1,286 (323) 963 Equity accounted investments 9 (3) 6 Other comprehensive income $ 1,052 $ (341) $ 711 For the year ended December 31, 2020 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (118) $ — $ (118) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 136 (18) 118 Realized loss on derivatives designated as cash flow hedges recognized in income (1) 10 (3) 7 Change in pension and other benefits actuarial gains and losses (403) 108 (295) Change in prior service pension and other benefit costs (4) 1 (3) Equity accounted investments (1) (1) — (1) Other comprehensive loss $ (380) $ 88 $ (292) For the year ended December 31, 2019 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (251) $ — $ (251) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 288 (38) 250 Realized loss on derivatives designated as cash flow hedges recognized in income (1) 12 (2) 10 Change in pension and other benefits actuarial gains and losses (661) 175 (486) Equity accounted investments (1) (2) — (2) Other comprehensive loss $ (614) $ 135 $ (479) (1) Comparative figures have been reclassified to conform with current period presentation. The components of Accumulated other comprehensive loss, net of tax, are as follows: (in millions of Canadian dollars) 2021 2020 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 177 $ 493 Unrealized foreign exchange loss on translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (359) (381) Net deferred losses on derivatives (1) (4) (40) Amounts for defined benefit pension and other post-retirement plans not recognized in income (Note 24) (1,915) (2,878) Equity accounted investments (1) (2) (8) Accumulated other comprehensive loss $ (2,103) $ (2,814) (1) Comparative figures have been reclassified to conform with current period presentation. Changes in Accumulated other comprehensive loss by component are as follows: (in millions of Canadian dollars) Foreign currency (1) Derivatives (1)(2) Pension and post- (1) Equity accounted investments (1)(2) Total (1) Opening balance, January 1, 2021 $ 112 $ (40) $ (2,878) $ (8) $ (2,814) Other comprehensive (loss) income before reclassifications (294) 28 808 6 548 Amounts reclassified from accumulated other comprehensive loss — 8 155 — 163 Net other comprehensive (loss) income (294) 36 963 6 711 Closing balance, December 31, 2021 $ (182) $ (4) $ (1,915) $ (2) $ (2,103) Opening balance, January 1, 2020 $ 112 $ (47) $ (2,580) $ (7) $ (2,522) Other comprehensive loss before reclassifications — (1) (430) (1) (432) Amounts reclassified from accumulated other comprehensive loss — 8 132 — 140 Net other comprehensive income (loss) — 7 (298) (1) (292) Closing balance, December 31, 2020 $ 112 $ (40) $ (2,878) $ (8) $ (2,814) (1) Amounts are presented net of tax. (2) Comparative figures have been reclassified to conform with current period presentation. Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss are as follows: (in millions of Canadian dollars) 2021 2020 Amortization of prior service costs (1) $ — $ (1) Recognition of net actuarial loss (1) 210 180 Total before income tax 210 179 Income tax recovery (55) (47) Total net of income tax $ 155 $ 132 (1) Impacts "Other components of net periodic benefit recovery" on the Consolidated Statements of Income.

Accounts receivable, net

Accounts receivable, net	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable, net	Accounts receivable, net As at December 31, 2021 As at December 31, 2020 (in millions of Canadian dollars) Freight Non-Freight Total Freight Non-Freight Total Total accounts receivable $ 614 $ 239 $ 853 $ 662 $ 203 $ 865 Allowance for credit losses (20) (14) (34) (25) (15) (40) Total accounts receivable, net $ 594 $ 225 $ 819 $ 637 $ 188 $ 825 For the twelve months ended For the twelve months ended (in millions of Canadian dollars) Freight Non-Freight Total Freight Non-Freight Total Allowance for credit losses, opening balance $ (25) $ (15) $ (40) $ (27) $ (16) $ (43) Current period credit loss provision, net 5 1 6 2 1 3 Allowance for credit losses, closing balance $ (20) $ (14) $ (34) $ (25) $ (15) $ (40)

Property sale

Property sale	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Property sale	Property sale During the first quarter of 2021, the Company exchanged property and property easeme nts in Chicago with a government agency for proceeds of $103 million including cash of $61 million and property and permanent easement assets at a fair value of $33 million and $9 million, respectively. Fair value was determined based on comparable market transactions. The Company recorded a gain within "Purchased services and other" of $50 million ($38 million after tax) from the transaction, and a deferred gain of $53 million which is being recognized in income over the period of use of certain easements. The Company recognized $13 million of the deferr

Business acquisitions

Business acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Business acquisitions	Business acquisitions KCS On March 21, 2021, the Company entered into the Original Merger Agreement with KCS, under which CP agreed to acquire KCS in a stock and cash transaction. KCS is a U.S. Class I railway with approximately 7,100 route miles extending from the midwest and southeast portions of the United States south into Mexico and connects with all Class I railways. KCS is connected to the CP network at Kansas City. On May 21, 2021, KCS terminated the Original Merger Agreement in order to enter into a merger agreement with Canadian National Railway ("CN") (the "CN Merger Agreement"). As a result, and under the terms of the Original Merger Agreement, KCS concurrently paid a merger termination fee of $845 million (U.S. $700 million) to the Company, recorded as "Merger termination fee" in the Company's Consolidated Statements of Income. On August 10, 2021, CP submitted a proposal to acquire KCS in a stock and cash transaction representing an enterprise value of approximately U.S. $31 billion, based on the CP closing price on August 9, 2021, which includes the assumption of U.S. $3.8 billion of outstanding KCS debt. The terms of the proposal were very similar in nearly every respect to those in the Original Merger Agreement, except for an increase in the share exchange ratio from 2.445 to 2.884. Following the Surface Transportation Board's ("STB") decision on August 31, 2021 to refuse CN and KCS's joint motion for voting trust approval in respect of the CN Merger Agreement, and after renewed negotiations with CP, KCS's Board of Directors deemed CP's proposal a "Company Superior Proposal", as defined in the CN Merger Agreement, and terminated the CN Merger Agreement. On September 15, 2021, upon KCS's termination of the CN Merger Agreement, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with KCS. Pursuant to the terms of the CN Merger Agreement, KCS paid a merger termination fee of U.S. $700 million and refunded the CP merger termination fee of U.S. $700 million to CN (together, the "CN merger termination fees"). In connection with the Merger Agreement, the Company remitted $1,773 million (U.S. $1,400 million) to KCS on September 15, 2021 in connection with KCS's payment of the CN merger termination fees, included as part of the cost of the acquisition of KCS within "Investment in Kansas City Southern" in the Company's Consolidated Balance Sheets. This payment is included in "Investment in Kansas City Southern" on the Company's Consolidated Statements of Cash Flows. On December 14, 2021, following approval of the transaction by the shareholders of both the Company and KCS, receipt of Mexican regulatory approvals, satisfaction or waiver of customary closing conditions and pursuant to the terms set forth in the Merger Agreement, the acquisition of KCS was consummated and all outstanding stock of KCS was deposited into a voting trust and held by a single trustee as trust stock. KCS's management and Board of Directors will continue to steward KCS while it is in trust, pursuing its independent business plan and growth strategies. Under the terms of the Merger Agreement, the Company issued approximately 262.6 million Common Shares to existing KCS common stockholders at the exchange ratio of 2.884 Common Shares per share of KCS common stock (valued at $23.5 billion (U.S. $18.3 billion)) and paid cash consideration to existing KCS stockholders of U.S. $90 per share of KCS common stock and U.S. $37.50 per share of KCS preferred stock for a total of approximately $10.5 billion (U.S. $8.2 billion). Share consideration, cash consideration, and the above described payments to KCS totalled approximately $36 billion (U.S. $28 billion). The cash consideration paid was financed by issuances of long-term debt of approximately $2.2 billion and $8.6 billion (U.S. $6.7 billion) on November 24, 2021 and December 2, 2021, respectively (see Note 18). The Company accounts for its investment in KCS using the equity method of accounting while the STB considers the Company's application to control KCS. During this time the shares of KCS are held in the voting trust (See Notes 12 and 26). Subject to final approval by the STB, expected in the fourth quarter of 2022, at which time the Company would obtain control of KCS, CP expects to account for its acquisition of KCS as a business combination using the acquisition method of accounting. The investment in KCS of $42,309 million at December 31, 2021 includes $141 million of equity loss of KCS since the date the acquisition closed into the voting trust, after $8 million amortization (net of tax) of the approximately $30 billion basis difference (see Note 12). During the year ended December 31, 2021, the Company incurred $599 million in acquisition-related costs associated with the Original Merger Agreement and Merger Agreement, of which $183 million were recorded within "Purchased services and other" and $247 million were recorded within "Other expense (income)" in the Company's Consolidated Statements of Income. Acquisition-related costs of $169 million, incurred by KCS during the 18 days from the date the acquisition closed into the voting trust, are included within "Equity loss of Kansas City Southern" in the Company's Consolidated Statements of Income. The acquisition-related costs recorded within "Other expense (income)" include the changes in fair value and realized gain from settlement of the FX forward contracts, changes in fair value and realized loss of the bond locks and forward starting floating-to-fixed interest rate swaps associated with the debt issuances (see Note 18), amortization of financing fees associated with the credit facilities (see Note 18), and FX gains on U.S. dollar-denominated cash on hand from the issuances of long-term debt to fund the KCS acquisition. Total financing fees paid for a bridge facility associated with the KCS acquisition for the year ended December 31, 2021 were $51 million, presented under Cash provided by (used in) financing activities in the Company's Consolidated Statements of Cash Flows. DRTP On December 22, 2020, CP completed its acquisition of the 83.5% ownership of the Detroit River Tunnel Partnership (“DRTP”) held by OMERS Infrastructure Management Inc. (“OMERS”) for cash, net of cash acquired, of $398 million. The purchase price was subject to customary closing adjustments, including any final adjustment for closing working capital and certain closing costs. With this acquisition CP obtained 100% ownership of DRTP. The acquisition of DRTP will reduce CP’s operating costs related to movements through the tunnel which amounted to approximately $34 million in 2020, and better integrate the eastern part of the network. DRTP owns a 1.6-mile rail tunnel linking Windsor, Ontario, and Detroit, Michigan and additional, separate lands in both cities. The acquisition was funded with cash from operations and CP's commercial paper program. The acquisition of DRTP was accounted for as a business combination under the acquisition method of accounting. The acquired assets and assumed liabilities were recorded at their estimated fair values at the date of acquisition. The fair values were estimated by applying an income approach using the discounted cash flow method of future cash flows, appraised land values reflecting a corridor enhancement factor where appropriate, and depreciated replacement cost for depreciable assets including the tunnel, track, signaling systems, and other railway related infrastructure assets. Prior to the close of the transaction, CP owned a 16.5% interest in DRTP, which was accounted for as an equity method investment. The previously held equity investment was remeasured to fair value which was determined from the negotiated purchase price that reflected a market value established in a competitive bid process. As a result of the acquisition, in 2020, the Company recognized a before-tax gain of $68 million on the remeasurement to fair value of its equity interest within "Purchased services and other", calculated as the difference between the fair value of CP's 16.5% interest in DRTP of $81 million and the book value of the interest of $13 million. The following summarizes the fair values of the acquired assets and liabilities of DRTP: (in millions of Canadian dollars) December 22, 2020 Fair value of net assets acquired: Accounts receivable, net $ 5 Properties 436 Intangible assets (Note 15) 4 Accounts payable and accrued liabilities (1) Deferred taxes (55) Total identifiable assets and liabilities $ 389 Goodwill (Note 15) 90 $ 479 Consideration: Cash, net of cash acquired $ 398 Fair value of previously held equity method investment 81 Total consideration $ 479 The goodwill of $90 million relates primarily to the contract that DRTP has for CP’s use of the tunnel and deferred taxes recognized as a result of the purchase price allocation. The goodwill recognized is not deductible for tax purposes. Prior to the acquisition of DRTP, CP had pre-existing agreements to use the tunnel and to operate and manage the tunnel on behalf of DRTP. On acquisition, no gain or loss was recognized in respect of the effective settlement of these pre-existing relationships as they were determined to be at fair market value based on an assessment of current market conditions and market participants. Acquired cash and cash equivalents of $6 million is presented as a reduction of cash used in investing activities in the Company's 2020 Consolidated Statements of Cash Flows. CP has not provided pro forma information relating to the pre-acquisition period as it is not material. CMQ On December 30, 2019, CP purchased 100% of Central Maine & Québec Railway Canada Inc. (“CMQ Canada”) and Central Maine & Quebec Railway U.S. Inc. (“CMQ U.S.”) (together “CMQ”) for cash consideration of $174 million. CMQ owns 237 miles of rail lines in Québec and 244 miles of rail lines in Maine and Vermont. The acquisition of CMQ Canada was completed on December 30, 2019. CMQ U.S. The acquisition of CMQ U.S. was subject to approval from the STB. From the December 30, 2019 date of purchase, all purchased shares of CMQ U.S. were held in an independent voting trust (the "Trust") pending the STB's approval of CP's application for control of CMQ U.S. Approval was granted with an effective date of June 3, 2020. Between December 30, 2019 and June 3, 2020, CP accounted for its acquisition of CMQ U.S. as an equity method investment. During this time, CP paid additional consideration for CMQ of $3 million, representing changes from the finalization of previously estimated closing date working capital. On June 3, 2020 the Trust was dissolved and CP assumed control of CMQ U.S. At this time, CP accounted for its acquisition in CMQ U.S. as a business combination using the acquisition method of accounting. Accordingly, the acquired tangible and intangible assets and assumed liabilities were recorded at their estimated fair values as at June 3, 2020 and results from operations and cash flows were consolidated prospectively. There was no material change in the acquisition-date fair value of the equity interest held by the Company in CMQ U.S. immediately before the acquisition date. Fair values were determined primarily through the use of an income approach. After a measurement period adjustment of $1 million to increase Other long-term liabilities and goodwill resulting from the finalization of acquisition date deferred tax, the final allocation of total consideration to the fair values of the acquired assets and liabilities of CMQ U.S. is summarized as follows: (in millions of Canadian dollars) June 3, 2020 Fair value of net assets acquired: Cash and cash equivalents $ 22 Accounts receivable, net 2 Properties 54 Intangible assets (Note 15) 27 Accounts payable and accrued liabilities (13) Other long-term liabilities (6) Total identifiable assets and liabilities $ 86 Goodwill (Note 15) 52 $ 138 Consideration: Fair value of previously held equity method investment $ 138 Goodwill of $52 million relates primarily to expected operating business synergies between the Company and CMQ U.S. The factors that contribute to the goodwill are revenue growth from customers which are currently not served by CP, access to new routes, and an assembled workforce. Goodwill recognized is not deductible for tax purposes. Intangible assets of $27 million reflect customer lists acquired in the purchase of CMQ U.S., and have amortization periods of 20 years. Acquired cash and cash equivalents of $22 million is presented as a reduction of cash used in investing activities on the Company's Consolidated Statement of Cash Flows, and is presented net of finalized closing working capital adjustments for CMQ of $3 million as described above. CP has not provided pro forma information relating to the pre-acquisition period as it is not material.

Investment in KCS

Investment in KCS	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in KCS	Investment in KCS On December 14, 2021, the Company acquired KCS and deposited 100% of the outstanding KCS common stock into a voting trust. The Company recorded its investment in KCS at its acquisition cost under the equity method of accounting while the STB considers the Company's application to control KCS. The investment carrying cost of $42,309 million reported on the Company's Consolidated Balance Sheets as at December 31, 2021 reflects the total of the consideration paid to acquire KCS, the offsetting asset recorded on recognition of a deferred tax liability computed on an outside basis (see Note 6), the subsequent recognition of equity loss, and foreign currency translation based on the year-end exchange rate. The approximate $30 billion difference in value between the consideration paid to acquire KCS and the underlying carrying value of the net assets of KCS as at December 14, 2021, immediately prior to the acquisition by the Company, is the basis difference. The Company has estimated the fair value of KCS and its underlying net assets for the purposes of amortizing the basis difference, as required by the equity method of accounting. The fair value of KCS' underlying net assets, including property, plant and equipment, identifiable intangible assets, and other assets and liabilities, have been estimated on a preliminary basis and may be subject to change as additional information becomes available. The basis difference related to depreciable property, plant and equipment, intangible assets with definite lives, and long-term debt is amortized over the related assets' remaining useful lives, and the remaining terms to maturity of the debt instruments. The remainder of the basis difference, relating to non-depreciable property, plant and equipment, intangible assets with indefinite life, and equity method goodwill, is not amortized and is carried at cost subject to an assessment for impairment. Subject to final approval by the STB, the Company would obtain control of KCS and would account for its acquisition of KCS as a business combination using the acquisition method of accounting. As a result, the Company would be required to remeasure the carrying value of its equity method investment in KCS to fair value. Any resultant change in the value of the investment in KCS would be recognized as a gain or loss in the Company’s income statement, including the write down of that portion of the carrying value of the investment in KCS recorded as an offsetting asset to the outside basis deferred tax liability (see Note 6). The following tables present summarized financial information for KCS, on its historical cost basis, for the period December 14 to December 31, 2021 and as at December 31, 2021: Statement of Income (in millions of Canadian dollars) (1) For the period December 14 to December 31, 2021 Total revenues $ 178 Total operating expenses 287 Operating loss (109) Less: Other (2) 12 Loss before income taxes (121) Net loss $ (106) (1) Amounts translated at the average FX rate from December 14-31, 2021 of $1.0000 USD = $1.2836 CAD. (2) Includes Equity in net earnings of KCS' affiliates, Interest expense, FX loss, and Other income, net. Balance Sheet (in millions of Canadian dollars) (1) As at December 31, 2021 Assets Current assets $ 1,120 Properties 11,676 Other non-current assets 425 Liabilities Current liabilities $ 619 Long-term debt 4,778 Other non-current liabilities 1,823 Non-controlling interest 416 (1) Amounts translated at the December 31, 2021 year-end FX rate of $1.0000 USD = $1.2678 CAD.

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Investments	Investments (in millions of Canadian dollars) 2021 2020 Rail investments accounted for on an equity basis (1) $ 161 $ 150 Other investments 48 49 Total investments $ 209 $ 199 (1) Excludes investment in KCS (see Note 12).

Properties

Properties	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Properties	Properties 2021 2021 2020 (in millions of Canadian dollars except percentages) Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway 2.8 % $ 21,210 $ 5,893 $ 15,317 $ 20,676 $ 5,859 $ 14,817 Buildings 2.9 % 1,022 266 756 937 259 678 Rolling stock 2.9 % 4,793 1,419 3,374 4,702 1,498 3,204 Information systems software (1) 8.1 % 603 279 324 569 253 316 Other 5.3 % 2,223 794 1,429 2,167 760 1,407 Total $ 29,851 $ 8,651 $ 21,200 $ 29,051 $ 8,629 $ 20,422 (1) During 2021, CP capitalized costs attributable to the design and development of internal-use software in the amount of $47 million (2020 – $45 million; 2019 – $55 million). Current year depreciation expense related to internal use software was $40 million (2020 – $42 million; 2019 – $44 million). Finance leases included in properties 2021 2020 (in millions of Canadian dollars) Cost Accumulated Net book Cost Accumulated Net book Rolling stock $ 291 $ 133 $ 158 $ 302 $ 138 $ 164 Other 9 1 8 8 1 7 Total assets held under finance lease $ 300 $ 134 $ 166 $ 310 $ 139 $ 171

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets Goodwill Intangible assets (in millions of Canadian dollars) Net Cost Accumulated Net Total goodwill and intangible assets Balance at December 31, 2019 $ 194 $ 27 $ (15) $ 12 $ 206 Additions (Note 11) 142 31 — 31 173 Amortization — — (3) (3) (3) Foreign exchange impact (7) (3) — (3) (10) Balance at December 31, 2020 329 55 (18) 37 366 Additions (Note 10) — 9 — 9 9 Amortization — — (3) (3) (3) Foreign exchange impact (1) — — — (1) Balance at December 31, 2021 $ 328 $ 64 $ (21) $ 43 $ 371

Other assets

Other assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	Other assets (in millions of Canadian dollars) 2021 2020 Operating lease ROU assets (Note 21) $ 287 $ 316 Contracted customer incentives 77 60 Long-term materials 34 37 Other 21 25 Total other assets $ 419 $ 438

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities (in millions of Canadian dollars) 2021 2020 Trade payables $ 432 $ 401 Accrued charges 286 294 Accrued interest 141 134 Dividends payable 177 127 Stock-based compensation liabilities 126 121 Income and other taxes payable 164 115 Payroll-related accruals 65 68 Operating lease liabilities (Note 21) 59 63 Accrued vacation 60 59 Personal injury and other claims provision 49 37 Deferred revenue (Note 3) 20 27 Deferred real estate lease and license revenue 14 11 Provision for environmental remediation (Note 20) 11 9 Other 5 1 Total accounts payable and accrued liabilities $ 1,609 $ 1,467

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table outlines the Company's outstanding long-term debt as at December 31, 2021: (in millions of Canadian dollars except percentages) Maturity Currency 2021 2020 9.450% 30-year Debentures (A) Aug 2021 U.S.$ — 318 5.100% 10-year Medium Term Notes (A) Jan 2022 CDN$ 125 125 4.500% 10-year Notes (A) Jan 2022 U.S.$ 317 318 4.450% 12.5-year Notes (A) Mar 2023 U.S.$ 444 445 1.589% 2-year Notes (A) Nov 2023 CDN$ 1,000 — 1.350% 3-year Notes (A) Dec 2024 U.S.$ 1,899 — 2.900% 10-year Notes (A) Feb 2025 U.S.$ 887 891 3.700% 10.5-year Notes (A) Feb 2026 U.S.$ 317 318 1.750% 5-year Notes (A) Dec 2026 U.S.$ 1,266 — 2.540% 6.3-year Notes (A) Feb 2028 CDN$ 1,200 — 4.000% 10-year Notes (A) Jun 2028 U.S.$ 634 636 3.150% 10-year Notes (A) Mar 2029 CDN$ 399 399 2.050% 10-year Notes (A) Mar 2030 U.S.$ 633 636 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 444 446 2.450% 10-year Notes (A) Dec 2031 U.S.$ 1,774 — 5.750% 30-year Debentures (A) Mar 2033 U.S.$ 311 312 4.800% 20-year Notes (A) Sep 2035 U.S.$ 379 381 5.950% 30-year Notes (A) May 2037 U.S.$ 564 567 6.450% 30-year Notes (A) Nov 2039 CDN$ 400 400 3.000% 20-year Notes (A) Dec 2041 U.S.$ 1,261 — 5.750% 30-year Notes (A) Jan 2042 U.S.$ 312 313 4.800% 30-year Notes (A) Aug 2045 U.S.$ 695 698 3.050% 30-year Notes (A) Mar 2050 CDN$ 298 298 3.100% 30-year Notes (A) Dec 2051 U.S.$ 2,266 — 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,141 1,146 5.41% Senior Secured Notes (B) Mar 2024 U.S.$ 80 89 6.91% Secured Equipment Notes (C) Oct 2024 CDN$ 58 75 7.49% Equipment Trust Certificates Jan 2021 U.S.$ — 14 Obligations under finance leases 1.99% - 4.13% (D) 2022 - 2024 CDN$/U.S.$ 2 4 6.99% (D) Mar 2022 U.S.$ 97 97 6.57% (D) Dec 2026 U.S.$ 33 38 12.77% (D) Jan 2031 CDN$ 4 4 1.93% (D) Feb 2041 U.S.$ 4 — Commercial Paper up to Jan 2022 U.S.$ 336 820 Term Credit Facility Mar 2022 U.S.$ 634 — Demand Promissory Note CDN$ 6 — 20,220 9,788 Perpetual 4% Consolidated Debenture Stock (E) U.S.$ 38 39 Perpetual 4% Consolidated Debenture Stock (E) G.B.£ 6 6 20,264 9,833 Unamortized fees on long-term debt (137) (62) 20,127 9,771 Less: Long-term debt maturing within one year 1,550 1,186 $ 18,577 $ 8,585 At December 31, 2021, the gross amount of long-term debt denominated in U.S. dollars was U.S. $13,265 million (2020 – U.S. $6,713 million). Annual maturities and principal repayment requirements, excluding those pertaining to finance leases, for each of the five years following 2021 are (in millions): 2022 – $1,446 ; 2023 – $1,473; 2024 – $1,984; 2025 – $888; 2026 – $1,585 . Fees on long-term debt are amortized to income over the term of the related debt. A. These debentures and notes are presented net of unamortized discounts, pay interest semi-annually, and are unsecured but carry a negative pledge. During t he fourth quarter of 2021, the Company issued the following securities for total net proceeds of $10.7 billion to fund the cash consideration component of the KCS acquisition: Date Issued Description of Securities Maturity Net Proceeds November 24, 2021 $1.0 billion 1.589% Notes Nov 2023 $1.00 billion $1.2 billion 2.540% Notes Feb 2028 $1.20 billion December 2, 2021 U.S. $1.5 billion 1.350% Notes Dec 2024 $1.91 billion (U.S. $1.49 billion) U.S. $1.0 billion 1.750% Notes Dec 2026 $1.27 billion (U.S. $0.99 billion) U.S. $1.4 billion 2.450% Notes Dec 2031 $1.78 billion (U.S. $1.39 billion) U.S. $1.0 billion 3.000% Notes Dec 2041 $1.26 billion (U.S. $0.99 billion) U.S. $1.8 billion 3.100% Notes Dec 2051 $2.26 billion (U.S. $1.77 billion) The U.S. $1.4 billion 2.450% Notes and the U.S. $1.0 billion 3.000% Notes include a special mandatory redemption provision which provides that if STB final approval of CP's application to control KCS is not received prior to March 25, 2023 or, if in the Company's judgment, STB final approval will not be sought or received by this date, the Company will be required to redeem all of such outstanding notes at a price equal to 101% of the aggregate principal amount of the applicable notes plus accrued and unpaid interest. In conjunction with the above debt issuances, the Company cash settled a notional $600 million of interest rate bond locks and a notional U.S. $2.4 billion of forward starting floating-to-fixed interest rate swap agreements ("forward starting swaps") for a payment of $226 million (see Note 19). This payment was included in cash provided by operating activities consistent with the location of the related hedged item on the Company's Consolidated Statements of Cash Flows. During the third quarter of 2021, the Company also repaid U.S. $250 million 9.450% 30-year debentures at maturity for a total of U.S. $250 million ($312 million). In 2020, the Company issued U.S $500 million 2.050% 10-year notes due March 5, 2030 for net proceeds of U.S. $495 million ($662 million) and $300 million 3.050% 30-year notes due March 9, 2050 for net proceeds of $296 million. B. The 5.41% senior secured notes are collateralized by specific locomotive units with a carrying value of $92 million at December 31, 2021. The Company pays equal blended semi-annual payments of principal and interest. Final repayment of the remaining principal of U.S. $44 million is due in March 2024. C. The 6.91% secured equipment notes are full recourse obligations of the Company collateralized by a first charge on specific locomotive units with a carrying value of $34 million at December 31, 2021. The Company pays equal blended semi-annual payments of principal and interest. Final repayment of the remaining principal of $11 million is due in October 2024. D. The carrying value of the assets collateralizing finance lease obligations was $166 million at December 31, 2021. E. The Consolidated Debenture Stock, authorized by an Act of Parliament of 1889 , constitutes a first charge upon and over the whole of the undertaking, railways, works, rolling stock, plant, property and effects of the Company, with certain exceptions. Credit facility CP has a revolving credit facility (the “facility”) agreement with 14 highly rated financial institutions for a commitment amount of U.S. $1.3 billion. The facility can accommodate draws of cash and/or letters of credit at market competitive pricing. Effective September 24, 2021, the Company extended the maturity dates of the U.S. $1.0 billion tranche to September 27, 2026 and the U.S. $300 million tranche to September 27, 2023. During 2021, the Company amended the financial covenant within the facility agreement to provide flexibility upon closing of the KCS acquisition. As at December 31, 2021 and 2020, the Company was in compliance with all terms and conditions of the credit facility arrangements and satisfied the financial covenant. As at December 31, 2021 and 2020, the facility was undrawn. In 2021, the Company entered into a U.S. $500 million unsecured non-revolving term credit facility (the "term facility") with an initial due date of March 15, 2022. As at December 31, 2021, the Company had borrowings of U.S. $500 million ($634 million) under this term facility at a weighted-average interest rate of 1.38%. The agreement requires the Company to maintain a financial covenant in conjunction with the term facility. As at December 31, 2021, the Company satisfied the financial covenant. The Company also has a commercial paper program which enables it to issue commercial paper up to a maximum aggregate principal amount of U.S . $1.0 billion in the form of unsecured promissory notes. This commercial paper program is backed by the revolving credit facility. As at December 31, 2021, the Company had total commercial paper borrowings of U.S. $265 million ( $336 million ), included in "Long-term debt maturing within one year" on the Company's Consolidated Balance Sheets (December 31, 2020 – $820 million). The weighted-average interest rate on these borrowings was 0.32% (December 31, 2020 - 0.27%) . The Company presents issuances and repayments of commercial paper, all of which have a maturity of less than 90 days, in the Company's Consolidated Statements of Cash Flows on a net basis. C P has bilateral letter of credit facilities with six highly rated financial institutions to support its requirement to post letters of credit in the ordinary course of business. Under these agreements, the Company has the option to post collateral in the form of cash or cash equivalents, equal at least to the face value of the letter of credit issued. These agreements permit CP to withdraw amounts posted as collateral at any time; therefore, the amounts posted as collateral are presented as “Cash and cash equivalents” on the Company’s Consolidated Balance Sheets. As at December 31, 2021 and 2020, the Company did not have any collateral posted on its bilateral letter of credit facilities but had letters of credit drawn of $58 million (December 31, 2020 – $59 million) from a total available amount of $300 million .

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2021
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 Company’s short-term financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term borrowings including commercial paper and term loans. The carrying value of short-term financial instruments approximate their fair values. The carrying value of the Company’s long-term debt does not approximate its fair value. The estimated fair value 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. All measurements are classified as Level 2. The Company’s long-term debt, including current maturities, with a carrying value of $19,151 million at December 31, 2021 (December 31, 2020 - $8,951 million), had a fair value of $21,265 million (December 31, 2020 - $11,597 million). B. Financial risk management Derivative financial instruments Derivative financial instruments may be used to selectively reduce volatility associated with fluctuations in interest rates, FX rates, the price of fuel, and stock-based compensation expense. Where derivatives are designated as hedging instruments, the relationship between the hedging instruments and their associated hedged items is documented, as well as the risk management objective and strategy for the use of the hedging instruments. This documentation includes linking the derivatives that are designated as fair value or cash flow hedges to specific assets or liabilities on the Company's Consolidated Balance Sheets, commitments, or forecasted transactions. At the time a derivative contract is entered into and at least quarterly thereafter, an assessment is made as to whether the derivative item is effective in offsetting the changes in fair value or cash flows of the hedged items. The derivative qualifies for hedge accounting treatment if it is effective in substantially mitigating the risk it was designed to address. It is not the Company’s intent to use financial derivatives or commodity instruments for trading or speculative purposes. Credit risk management Credit risk refers to the possibility that a customer or counterparty will fail to fulfill its obligations under a contract and as a result create a financial loss for the Company. The railway industry predominantly serves financially established customers, and the Company has experienced limited financial losses with respect to credit risk. The credit worthiness of customers is assessed using credit scores supplied by a third party and through direct monitoring of their financial well-being on a continual basis. The Company establishes guidelines for customer credit limits and should thresholds in these areas be reached, appropriate precautions are taken to improve collectability. Counterparties to financial instruments expose the Company to credit losses in the event of non-performance. Counterparties for derivative and cash transactions are limited to high credit quality financial institutions, which are monitored on an ongoing basis. Counterparty credit assessments are based on the financial health of the institutions and their credit ratings from external agencies. The Company does not anticipate non-performance that would materially impact the Company’s financial statements. In addition, the Company believes there are no significant concentrations of credit risk. FX management The Company conducts business transactions and owns assets in both Canada and the United States. As a result, the Company is exposed to fluctuations in the value of financial commitments, assets, liabilities, income, or cash flows due to changes in FX rates. The Company may enter into FX risk management transactions primarily to manage fluctuations in the exchange rate between Canadian and U.S. currencies. FX exposure is primarily mitigated through natural offsets created by revenues, expenditures, and balance sheet positions incurred in the same currency. Where appropriate, the Company may negotiate with customers and suppliers to reduce the net exposure. Net investment hedge The FX gains and losses on long-term debt are mainly unrealized and can only be realized when U.S. dollar-denominated long-term debt matures or is settled. The Company also has long-term FX exposure on its investment in foreign subsidiaries with a U.S. dollar functional currency. The majority of the Company’s U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in these foreign subsidiaries. This designation has the effect of mitigating volatility on Net income by offsetting long-term FX gains and losses on U.S. dollar-denominated long-term debt and gains and losses on its net investment. The effect of the net investment hedge recognized in “Other comprehensive income (loss)” in 2021 was an FX gain of $25 million , the majority of which was unrealized (2020 – unrealized gain of $136 million; 2019 – unrealized gain of $288 million ) (see Note 8). FX forward contracts During 2021, the Company entered into various FX forward contracts totalling a notional U.S. $1.0 billion to fix the FX rate and lock-in a portion of the amount of Canadian dollars it could have borrowed to finance the U.S. dollar-denominated cash portion of the total consideration payable pursuant to the Original Merger Agreement with KCS. During the third quarter of 2021, the Company settled the FX forward contracts and did not have any such contracts remaining as at December 31, 2021. The realized gain from settlement of the FX forward contracts was $13 million and was recorded in "Other expense (income)" on the Company's Consolidated Statements of Income. Interest rate management The Company is exposed to interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will vary as a result of changes in market interest rates. In order to manage funding needs or capital structure goals, the Company enters into debt or finance lease agreements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by ongoing market conditions. Debt subject to variable interest rates exposes the Company to variability in interest expense, while debt subject to fixed interest rates exposes the Company to variability in the fair value of debt. To manage interest rate exposure, the Company accesses diverse sources of financing and manages borrowings in line with a targeted range of capital structure, debt ratings, liquidity needs, maturity schedule, and currency and interest rate profiles. In anticipation of future debt issuances, the Company may enter into forward rate agreements, that are designated as cash flow hedges, to substantially lock in all or a portion of the effective future interest expense. The Company may also enter into swap agreements, designated as fair value hedges, to manage the mix of fixed and floating rate debt. Forward starting swaps In the first half of 2021, the Company entered into forward starting swaps with terms of up to 30 years, totalling a notional U.S. $2.4 billion to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. On May 21, 2021, the Original Merger Agreement with KCS was terminated which resulted in the Company ceasing hedge accounting for the U.S. $2.4 billion of forward starting swaps. However, as the note issuances were still reasonably possible to occur, fair value losses of $73 million prior to this determination remained in “Accumulated other comprehensive loss”, net of tax. Fair value losses of $251 million during the period from May 21, 2021 through to the roll and re-designation described below were recorded within “Other expense (income)" on the Company’s Consolidated Statements of Income for twelve months ended December 31, 2021. Following CP entering into the Merger Agreement with KCS, the Company rolled the notional U.S. $2.4 billion of forward starting swaps but did not effect a cash settlement. Concurrently, the Company re-designated the forward starting swaps totalling U.S. $2.4 billion to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The changes in fair value on the forward starting swaps were recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the notes were issued. Fair value gains subsequent to re-designation of $94 million were recorded within “Other comprehensive income” on the Company’s Consolidated Statements of Comprehensive Income for the twelve months ended December 31, 2021. During the fourth quarter of 2021, the Company cash settled all outstanding forward starting swaps related to debt issuances that occurred in the same period. The fair value of these derivative instruments at the time of settlement was a loss of $230 million. The related $21 million gain within "Accumulated other comprehensive loss" will be reclassified to "Net interest expense" ratably over the duration of the notes' hedged interest payments. For the year ended December 31, 2021, a net loss of $9 million related to settled forward starting swap hedges was amortized from "Accumulated other comprehensive loss" to “Net interest expense” in line with the related hedged interest payments (2020 – net loss of $9 million; 2019 – net loss of $9 million). The Company expects that during the next 12 months, $8 million of net losses will be reclassified to “Net interest expense”. Bond locks In the first quarter of 2021, the Company entered into seven-year interest rate bond locks totalling a notional $600 million to fix the benchmark rate on cash flows associated with a highly probable forecasted issuance of long-term notes. On May 21, 2021, the Original Merger Agreement with KCS was terminated which resulted in the Company ceasing hedge accounting for the $600 million of bond locks. However, as the note issuances were still reasonably possible to occur, fair value losses of $2 million prior to this determination remained in “Accumulated other comprehensive loss”, net of tax. Fair value losses of $10 million during the period from May 21, 2021 through to the roll and re-designation described below were recorded within “Other expense (income)" on the Company’s Consolidated Statements of Income for the twelve months ended December 31, 2021. Following CP entering into the Merger Agreement with KCS, the Company rolled the notional $600 million of bond locks but did not effect a cash settlement. Concurrently, the Company re-designated the bond locks totalling $600 million to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The changes in fair value on the bond locks are recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the notes were issued. Fair value gains subsequent to re-designation of $19 million were recorded within “Other comprehensive income” on the Company’s Consolidated Statements of Comprehensive Income for the twelve months ended December 31, 2021. During the fourth quarter of 2021, the Company cash settled all outstanding bond locks related to debt issuances that occurred in the same period. The fair value of these derivative instruments at the time of settlement was a gain of $7 million. The related $17 million gain within "Accumulated other comprehensive loss" will be reclassified to "Net interest expense" ratably over the duration of the notes' hedged interest payments. For the year ended December 31, 2021, a net loss of $1 million related to settled bond and treasury rate lock hedges was amortized from "Accumulated other comprehensive loss" to “Net interest expense” in line with the related hedged interest payments (2020 – net loss of $1 million; 2019 – net loss of $1 million). The Company expects that during the next 12 months, $2 million of net gains will be reclassified to “Net interest expense”.

Other long-term liabilities

Other long-term liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Other long-term liabilities	Other long-term liabilities (in millions of Canadian dollars) 2021 2020 Operating lease liabilities, net of current portion (Note 21) $ 224 $ 248 Stock-based compensation liabilities, net of current portion 125 146 Provision for environmental remediation, net of current portion (1) 68 71 Deferred revenue, net of current portion (Note 3) 47 34 Deferred real estate lease and license revenue, net of current portion (2) 10 18 Deferred gains on sale leaseback transactions (2) 4 5 Other, net of current portion 64 63 Total other long-term liabilities $ 542 $ 585 (1) As at December 31, 2021, the aggregate provision for environmental remediation, including the current portion was $79 million (2020 – $80 million). (2) The deferred real estate lease and license revenue and deferred gains on sale leaseback transactions are being amortized to income on a straight-line basis over the related lease terms. Environmental remediation accruals Environmental remediation accruals cover site-specific remediation programs. The estimate of the probable costs to be incurred in the remediation of properties contaminated by past activities reflects the nature of contamination at individual sites according to typical activities and scale of operations conducted. CP has developed remediation strategies for each property based on the nature and extent of the contamination, as well as the location of the property and surrounding areas that may be adversely affected by the presence of contaminants, considering available technologies, treatment and disposal facilities and the acceptability of site-specific plans based on the local regulatory environment. Site-specific plans range from containment and risk management of the contaminants through to the removal and treatment of the contaminants and affected soils and groundwater. The details of the estimates reflect the environmental liability at each property. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion which is recorded in “Accounts payable and accrued liabilities” (see Note 17). Payments are expected to be made over 10 years to 2031.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases The Company’s leases have remaining terms of less than one year to 19 years, some include options to extend up to an additional 10 years, and some include options to terminate within one year. Residual value guarantees are provided on certain vehicle operating leases. Cumulatively, these guarantees are limited to $1 million and are not included in lease liabilities as it is not currently probable that any amounts will be owed. Components of lease expense for the year ended December 31 are as follows: (in millions of Canadian dollars) 2021 2020 Operating lease cost $ 74 $ 83 Short-term lease cost 16 10 Variable lease cost 5 13 Sublease income (3) (3) Finance Lease Cost Amortization of right-of-use assets 10 9 Interest on lease liabilities 10 11 Total lease costs $ 112 $ 123 Supplemental balance sheet information related to leases is as follows: (in millions of Canadian dollars) Classification 2021 2020 Assets Operating Other assets $ 287 $ 316 Finance Properties, net book value 166 171 Liabilities Current Operating Accounts payable and accrued liabilities 59 63 Finance Long-term debt maturing within one year 104 8 Long-term Operating Other long-term liabilities 224 248 Finance Long-term debt 36 135 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2021 2020 Weighted-Average Remaining Lease Term Operating leases 6 years 7 years Finance leases 2 years 3 years Weighted-Average Discount Rate Operating leases 3.18 % 3.32 % Finance leases 6.96 % 7.06 % Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 64 $ 74 Operating cash outflows from finance leases 10 10 Financing cash outflows from finance leases 8 8 Right-of-use assets obtained in exchange for lease liabilities Operating leases 36 34 Finance leases 5 4 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2021: (in millions of Canadian dollars) Finance Leases Operating Leases 2022 $ 107 $ 66 2023 9 62 2024 9 50 2025 9 39 2026 9 34 Thereafter 7 60 Total lease payments 150 311 Imputed interest (10) (28) Present value of lease payments $ 140 $ 283
Leases	Leases The Company’s leases have remaining terms of less than one year to 19 years, some include options to extend up to an additional 10 years, and some include options to terminate within one year. Residual value guarantees are provided on certain vehicle operating leases. Cumulatively, these guarantees are limited to $1 million and are not included in lease liabilities as it is not currently probable that any amounts will be owed. Components of lease expense for the year ended December 31 are as follows: (in millions of Canadian dollars) 2021 2020 Operating lease cost $ 74 $ 83 Short-term lease cost 16 10 Variable lease cost 5 13 Sublease income (3) (3) Finance Lease Cost Amortization of right-of-use assets 10 9 Interest on lease liabilities 10 11 Total lease costs $ 112 $ 123 Supplemental balance sheet information related to leases is as follows: (in millions of Canadian dollars) Classification 2021 2020 Assets Operating Other assets $ 287 $ 316 Finance Properties, net book value 166 171 Liabilities Current Operating Accounts payable and accrued liabilities 59 63 Finance Long-term debt maturing within one year 104 8 Long-term Operating Other long-term liabilities 224 248 Finance Long-term debt 36 135 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2021 2020 Weighted-Average Remaining Lease Term Operating leases 6 years 7 years Finance leases 2 years 3 years Weighted-Average Discount Rate Operating leases 3.18 % 3.32 % Finance leases 6.96 % 7.06 % Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 64 $ 74 Operating cash outflows from finance leases 10 10 Financing cash outflows from finance leases 8 8 Right-of-use assets obtained in exchange for lease liabilities Operating leases 36 34 Finance leases 5 4 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2021: (in millions of Canadian dollars) Finance Leases Operating Leases 2022 $ 107 $ 66 2023 9 62 2024 9 50 2025 9 39 2026 9 34 Thereafter 7 60 Total lease payments 150 311 Imputed interest (10) (28) Present value of lease payments $ 140 $ 283

Shareholders' equity

Shareholders' equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Authorized and issued share capital The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares, and an unlimited number of Second Preferred Shares. At December 31, 2021, no First or Second Preferred Shares had been issued. The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2021 2020 2019 Share capital, January 1 666.3 685.0 702.9 CP Common Shares repurchased — (20.4) (19.0) Shares issued under stock option plan 0.8 1.7 1.1 Shares issued for KCS acquisition (Note 11) 262.6 — — Share capital, December 31 929.7 666.3 685.0 The change in the “Share capital” balance includes $7 million of stock-based compensation transferred from “Additional paid-in capital” (2020 – $10 million; 2019 – $7 million). Share repurchases On January 27, 2021, the Company announced a normal course issuer bid ("NCIB"), commencing January 29, 2021, to purchase up to 16.7 million Common Shares in the open market for cancellation on or before January 28, 2022. As at December 31, 2021, the Company had not purchased any Common Shares under this NCIB. On December 17, 2019, the Company announced a NCIB, commencing December 20, 2019, to purchase up to 24.0 million Common Shares in the open market for cancellation on or before December 19, 2020. Upon expiry of this NCIB, the Company had purchased 21.4 million Common Shares for $1,577 million. On October 19, 2018, the Company announced a NCIB, commencing October 24, 2018, to purchase up to 28.4 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 ("TSX"), 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 each of the years ended December 31: 2021 2020 2019 Number of Common Shares repurchased (1) — 19,865,380 18,970,745 Weighted-average price per share (2) $ — $ 74.35 $ 60.13 Amount of repurchase (in millions) (2) $ — $ 1,477 $ 1,141 (1) Includes shares repurchased but not yet cancelled at year end. (2) Includes brokerage fees.

Change in non-cash working capi

Change in non-cash working capital balances related to operations	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Change in non-cash working capital balances related to operations	Change in non-cash working capital balances related to operations (in millions of Canadian dollars) 2021 2020 2019 Source (use) of cash: Accounts receivable, net $ 32 $ (61) $ 27 Materials and supplies (14) (15) (8) Other current assets 24 (5) (24) Accounts payable and accrued liabilities (108) (308) (21) Change in non-cash working capital $ (66) $ (389) $ (26)

Pensions and other benefits

Pensions and other benefits	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Pensions and other benefits	Pensions and other benefits The Company has both defined benefit (“DB”) and defined contribution (“DC”) pension plans. At December 31, 2021, the Canadian pension plans represent nearly all of total combined pension plan assets and nearly all of total combined pension plan obligations. The DB plans provide for pensions based principally on years of service and compensation rates near retirement. Pensions for Canadian pensioners are partially indexed to inflation. Annual employer contributions to the DB plans, which are actuarially determined, are made on the basis of being not less than the minimum amounts required by federal pension supervisory authorities. The Company has other benefit plans including post-retirement health and life insurance for pensioners, and post-employment long-term disability and workers’ compensation benefits, which are based on Company-specific claims. At December 31, 2021, the Canadian other benefits plans represent nearly all of total combined other plan obligations. The Audit and Finance Committee of the Board of Directors has approved an investment policy that establishes long-term asset mix targets which take into account the Company’s expected risk tolerances. Pension plan assets are managed by a suite of independent investment managers, with the allocation by manager reflecting these asset mix targets. Most of the assets are actively managed with the objective of outperforming applicable benchmarks. In accordance with the investment policy, derivative instruments may be used by investment managers to hedge or adjust existing or anticipated exposures. To develop the expected long-term rate of return assumption used in the calculation of net periodic benefit cost applicable to the market-related value of plan assets, the Company considers the expected composition of the plans’ assets, past experience, and future estimates of long-term investment returns. Future estimates of investment returns reflect the long-term return expectation for fixed income, public equity, real estate, infrastructure, private debt, and absolute return investments, and the expected added value (relative to applicable benchmark indices) from active management of pension fund assets. The Company has elected to use a market-related value of assets for the purpose of calculating net periodic benefit cost, developed from a five year average of market values for the plans’ public equity and absolute return investments (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the plans’ fixed income, real estate, infrastructure, and private debt securities. The benefit obligation is discounted using a discount rate that is a blended yield to maturity for a hypothetical portfolio of high-quality debt instruments with cash flows matching projected benefit payments. The discount rate is determined by management. Net periodic benefit cost The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2019 2021 2020 2019 Current service cost (benefits earned by employees) $ 171 $ 140 $ 107 $ 13 $ 12 $ 11 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 351 406 450 16 17 20 Expected return on fund assets (959) (945) (947) — — — Recognized net actuarial loss 206 177 84 (1) 4 12 Amortization of prior service (recoveries) costs — (1) (1) — — 1 Total other components of net periodic benefit (recovery) cost (402) (363) (414) 15 21 33 Net periodic benefit (recovery) cost $ (231) $ (223) $ (307) $ 28 $ 33 $ 44 Projected benefit obligation, fund assets, and funded status Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Change in projected benefit obligation: Benefit obligation at January 1 $ 13,799 $ 12,610 $ 553 $ 541 Current service cost 171 140 13 12 Interest cost 351 406 16 17 Employee contributions 42 42 — — Benefits paid (667) (653) (31) (34) Foreign currency changes — (5) — — Plan amendments and other — 3 — — Actuarial loss (gain) (812) 1,256 (48) 17 Projected benefit obligation at December 31 $ 12,884 $ 13,799 $ 503 $ 553 The net actuarial gains for Pensions and Other benefits in 2021 were primarily due to the increase in discount rate from 2.58% to 3.01%. The net actuarial losses for Pensions and Other benefits in 2020 were primarily due to the decrease in discount rate from 3.25% to 2.58%. Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Change in fund assets: Fair value of fund assets at January 1 $ 14,365 $ 13,319 $ 5 $ 5 Actual return on fund assets 1,180 1,634 — — Employer contributions 18 27 31 34 Employee contributions 42 42 — — Benefits paid (667) (653) (31) (34) Foreign currency changes — (4) — — Fair value of fund assets at December 31 $ 14,938 $ 14,365 $ 5 $ 5 Funded status – plan surplus (deficit) $ 2,054 $ 566 $ (498) $ (548) The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2021 2020 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (12,346) $ (538) $ (13,220) $ (579) Fair value of fund assets at December 31 14,663 275 14,114 251 Funded status $ 2,317 $ (263) $ 894 $ (328) The DB pension plans’ accumulated benefit obligation as at December 31, 2021 was $12,591 million (2020 – $13,528 million). The accumulated benefit obligation is calculated on a basis similar to the projected benefit obligation, except no future salary increases are assumed in the projection of future benefits. For pension plans with accumulated benefit obligations in excess of fair value of plan assets (i.e. deficit), the aggregate pension accumulated benefit obligation as at December 31, 2021 was $410 million (2020 – $443 million) and the aggregate fair value of plan assets as at December 31, 2021 was $201 million (2020 –$187 million). All Other benefits plans were in a deficit position at December 31, 2021 and 2020. Pension asset and liabilities in the Company’s Consolidated Balance Sheets Amounts recognized in the Company’s Consolidated Balance Sheets are as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Pension asset $ 2,317 $ 894 $ — $ — Accounts payable and accrued liabilities (11) (11) (32) (33) Pension and other benefit liabilities (252) (317) (466) (515) Total amount recognized $ 2,054 $ 566 $ (498) $ (548) The measurement date used to determine the plan assets and the benefit obligation is December 31. The most recent actuarial valuation for pension funding purposes for the Company’s main Canadian pension plan was performed as at January 1, 2021. During 2022, the Company expects to file with the pension regulator a new valuation performed as at January 1, 2022. Accumulated other comprehensive loss Amounts recognized in accumulated other comprehensive loss are as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Net actuarial loss: Other than deferred investment gains $ 3,298 $ 3,960 $ 57 $ 104 Deferred investment gains (672) (95) — — Prior service cost 5 5 1 1 Deferred income tax (759) (1,070) (15) (27) Total (Note 8) $ 1,872 $ 2,800 $ 43 $ 78 Actuarial assumptions Weighted-average actuarial assumptions used were approximately: (percentages) 2021 2020 2019 Benefit obligation at December 31: Discount rate 3.01 2.58 3.25 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate (1) 5.00 5.00 5.50 Benefit cost for year ended December 31: Discount rate 2.58 3.25 4.01 Expected rate of return on fund assets (2) 6.90 7.25 7.50 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate (1) 5.00 5.50 6.00 (1) The health care cost trend rate was assumed to be 6.00% in 2019 and 5.50% in 2020 and is assumed to be 5.00% per year in 2021 and thereafter. (2) The expected rate of return on fund assets that will be used to compute the 2022 net periodic benefit credit is 6.90%. Plan assets Plan assets are recorded at fair value. The major asset categories are public equity securities, fixed income securities, real estate, infrastructure, absolute return investments, and private debt. The fair values of the public equity and fixed income securities are primarily based on quoted market prices. Real estate and infrastructure values are based on the value of each fund’s assets as calculated by the fund manager, generally using third party appraisals or discounted cash flow analysis and taking into account current market conditions and recent sales transactions where practical and appropriate. Private debt values are based on the value of each fund’s assets as calculated by the fund manager taking into account current market conditions and reviewed annually by external parties. Absolute return investments are a portfolio of units of externally managed hedge funds and are valued by the fund administrators. The Company’s pension plan asset allocation, the weighted-average asset allocation targets, and the weighted average policy range for each major asset class at year end were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2021 2020 Cash and cash equivalents 1.2 0 – 10 3.1 2.0 Fixed income 24.1 20 – 40 24.1 28.1 Public equity 45.1 35 – 55 50.5 49.3 Real estate and infrastructure 9.8 4 – 13 6.7 6.3 Private debt 9.8 4 – 13 4.6 3.3 Absolute return 10.0 4 – 13 11.0 11.0 Total 100.0 100.0 100.0 Summary of the assets of the Company’s DB pension plans The following is a summary of the assets of the Company’s DB pension plans at December 31, 2021 and 2020. As of December 31, 2021 and 2020, there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan (in millions of Canadian dollars) Quoted prices in Significant other observable inputs (Level 2) December 31, 2021 Cash and cash equivalents $ 363 $ — $ — $ 363 Fixed income Government bonds (2) 232 1,704 — 1,936 Corporate bonds (2) 569 868 — 1,437 Mortgages (3) 230 4 — 234 Public equities Canada 1,004 — — 1,004 U.S. and international 6,536 — — 6,536 Real estate (4) — — 732 732 Infrastructure (5) — — 263 263 Private debt (6) — — 682 682 Derivative instruments (7) — 106 — 106 Absolute return (8) Funds of hedge funds — — 1,621 1,621 Multi-strategy funds — — 24 24 $ 8,934 $ 2,682 $ 3,322 $ 14,938 December 31, 2020 Cash and cash equivalents $ 219 $ — $ — $ 219 Fixed income Government bonds (2) 284 1,699 — 1,983 Corporate bonds (2) 691 1,144 — 1,835 Mortgages (3) 220 5 — 225 Public equities Canada 1,183 — — 1,183 U.S. and international 5,871 28 — 5,899 Real estate (4) — — 704 704 Infrastructure (5) — — 199 199 Private debt (6) — — 465 465 Derivative instruments (7) — 71 — 71 Absolute return (8) Funds of hedge funds — — 1,560 1,560 Multi-strategy funds — — 22 22 $ 8,468 $ 2,947 $ 2,950 $ 14,365 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plan’s ownership interest in the funds. Of the total, $613 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $580 million). The remaining $119 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2020 – $124 million). As at December 31, 2021, there are $32 million of unfunded commitments for real estate investments (December 31, 2020 – $32 million). (5) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $107 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $112 million). The remaining $156 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2020 – $87 million). As at December 31, 2021, there are $814 million of unfunded commitments for infrastructure investments (December 31, 2020 – $491 million). (6) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $152 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $154 million). The remaining $530 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2020 - $311 million). As at December 31, 2021, there are $774 million of unfunded commitments for private debt investments (December 31, 2020 – $533 million). (7) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond forwards to reduce asset/liability interest rate risk exposures (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. As at December 31, 2021, there are currency forwards with a notional value of nil (December 31, 2020 – $1,041 million) and a fair value of $6 million (December 31, 2020 – $73 million). The fixed income investment manager utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2021, there are bond forwards with a notional value of $2,967 million ( December 31, 2020 – $3,540 million) and a fair value of $100 million (December 31, 2020 – $(2) million). (8) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 60 to 95 days and frequencies ranging from monthly to triennially. Additional plan assets information The Company's primary investment objective for pension plan assets is to achieve a long–term return, net of all fees and expenses, that is sufficient for the plan's assets to satisfy the current and future obligations to plan beneficiaries, while minimizing the financial impact on the Company. In identifying the asset allocation ranges, consideration was given to the long-term nature of the underlying plan liabilities, the solvency and going-concern financial position of the plan, long-term return expectations, and the risks associated with key asset classes as well as the relationships of returns on key asset classes with each other, inflation, and interest rates. When advantageous and with due consideration, derivative instruments may be utilized by investment managers, provided the total value of the underlying assets represented by financial derivatives (excluding currency forwards, liability hedging derivatives in fixed income portfolios, and derivatives held by absolute return funds) is limited to 30% of the market value of the fund. The funded status of the plans is exposed to fluctuations in interest rates, which affects the relative values of the plans' liabilities and assets. In order to mitigate interest rate risk, the Company's main Canadian defined benefit pension plan utilizes a liability driven investment strategy in its fixed income portfolio, which uses a combination of long duration bonds and derivatives to hedge interest rate risk, managed by the investment manager. At December 31, 2021, the plan's solvency funded position was 47% hedged against interest rate risk (2020 – 47%). When investing in foreign securities, the plans are exposed to foreign currency risk; the effect of which is included in the valuation of the foreign securities. At December 31, 2021, the plans were 43% exposed to the U.S. dollar, 5% exposed to the Euro, and 10% exposed to various other currencies. At December 31, 2020, the plans were 33% exposed to the U.S. dollar net of currency forwards (40% excluding the currency forwards), 6% exposed to the Euro, and 14% exposed to various other currencies. At December 31, 2021, fund assets included 426,304 of the Common Shares of the Company (2020 – 545,040) at a market value of $39 million (2020 – $48 million) and Fixed Income securities of the Company at a market value of $5 million (2020 – nil). Estimated future benefit payments The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2022 $ 645 $ 32 2023 637 31 2024 638 30 2025 639 29 2026 640 29 2027-2031 3,209 136 The benefit payments from the Canadian registered and U.S. qualified DB pension plans are payable from their respective pension funds. Benefit payments from the supplemental pension plan and from the other benefits plans are payable directly by the Company. Defined contribution plan Canadian non-unionized employees hired prior to July 1, 2010 had the option to participate in the Canadian DC plan. All Canadian non-unionized employees hired after such date must participate in this plan. Employee contributions are based on a percentage of salary. The Company matches employee contributions to a maximum percentage each year. Effective July 1, 2010, a new U.S. DC plan was established. All U.S. non-unionized employees hired after such date must participate in this plan. Employees do not contribute to the plan. The Company annually contributes a percentage of salary. The DC plans provide a pension based on total employee, where appropriate, and employer contributions plus investment income earned on those contributions. In 2021, the net cost of the DC plans, which generally equals the employer’s required contribution, was $13 million (2020 – $12 million; 2019 – $11 million). Contributions to multi-employer plans Some of the Company’s unionized employees in the U.S. are members of a U.S. national multi-employer benefit plan. Contributions made by the Company to this plan in 2021 in respect of post-retirement medical benefits were $3 million (2020 – $3 million; 2019 – $3 million).

Stock-based compensation

Stock-based compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation At December 31, 2021, the Company had several stock-based compensation plans including stock option plans, various cash-settled liability plans, and an employee share purchase plan. These plans resulted in an expense of $131 million in 2021 (2020 – $170 million; 2019 – $133 million) and the total tax benefit related to these plans was $29 million in 2021 (2020 – $42 million; 2019 – $33 million). A. Stock option plan Options issued prior to the share split described in Item 8. Financial Statements and Supplementary Data, Note 1 Summary of significant accounting policies now each provide rights over five shares. For consistency, all number of options presented herein are calculated and shown on the basis of the number of shares subject to the options. The following table summarizes information related to the stock option plan as at December 31, 2021: Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2021 6,936,830 $ 45.04 3,885,385 $ 11.68 Granted 1,346,358 $ 87.51 1,346,358 $ 19.06 Exercised (723,276) $ 35.20 N/A N/A Vested N/A N/A (1,315,036) $ 11.83 Forfeited (167,724) $ 54.54 (167,724) $ 12.23 Outstanding, December 31, 2021 7,392,188 $ 53.36 3,748,983 $ 14.25 Vested or expected to vest at December 31, 2021 (1) 7,340,397 $ 53.21 N/A N/A Exercisable, December 31, 2021 3,643,205 $ 41.64 N/A N/A (1) As at December 31, 2021, the weighted-average remaining term of vested or expected to vest options was 4.3 years with an aggregate intrinsic value of $277 million . The following table provides the number of stock options outstanding and exercisable as at December 31, 2021 by range of exercise price and their related intrinsic aggregate value, and for options outstanding, the weighted-average years to expiration. The table also provides the aggregate intrinsic value for in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their options on December 31, 2021 at the Company’s closing stock price of $90.98. Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $15.14 - $38.17 1,420,600 2.7 $ 30.14 $ 86 1,420,600 $ 30.14 $ 87 $38.18 - $46.65 2,013,630 2.4 $ 40.86 $ 101 1,032,160 $ 42.64 $ 50 $46.66 - $68.74 2,167,180 4.1 $ 55.55 $ 77 1,082,960 $ 52.89 $ 41 $68.75 - $103.98 1,790,778 5.9 $ 83.21 $ 14 107,485 $ 70.48 $ 2 Total (1) 7,392,188 3.8 $ 53.36 $ 278 3,643,205 $ 41.64 $ 180 (1) As at December 31, 2021, the total number of in-the-money stock options outstanding was 7,373,880 with a weighted-average exercise price of $53.26. The weighted-average years to expiration of exercisable stock options is 3.1 years. Pursuant to the employee plan, options may be exercised upon vesting, which is between 12 months and 48 months after the grant date, and will expire after seven years. Under the fair value method, the fair value of the stock options at grant date was approximately $26 million for options issued in 2021 (2020 – $15 million; 2019 – $14 million). The weighted-average fair value assumptions were approximately: 2021 2020 2019 Expected option life (years) (1) 4.75 4.75 5.00 Risk-free interest rate (2) 0.53 % 1.28 % 2.22 % Expected stock price volatility (3) 27.14 % 23.14 % 25.04 % Expected annual dividends per share (4) $ 0.760 $ 0.664 $ 0.524 Expected forfeiture rate (5) 2.62 % 4.41 % 6.05 % Weighted-average grant date fair value of options granted during the year $ 19.06 $ 13.80 $ 12.74 (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. The rate is monitored on a periodic basis. In 2021, the expense for stock options (regular and performance) was $23 million (2020 – $16 million; 2019 – $14 million). At December 31, 2021, there was $16 million of total unrecognized compensation related to stock options which is expected to be recognized over a weighted-average period of approximately 0.9 years. The total fair value of shares vested for the stock option plan during 2021 was $18 million (2020 – $10 million; 2019 – $8 million). The following table provides information related to all options exercised in the stock option plan during the years ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Total intrinsic value $ 43 $ 52 $ 63 Cash received by the Company upon exercise of options 25 52 26 B. Other share-based plans Performance share unit plans During 2021, the Company issued 431,430 PSUs with a grant date fair value of approximately $37 million and 12,694 PDSUs with a grant date fair value, including value of expected future matching units, of approximately $1 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 closing share price on the date of measurement. The fair value of units that are probable of vesting based on forecasted performance factors over the three-year performance period is recognized as expense in the Consolidated Statements of Income. Vested PSUs are settled in cash. Vested PDSUs are settled in cash pursuant to the 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 2021 is January 1, 2021 to December 31, 2023, 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 489,990 PSUs and 50,145 PDSUs issued in 2020 is January 1, 2020 to December 31, 2022, and the performance factors for these PSUs are ROIC, TSR compared to the S&P/TSX 60 Index, and TSR compared to Class I railways. The performance period for 668,405 PSUs issued in 2019 was January 1, 2019 to December 31, 2021, and the performance factors for these PSUs were ROIC, TSR compared to the S&P/TSX 60 Index, and TSR compared to Class I Railways. The resulting estimated payout on these awards was 200% on 630,129 total outstanding awards representing a total fair value of $116 million at December 31, 2021, calculated using the Company's average share price of the last 30 trading days preceding December 31, 2021. The performance factors for the remaining 2,895 PSUs were annual revenue for the fiscal year 2020, diluted earnings per share for the fiscal year 2020, and share price appreciation. The performance period for 626,400 PSUs issued in 2018 was January 1, 2018 to December 31, 2020, and the performance factors were ROIC, TSR compared to the S&P/TSX Capped Industrial Index, and TSR compared to the S&P 1500 Road and Rail Index. The resulting payout was 200% of the outstanding units multiplied by the Company's average share price calculated using the last 30 trading days preceding December 31, 2020. In the first quarter of 2021, payouts occurred on 570,056 total outstanding awards, including dividends reinvested, totalling $98 million. The performance factors for the remaining 184,875 PSUs were annual revenue for the fiscal year 2020, diluted earnings per share for the fiscal year 2020, and share price appreciation. The resulting payout was 125% of the outstanding units multiplied by the Company's average share price calculated using the last 30 trading days preceding the vesting dates. In the second half of 2021, payouts occurred on 173,456 total outstanding awards, including the 2,895 units issued in 2019 and dividends reinvested, totalling $21 million. The following table summarizes information related to PSUs and PDSUs as at December 31: 2021 2020 Outstanding, January 1 1,909,345 2,015,680 Granted 444,124 540,135 Units in lieu of dividends 14,668 19,215 Settled (743,512) (606,125) Forfeited (46,844) (59,560) Outstanding, December 31 1,577,781 1,909,345 In 2021, the expense for PSUs and PDSUs was $91 million (2020 – $121 million; 2019 – $89 million). At December 31, 2021, there was $35 million of total unrecognized compensation related to these awards which is expected to be recognized over a weighted-average period of approximately 1.4 years. Deferred share unit plan The Company established the DSU plan as a means to compensate and assist in attaining share ownership targets set for certain key employees and Directors. A DSU entitles the holder to receive, upon redemption, a cash payment equivalent to the Company's average share price using the 10 trading days prior to redemption. DSUs vest over various periods of up to 36 months and are only redeemable for a specified period after employment is terminated. Senior managers may elect to receive DSUs in lieu of annual bonus cash payments in the bonus deferral program. In addition, senior managers will be granted a 25% company match of DSUs when deferring cash to DSUs to meet ownership targets. The election to receive eligible payments in DSUs is no longer available to a participant when the value of the participant’s DSUs is sufficient to meet the Company’s stock ownership guidelines. Senior managers have five years to meet their ownership targets. The expense for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods. The following table summarizes information related to DSUs as at December 31: 2021 2020 Outstanding, January 1 774,053 806,095 Granted 70,112 95,204 Units in lieu of dividends 6,753 7,553 Settled (6,677) (133,940) Forfeited (2,908) (859) Outstanding, December 31 841,333 774,053 During 2021, the Company granted 70,112 DSUs with a grant date fair value of approximately $6 million. In 2021, the expense for DSUs was $6 million (2020 – $21 million; 2019 – $20 million). At December 31, 2021, there was $1 million of total unrecognized compensation related to DSUs which is expected to be recognized over a weighted-average period of approximately 1.0 year. Summary of share-based liabilities paid The following table summarizes the total share-based liabilities paid for each of the years ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Plan PSUs $ 119 $ 76 $ 54 DSUs 1 9 4 Other 6 1 — Total $ 126 $ 86 $ 58 C. Employee share purchase plan The Company has an employee share purchase plan whereby both employee and the Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed over the one year vesting period. Under the plan, the Company matches $1 for every $3 contributed by employees up to a maximum employee contribution of 6% of annual salary.

Variable interest entities

Variable interest entities	12 Months Ended
	Dec. 31, 2021
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable interest entities	Variable interest entities The Company leases equipment from certain trusts, which have been determined to be variable interest entities financed by a combination of debt and equity provided by unrelated third parties. The lease agreements, which are classified as operating leases, have fixed price purchase options which create the Company’s variable interests and result in the trusts being considered variable interest entities. Maintaining and operating the leased assets according to specific contractual obligations outlined in the terms of the lease agreements and industry standards is the Company’s responsibility. The rigour of the contractual terms of the lease agreements and industry standards are such that the Company has limited discretion over the maintenance activities associated with these assets. As such, the Company concluded these terms do not provide the Company with the power to direct the activities of the variable interest entities in a way that has a significant impact on the entities’ economic performance. The financial exposure to the Company as a result of its involvement with the variable interest entities is equal to the fixed lease payments due to the trusts. In 2021, lease payments after tax were $14 million. Future minimum lease payments, before tax, of $107 million will be payable over the next 9 years. The Company does not guarantee the residual value of the assets to the lessor; however, it must deliver to the lessor the assets in good operating condition, subject to normal wear and tear, at the end of the lease term. As the Company’s actions and decisions do not significantly affect the variable interest entities’ performance, and the Company’s fixed price purchase option is not considered to be potentially significant to the variable interest entities, the Company is not considered to be the primary beneficiary, and does not consolidate these variable interest entities. Additionally, as further discussed in Note 11, as at December 31, 2021, an indirect wholly owned subsidiary of the Company is the sole beneficiary of an independent voting trust that holds 100% of the equity interest in KCS. The trust is governed by a single trustee who is responsible to act in the interest of CP as the beneficial owner of the shares of KCS. As a result of KCS's equity being held in trust, CP's interest in KCS does not have the attributes of a typical equity holder as CP has no power to direct KCS’s activities during the trust period and therefore the trust is considered to be a variable interest entity that CP cannot consolidate. The risks associated with CP's investment in KCS include normal corporate and business risks associated with railroad operations. During the trust period, KCS is subject to contractual restrictions related to acquiring assets, entering into material contracts, or making certain additional capital expenditures that could have a negative impact on their operations. CP's investment in KCS is also subject to the risk that the STB will not approve CP’s application to control KCS by December 31, 2023 or, by a final and non-appealable order, refuse to provide final approval in which cases CP would be required to dispose of its investment in KCS. Similarly, if the STB imposes onerous conditions on its final approval, CP may choose to dispose of its initial investment in KCS rather than agreeing to the conditions imposed by the STB. The Company may not be able to sell its investment at a price that recovers its initial investment and may incur a loss up to the full carrying value of its investment in KCS, in addition to incurring significant expenses in connection to such transaction. All of these risks can impact the overall value of CP’s investment in KCS.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies In the normal course of its operations, the Company becomes involved in various legal actions, including claims relating to injuries and damage to property. The Company maintains provisions it considers to be adequate for such actions. While the final outcome with respect to actions outstanding or pending at December 31, 2021 cannot be predicted with certainty, it is the opinion of management that their resolution will not have a material adverse effect on the Company’s business, financial position, or results of operations. However, an unexpected adverse resolution of one or more of these legal actions could have a material adverse effect on the Company's business, financial position, results of operations, or liquidity in a particular quarter or fiscal year. Commitments At December 31, 2021, the Company had committed to total future capital expenditures amounting to $455 million and operating expenditures relating to supplier purchase obligations, such as bulk fuel purchase agreements, locomotive maintenance and overhaul agreements, as well as agreements to purchase other goods and services amounting to approximately $1.6 billion for the years 2022–2035. Commitments related to leases, including minimum annual payments for the next five years and thereafter, are included in Note 21. Legal proceedings related to Lac-Mégantic rail accident On July 6, 2013, a train carrying petroleum crude oil operated by Montréal Maine and Atlantic Railway (“MMAR”) or a subsidiary, Montréal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”), derailed in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group and while the MMA Group 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. On November 28, 2019, the plaintiffs' motion to discontinue their action against Harding was granted. 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. The joint liability trial of these consolidated claims commenced on September 21, 2021, and will be 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 approximately U.S. $30 million in damages for MMAR’s loss in business value according to a recent expert report filed by the bankruptcy estate. 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 appealed the dismissal decision to the United States First Circuit Court of Appeals, which dismissed the plaintiffs' appeal on June 2, 2021. The plaintiffs further petitioned the United States First Circuit Court of Appeals for a rehearing, which was denied on September 8, 2021. On January 24, 2022, the plaintiffs filed a petition for a writ of certiorari with the U.S. Supreme Court on two bankruptcy procedural grounds. (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). The Court issued an Order on August 6, 2020 granting and denying in parts the parties' summary judgment motions which has been reviewed and confirmed following motions by the parties for clarification and reconsideration. This action is scheduled for trial on July 11 to 14, 2022. At this stage of the proceedings, any potential responsibility and the quantum of potential losses cannot be determined. Nevertheless, CP denies liability and is vigorously defending these proceedings.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2021
Guarantees [Abstract]
Guarantees	Guarantees In the normal course of operating the railway, the Company enters into contractual arrangements that involve providing certain guarantees, which extend over the term of the contracts. These guarantees include, but are not limited to: • guarantees to pay other parties in the event of the occurrence of specified events, including damage to equipment, in relation to assets used in the operation of the railway through operating leases, rental agreements, easements, trackage, and interline agreements; and • indemnifications of certain tax-related payments incurred by lessors and lenders. The maximum amount that could be payable under these guarantees, excluding residual value guarantees, cannot be reasonably estimated due to the nature of certain of these guarantees. All or a portion of amounts paid under guarantees to other parties in the event of the occurrence of specified events could be recoverable from other parties or through insurance. The Company has accrued for all guarantees that it expects to pay. At December 31, 2021, these accruals amounted to $14 million (2020 – $18 million), and are recorded in “Accounts payable and accrued liabilities". Indemnifications Pursuant to a trust and custodial services agreement with the trustee of the Canadian Pacific Railway Company Pension Plan, the Company has undertaken to indemnify and save harmless the trustee, to the extent not paid by the fund, from any and all taxes, claims, liabilities, damages, costs, and expenses arising out of the performance of the trustee’s obligations under the agreement, except as a result of misconduct by the trustee. The indemnity includes liabilities, costs, or expenses relating to any legal reporting or notification obligations of the trustee with respect to the defined benefit and defined contribution options of the pension plans, or otherwise with respect to the assets of the pension plans that are not part of the fund. The indemnity survives the termination or expiry of the agreement with respect to claims and liabilities arising prior to the termination or expiry. Pursuant to the voting trust agreement executed as part of the KCS acquisition, the Company has undertaken to protect, indemnify and save harmless the trustee from any loss, damages, liability, cost or expense in connection with the independent voting trust (except those resulting from the gross negligence or willful misconduct of the trustee) and any cost or expense of any suit or litigation with respect to the trust stock or the voting trust agreement. The Company has also undertaken to pay all costs, damages and expenses of the trustee, where the trustee is made party to or is the subject of any investigation or proceeding by reason of and with respect to the trust stock or voting trust agreement. At December 31, 2021, the Company had not recorded a liability associated with this indemnification as it does not expect to make any payments pertaining to it.

Segmented and geographic inform

Segmented and geographic information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segmented and geographic information	Segmented and geographic information Operating segment The Company operates in only one operating segment: rail transportation. Operating results by geographic areas, railway corridors, or other lower-level components or units of operation are not reviewed by the Company’s chief operating decision-maker to make decisions about the allocation of resources to, or the assessment of performance of, such geographic areas, corridors, components, or units of operation. In the years ended December 31, 2021, 2020, and 2019, no one customer comprised more than 10% of total revenues and accounts receivable. Geographic information All of the Company's revenues and long-term assets disclosed in the table below are held within Canada and the United States. (in millions of Canadian dollars) Canada United States Total 2021 Revenues $ 5,992 $ 2,003 $ 7,995 Long-term assets excluding investment in Kansas City Southern, financial instruments, and pension assets 14,922 7,274 22,196 2020 Revenues 5,829 1,881 7,710 Long-term assets excluding financial instruments and pension assets 14,258 7,165 21,423 2019 Revenues 5,675 2,117 7,792 Long-term assets excluding financial instruments and pension assets 13,131 7,020 20,151

Selected quarterly data (unaudi

Selected quarterly data (unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected quarterly data (unaudited)	Selected quarterly data (unaudited) As a result of the five-for-one share split of the Company's issued and outstanding Common Shares, which began trading on a post-split basis on May 14, 2021, per share amounts and all outstanding Common Shares for periods prior to Q2 2021 were retrospectively adjusted. The adjusted amounts are presented below. Total revenues, Operating income, and Net income were not impacted by the share split. For the quarter ended 2021 2020 (in millions of Canadian dollars, except per share data) Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Total revenues $ 2,040 $ 1,942 $ 2,054 $ 1,959 $ 2,012 $ 1,863 $ 1,792 $ 2,043 Operating income 832 774 820 780 928 779 770 834 Net income 532 472 1,246 602 802 598 635 409 Basic earnings per share (1) $ 0.74 $ 0.71 $ 1.87 $ 0.90 $ 1.19 $ 0.88 $ 0.94 $ 0.60 Diluted earnings per share (1) $ 0.74 $ 0.70 $ 1.86 $ 0.90 $ 1.19 $ 0.88 $ 0.93 $ 0.60 (1) Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts (in millions of Canadian dollars) Beginning balance at January 1 Additions charged to expenses Payments and other reductions Impact of FX Ending Accruals for personal injury and other claims provision (1) 2019 $ 152 $ 142 $ (152) $ (1) $ 141 2020 $ 141 $ 105 $ (119) $ (1) $ 126 2021 $ 126 $ 114 $ (117) $ — $ 123 Environmental liabilities 2019 $ 82 $ 6 $ (8) $ (3) $ 77 2020 $ 77 $ 10 $ (6) $ (1) $ 80 2021 $ 80 $ 10 $ (10) $ (1) $ 79 (1) Includes WCB, FELA, occupational, damage, and other.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Accounting principles generally accepted in the United States of America ("GAAP")	Accounting principles generally accepted in the United States of America (“GAAP”) These Consolidated Financial Statements are expressed in Canadian dollars and have been prepared in accordance with GAAP.
Principles of consolidation	Principles of consolidation These Consolidated Financial Statements include the accounts of CP and all its subsidiaries. The Company’s investments in which it has significant influence are accounted for using the equity method. Distributions received from equity method investees are classified using the nature of the distribution approach for cash flow presentation purposes, whereby distributions received are classified based on the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). All intercompany accounts and transactions have been eliminated.
Common Stock split	Common Stock splitOn April 21, 2021, the Company's shareholders approved a five-for-one stock split to shareholders of record as of May 5, 2021. Proportional adjustments were made to all outstanding awards under the Company's stock-based compensation plans in order to reflect the share split. All share and per share amounts have been retroactively adjusted to reflect the impact of the stock split.
Use of estimates	Use of estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, deferred income tax assets and liabilities, as well as legal and personal injury liabilities based upon currently available information. Actual results could differ from these estimates.
Revenue recognition	Revenue recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. Government imposed taxes that the Company collects concurrent with revenue generating activities are excluded from revenue. In the normal course of business, the Company does not generate any material revenue through acting as an agent for other entities. The Company provides rail freight transportation services to a wide variety of customers and transports bulk commodities, merchandise freight and intermodal traffic. The Company signs master service agreements with customers that dictate future services the Company is to perform for a customer at the time a bill of lading or service request is received. Each bill of lading or service request represents a separate distinct performance obligation that the Company is obligated to satisfy. The transaction price is generally in the form of a fixed fee determined at the inception of the bill of lading or service request. The Company allocates the transaction price to each distinct performance obligation based on the estimated standalone selling price for each performance obligation. As each bill of lading or service request represents a separate distinct performance obligation, the estimated standalone selling price is assessed at an observable price which is fair market value. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate variable consideration and is allocated to the applicable performance obligation and is recognized when the related performance obligation is satisfied. Additionally, the Company offers published rates for services through public tariff agreements in which a customer can request service, triggering a performance obligation the Company must satisfy. Railway freight revenues are recognized over time as services are provided based on the percentage of completed service method. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volumes and contract terms as freight service is provided. Freight revenues also include certain ancillary and other services provided in association with the performance of rail freight movements. Revenues from these activities are not material and therefore have been aggregated with the freight revenues from customer contracts with which they are associated. Non-freight revenues, including revenues earned from passenger service operators, switching fees, and revenues from logistics services, are recognized at the point in time the services are provided or when the performance obligations are satisfied. Non-freight revenues also include leasing revenues. Payment by customers is due upon satisfaction of performance obligations. Payment terms are such that amounts outstanding at the period end are expected to be collected within one reporting period. The Company invoices customers at the time the bill of lading or service request is processed and therefore the Company has no material unbilled receivables and no contract assets. All performance obligations not fully satisfied at period end are expected to be satisfied within the reporting period immediately following. Contracted customer incentives are amortized to income over the term of the related revenue contract.
Income taxes	Income taxes The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Company's Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income. Income tax recovery or expense on items in "Accumulated other comprehensive loss" are recognized in "Income tax expense" as the related item is recognized in income.
Earnings per share	Earnings per share Basic earnings per share are calculated using the weighted-average number of the Company's Common Shares ("Common Shares") outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options.
Foreign currency translation	Foreign currency translation Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries and foreign equity method investees are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains, and losses. FX gains and losses arising from the translation of the foreign subsidiaries’ and foreign equity method investees' assets and liabilities are included in “Other comprehensive income (loss)”. Debt instruments and finance lease obligations ("long-term debt") and operating lease liabilities denominated in U.S. dollars have been designated as a hedge of the net investment in foreign subsidiaries and foreign equity method investees. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt and operating lease liabilities, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ and foreign equity method investees' accounts in “Other comprehensive income (loss)”.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but excludes cash and cash equivalents subject to restrictions.
Restricted cash and cash equivalents	Restricted cash and cash equivalents Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the Company's Consolidated Balance Sheets when applicable. In the Company's Consolidated Statements of Cash Flows, these balances, if any, are included with cash and cash equivalents.
Accounts receivable	Accounts receivable 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.
Materials and supplies	Materials and supplies Materials and supplies are carried at the lower of average cost or market value and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars.
Properties	Properties Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability, when reliably estimable, is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value and an impairment loss is recognized. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs, material costs, project supervision costs, and fringe benefits. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs mainly include work trains, material distribution, highway vehicles and work equipment. Overheads primarily include a portion of the engineering department’s costs, which plans, designs and administers these capital projects. These costs are allocated to projects by applying a measure consistent with the nature of the cost, based on cost studies. For replacement properties, the project costs are allocated to dismantling and installation based on cost studies. Dismantling work, which is expensed, is performed concurrently with the installation. Ballast programs including undercutting, shoulder ballasting and renewal programs that form part of the annual track program are capitalized as this work, and the related added ballast material, significantly improves drainage, which in turn extends the life of ties and other track materials. These costs are tracked separately from the underlying assets and depreciated over the period to the next estimated similar ballast program. Spot replacement of ballast is considered a repair which is expensed as incurred. The costs of large refurbishments are capitalized and locomotive overhauls are expensed as incurred, except where overhauls represent a betterment of the locomotive in which case costs are capitalized. The Company capitalizes development costs for major new computer systems. The Company follows group depreciation, which groups assets which are similar in nature and have similar economic lives. The property groups are depreciated on a straight-line basis reflecting their expected economic lives determined by depreciation studies. Depreciation studies are regular reviews of asset service lives, salvage values, accumulated depreciation and other related factors. Depreciation rates are established through these studies. Actual use and retirement of assets may vary from current estimates, and would be identified in the next study. These changes in expected economic lives would impact the amount of depreciation expense recognized in future periods. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. When depreciable property is retired or otherwise disposed of in the normal course of business, the book value, less net salvage proceeds, is charged to accumulated depreciation and if different than the assumptions under the depreciation study could potentially result in adjusted depreciation expense over a period of years. However, when removal costs exceed the salvage value on assets and the Company has no legal obligation to remove the assets, the removal costs incurred are charged to income in the period in which the assets are removed and are not charged to accumulated depreciation. For certain asset classes, the historical cost of the asset is separately recorded in the Company’s property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified the amount of the gross book value to be retired is estimated using either an indexation methodology, whereby the current replacement cost of the asset is indexed to the estimated year of installation for the asset, or a first-in, first-out approach, or statistical analysis is used to determine the age of the retired asset. CP uses indices that closely correlate to the principal costs of the assets. There are a number of estimates inherent in the depreciation and retirement processes and as it is not possible to precisely estimate each of these variables until a group of property is completely retired, CP regularly monitors the estimated service lives of assets and the associated accumulated depreciation for each asset class to ensure depreciation rates are appropriate. If the recorded amounts of accumulated depreciation are greater or less than the amounts indicated by the depreciation studies, then the excess or deficit is amortized as a component of depreciation expense over the remaining service lives of the applicable asset classes. For the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in the Company’s depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. The accumulated depreciation to be retired includes asset-specific accumulated depreciation, when known, and an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Revisions to the estimated useful lives and net salvage projections constitute a change in accounting estimate and are addressed prospectively by amending depreciation rates. Equipment under finance lease is included in Properties and depreciated over the period of expected use.
Leases	Leases The Company has leases for rolling stock, buildings, vehicles, railway equipment, roadway machines, and information systems hardware. CP has entered into rolling stock and roadway machine leases that are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed term, short-term, and variable operating lease costs are recorded in "Equipment rents" and "Purchased services and other" on the Company's Consolidated Statements of Income. Components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" on the Company's Consolidated Statements of Income. The Company determines lease existence and classification at the lease inception date. Leases are identified when an agreement conveys the right to control identified property for a period of time in exchange for consideration. The Company recognizes both an operating lease liability and right-of-use (“ROU”) asset for operating leases with fixed terms and in-substance fixed terms. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the Company's leases do not provide a readily determinable implicit interest rate, the Company uses internal incremental secured borrowing rates for comparable tenor in the same currency at the commencement date in determining the present value of lease payments. Operating and finance lease ROU assets also include lease prepayments and initial direct costs, but are reduced by lease incentives. The lease term may include periods associated with options to extend or exclude periods associated with options to terminate the lease when it is reasonably certain that the Company will exercise these options. The Company has short-term operating leases with terms of 12 months or less, some of which include options to purchase that the Company is not reasonably certain to exercise. The Company has elected to apply the recognition exemption and, as such, accounts for leases with a term of 12 months or less off-balance sheet. Therefore, lease payments on these short-term operating leases are not included in operating lease ROU assets and liabilities, but are recognized as an expense in the Company's Consolidated Statements of Income on a straight-line basis over the term of the lease. Further, the Company has elected to combine lease and non-lease components for all leases, except for leases of roadway machines and information systems hardware.
Assets held for sale	Assets held for saleAssets to be disposed that meet the held for sale criteria are reported in "Other assets" at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated. This classification is applied at the date at which applicable criteria for recognition are met.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill represents the excess of the purchase price in a business combination over the fair value of identifiable net assets acquired. Goodwill is allocated at the date of the business combination to the reporting unit that is expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year as at October 1 st , or more frequently as economic events dictate. The Company has the option of performing an assessment of certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value or proceeding directly to a quantitative impairment test. Qualitative factors include but are not limited to, economic, market and industry conditions, cost factors, overall financial performance of the reporting unit, and events such as notable changes in management or customers. If the assessment of qualitative factors indicates that the carrying value is less than the fair value, then performing the quantitative goodwill impairment test is unnecessary. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value, goodwill is impaired. The impairment charge that would be recognized is the excess of the carrying value over the fair value of the reporting unit, limited to the total amount of goodwill allocated to the reporting unit. The Company defines the fair value of a reporting unit as the price expected to be received to sell the entire reporting unit in an orderly transaction between market participants as of the impairment date. In order to determine the fair value of a reporting unit, the Company uses the discounted cash flow method with a pre-tax discount rate, reflecting current market assessments of the time value of money and the risks specific to the asset(s). Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. The Company tests the recoverability of its intangible assets whenever future undiscounted cash flows indicate that the carrying amount may not be recoverable. If the carrying amount of an intangible asset exceeds the fair value, an impairment loss will be recognized in the Company's Consolidated Statements of Income for the difference between the carrying amount of the asset and fair value.
Pensions and other benefits	Pensions and other benefits Pension costs are actuarially determined using the projected-benefit method pro-rated over the credited service periods of employees. This method incorporates management’s best estimates of expected plan investment performance, salary escalation and retirement ages of employees. The expected return on fund assets is calculated using market-related asset values developed from a five-year average of market values for the fund’s public equity securities and absolute return strategies (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the fund’s fixed income, real estate, infrastructure and private debt securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected-benefit obligation is based on blended market interest rates on high-quality debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 12 years). Prior service costs arising from collectively bargained amendments to pension plan benefit provisions are amortized over the term of the applicable union agreement. Prior service costs arising from all other sources are amortized over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of amendment. Costs for post-retirement and post-employment benefits other than pensions, including post-retirement health care and life insurance and some workers’ compensation and long-term disability benefits in Canada, are actuarially determined on a basis similar to pension costs. The over or under funded status of defined benefit pension and other post-retirement benefit plans are measured as the difference between the fair value of the plan assets and the benefit obligation, and are recognized on the balance sheets. In addition, any unrecognized actuarial gains and losses and prior service costs and credits that arise during the period are recognized as a component of “Other comprehensive income (loss)”, net of tax. Gains and losses on post-employment benefits that do not vest or accumulate, including some workers’ compensation and long-term disability benefits in Canada, are included immediately on the Company's Consolidated Statements of Income as "Other components of net periodic benefit cost or recovery". The current service cost component of net periodic benefit cost is reported in "Compensation and benefits" for pensions and post-retirement benefits, and in "Purchased services and other" for self-insured workers' compensation and long-term disability benefits on the Company's Consolidated Statements of Income. Other components of net periodic benefit cost or recovery are reported in "Other components of net periodic benefit cost or recovery" outside of Operating income on the Company's Consolidated Statements of Income. Capitalization of pension costs, when applicable, is restricted to the current service cost component of net periodic benefit cost.
Financial instruments	Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and other investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Cash and cash equivalents and derivatives are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, other long-term liabilities, and long-term debt are also measured at amortized cost.
Derivative financial instruments	Derivative financial instruments Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates, and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates, and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives that are not designated as hedges is recognized in the period in which the change occurs in the Company's Consolidated Statements of Income in the line item to which the derivative instrument is related. For fair value hedges, the periodic changes in value are recognized in income, on the same line as the changes in value of the hedged items are also recorded. For designated cash flow hedges, the changes in value of the hedging instrument is recognized in “Other comprehensive income (loss)” and remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. The changes in value of the hedging instrument is recognized in the Company's Consolidated Statements of Income if derivatives designated as cash flow hedges are subsequently de-designated. Cash flows relating to derivative instruments designated as hedges are included in the same category as the related hedged items on the Company's Consolidated Statements of Cash Flows.
Environmental remediation	Environmental remediation Environmental remediation accruals, recorded on an undiscounted basis unless a reliably determinable estimate as to amount and timing of costs can be established, cover site-specific remediation programs. The accruals are recorded when the costs to remediate are probable and reasonably estimable. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”.
Stock-based compensation	Stock-based compensation CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period or over the period from the grant date to the date employees become eligible to retire, when this is shorter than the vesting period, based on their fair values on the grant date as determined using the Black-Scholes option-pricing model. Forfeitures are estimated at issuance and monitored on a periodic basis. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital" and credited to “Share capital”. Compensation expense is also recognized for performance share units (“PSUs”), performance deferred share units ("PDSUs"), deferred share units ("DSUs"), and restricted share units (“RSUs”) that settle in cash using the fair value method. Compensation expense is recognized over the vesting period or over the period from the grant date to the date employees become eligible to retire, when this is shorter than the vesting period where applicable. Forfeitures are estimated at issuance and monitored on a periodic basis. The employee share purchase plan gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period.
Accounting changes	Implemented in 2021 No accounting pronouncements that became effective during 2021 had a material impact on the Company's Consolidated Balance Sheets, Consolidated Statements of Income, or Consolidated Statements of Cash Flows. Future Changes Disclosures about Government Assistance In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The amendment is made to increase transparency by introducing specific disclosure requirements to FASB ASC Topic 832 for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The amendment is effective January 1, 2022 and is not expected to have a significant impact on the Company's disclosures. Contract Assets and Contract Liabilities Acquired in a Business Combination In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This amendment introduces the requirement for an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the requirements of FASB ASC Topic 606, Revenue from Contracts with Customers, rather than at fair value. This amendment will be effective prospectively from January 1, 2023, with early adoption permitted. The Company is currently assessing the impact of this amendment.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenues from contracts with customers by major source: (in millions of Canadian dollars) 2021 2020 2019 Freight Grain $ 1,684 $ 1,829 $ 1,684 Coal 625 566 682 Potash 463 493 462 Fertilizers and sulphur 305 290 250 Forest products 348 328 304 Energy, chemicals and plastics 1,563 1,519 1,534 Metals, minerals and consumer products 728 629 752 Automotive 376 324 352 Intermodal 1,724 1,563 1,593 Total freight revenues 7,816 7,541 7,613 Non-freight excluding leasing revenues 100 107 116 Revenues from contracts with customers 7,916 7,648 7,729 Leasing revenues 79 62 63 Total revenues $ 7,995 $ 7,710 $ 7,792
Changes in Contract Liabilities	The following table summarizes the changes in contract liabilities for the years ended December 31, 2021 and 2020: (in millions of Canadian dollars) 2021 2020 Opening balance $ 61 $ 146 Revenue recognized that was included in the contract liability balance at the beginning of the period (48) (100) Increase due to consideration received, net of revenue recognized during the period 54 15 Closing balance $ 67 $ 61

Other expense (income) (Tables)

Other expense (income) (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other expense (income)	(in millions of Canadian dollars) 2021 2020 2019 Foreign exchange gain on debt and lease liabilities $ (7) $ (14) $ (94) Other foreign exchange gains (4) (1) (4) Acquisition-related costs (Note 11) 247 — — Other 1 8 9 Other expense (income) $ 237 $ (7) $ (89)

Net interest expense (Tables)

Net interest expense (Tables)	12 Months Ended
	Dec. 31, 2021
Interest Income (Expense), Net [Abstract]
Net Interest Expense	(in millions of Canadian dollars) 2021 2020 2019 Interest cost $ 459 $ 478 $ 471 Interest capitalized to Properties (13) (16) (17) Interest expense 446 462 454 Interest income (6) (4) (6) Net interest expense $ 440 $ 458 $ 448

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of the Major Components of the Company's Income Tax Expense	The following is a summary of the major components of the Company’s income tax expense: (in millions of Canadian dollars) 2021 2020 2019 Current income tax expense $ 526 $ 537 $ 525 Deferred income tax expense Origination and reversal of temporary differences 259 277 316 Effect of tax rate decrease (11) (32) (95) Effect of hedge of net investment in foreign subsidiaries (3) (18) (38) Other (3) (6) (2) Total deferred income tax expense 242 221 181 Total income taxes $ 768 $ 758 $ 706 Income before income tax expense Canada $ 2,899 $ 2,518 $ 2,392 Foreign 721 684 754 Total income before income tax expense $ 3,620 $ 3,202 $ 3,146 Income tax expense Current Canada $ 404 $ 412 $ 410 Foreign 122 125 115 Total current income tax expense 526 537 525 Deferred Canada (179) 231 141 Foreign 421 (10) 40 Total deferred income tax expense 242 221 181 Total income taxes $ 768 $ 758 $ 706
Deferred Income Tax Assets and Liabilities	The items comprising the deferred income tax assets and liabilities are as follows: (in millions of Canadian dollars) 2021 2020 Deferred income tax assets Amount related to tax losses carried forward $ 17 $ 17 Liabilities carrying value in excess of tax basis 124 131 Unrealized foreign exchange losses — 4 Environmental remediation costs 22 22 Other 7 4 Total net deferred income tax assets 170 178 Deferred income tax liabilities Investment in Kansas City Southern (Note 11) 7,079 — Properties carrying value in excess of tax basis 3,887 3,708 Pensions carrying value in excess of tax basis 441 43 Unrealized foreign exchange gains 13 — Other 102 93 Total deferred income tax liabilities 11,522 3,844 Total net deferred income tax liabilities $ 11,352 $ 3,666
Expected Income Tax Expense Reconciled To Income Tax Expense	Expected income tax expense at statutory rates is reconciled to income tax expense as follows: (in millions of Canadian dollars, except percentage) 2021 2020 2019 Statutory federal and provincial income tax rate (Canada) 26.12 % 26.31 % 26.77 % Expected income tax expense at Canadian enacted statutory tax rates $ 946 $ 842 $ 842 (Decrease) increase in taxes resulting from: Gains not subject to tax (116) (23) (19) Canadian tax rate differentials (22) (3) — Foreign tax rate differentials (37) (32) (33) Effect of tax rate decrease (11) (32) (95) Valuation allowance — — (5) Unrecognized tax benefits (2) (7) 33 Other 10 13 (17) Income tax expense $ 768 $ 758 $ 706
Reconciliation of Uncertain Tax Positions In Relation To Unrecognized Tax Benefits	The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the U.S. for the year ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Unrecognized tax benefits at January 1 $ 55 $ 52 $ 13 Increase in unrecognized: Tax benefits related to the current year — — 9 Tax benefits related to prior years — 10 34 Dispositions: Gross uncertain tax benefits related to prior years (6) (9) — Settlements with taxing authorities — 2 (4) Unrecognized tax benefits at December 31 $ 49 $ 55 $ 52

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Number Of Shares Used In the Earnings Per Share Calculations	The number of shares used in the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars, except per share data) 2021 2020 2019 Net income $ 2,852 $ 2,444 $ 2,440 Weighted-average basic shares outstanding (millions) 679.7 677.2 693.8 Dilutive effect of stock options (millions) 3.1 2.7 2.5 Weighted-average diluted shares outstanding (millions) 682.8 679.9 696.3 Earnings per share – basic $ 4.20 $ 3.61 $ 3.52 Earnings per share – diluted $ 4.18 $ 3.59 $ 3.50

Other comprehensive income (l_2

Other comprehensive income (loss) and accumulated other comprehensive loss (Tables)	12 Months Ended
	Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of Other comprehensive (loss) income and related tax effects	The components of Other comprehensive income (loss) and the related tax effects are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2021 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (316) $ — $ (316) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 19) 25 (3) 22 Change in derivatives designated as cash flow hedges: Realized loss on derivatives designated as cash flow hedges recognized in income 10 (3) 7 Unrealized gain on cash flow hedges 38 (9) 29 Change in pension and other benefits actuarial gains and losses 1,286 (323) 963 Equity accounted investments 9 (3) 6 Other comprehensive income $ 1,052 $ (341) $ 711 For the year ended December 31, 2020 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (118) $ — $ (118) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 136 (18) 118 Realized loss on derivatives designated as cash flow hedges recognized in income (1) 10 (3) 7 Change in pension and other benefits actuarial gains and losses (403) 108 (295) Change in prior service pension and other benefit costs (4) 1 (3) Equity accounted investments (1) (1) — (1) Other comprehensive loss $ (380) $ 88 $ (292) For the year ended December 31, 2019 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries $ (251) $ — $ (251) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19) 288 (38) 250 Realized loss on derivatives designated as cash flow hedges recognized in income (1) 12 (2) 10 Change in pension and other benefits actuarial gains and losses (661) 175 (486) Equity accounted investments (1) (2) — (2) Other comprehensive loss $ (614) $ 135 $ (479) (1) Comparative figures have been reclassified to conform with current period presentation.
Accumulated other comprehensive loss, Net of tax	The components of Accumulated other comprehensive loss, net of tax, are as follows: (in millions of Canadian dollars) 2021 2020 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 177 $ 493 Unrealized foreign exchange loss on translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (359) (381) Net deferred losses on derivatives (1) (4) (40) Amounts for defined benefit pension and other post-retirement plans not recognized in income (Note 24) (1,915) (2,878) Equity accounted investments (1) (2) (8) Accumulated other comprehensive loss $ (2,103) $ (2,814) (1) Comparative figures have been reclassified to conform with current period presentation.
Changes in Accumulated other comprehensive loss by component	Changes in Accumulated other comprehensive loss by component are as follows: (in millions of Canadian dollars) Foreign currency (1) Derivatives (1)(2) Pension and post- (1) Equity accounted investments (1)(2) Total (1) Opening balance, January 1, 2021 $ 112 $ (40) $ (2,878) $ (8) $ (2,814) Other comprehensive (loss) income before reclassifications (294) 28 808 6 548 Amounts reclassified from accumulated other comprehensive loss — 8 155 — 163 Net other comprehensive (loss) income (294) 36 963 6 711 Closing balance, December 31, 2021 $ (182) $ (4) $ (1,915) $ (2) $ (2,103) Opening balance, January 1, 2020 $ 112 $ (47) $ (2,580) $ (7) $ (2,522) Other comprehensive loss before reclassifications — (1) (430) (1) (432) Amounts reclassified from accumulated other comprehensive loss — 8 132 — 140 Net other comprehensive income (loss) — 7 (298) (1) (292) Closing balance, December 31, 2020 $ 112 $ (40) $ (2,878) $ (8) $ (2,814) (1) Amounts are presented net of tax. (2) Comparative figures have been reclassified to conform with current period presentation.
Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL	Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss are as follows: (in millions of Canadian dollars) 2021 2020 Amortization of prior service costs (1) $ — $ (1) Recognition of net actuarial loss (1) 210 180 Total before income tax 210 179 Income tax recovery (55) (47) Total net of income tax $ 155 $ 132 (1) Impacts "Other components of net periodic benefit recovery" on the Consolidated Statements of Income.

Accounts receivable, net (Table

Accounts receivable, net (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Accounts Receivable, Net	As at December 31, 2021 As at December 31, 2020 (in millions of Canadian dollars) Freight Non-Freight Total Freight Non-Freight Total Total accounts receivable $ 614 $ 239 $ 853 $ 662 $ 203 $ 865 Allowance for credit losses (20) (14) (34) (25) (15) (40) Total accounts receivable, net $ 594 $ 225 $ 819 $ 637 $ 188 $ 825
Accounts Receivable, Allowance for Credit Loss	For the twelve months ended For the twelve months ended (in millions of Canadian dollars) Freight Non-Freight Total Freight Non-Freight Total Allowance for credit losses, opening balance $ (25) $ (15) $ (40) $ (27) $ (16) $ (43) Current period credit loss provision, net 5 1 6 2 1 3 Allowance for credit losses, closing balance $ (20) $ (14) $ (34) $ (25) $ (15) $ (40)

Business acquisitions (Tables)

Business acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Values of Acquired Assets and Liabilities (DRTP)	The following summarizes the fair values of the acquired assets and liabilities of DRTP: (in millions of Canadian dollars) December 22, 2020 Fair value of net assets acquired: Accounts receivable, net $ 5 Properties 436 Intangible assets (Note 15) 4 Accounts payable and accrued liabilities (1) Deferred taxes (55) Total identifiable assets and liabilities $ 389 Goodwill (Note 15) 90 $ 479 Consideration: Cash, net of cash acquired $ 398 Fair value of previously held equity method investment 81 Total consideration $ 479
Schedule of Fair Values of Acquired Assets and Liabilities (CMQ U.S.)	After a measurement period adjustment of $1 million to increase Other long-term liabilities and goodwill resulting from the finalization of acquisition date deferred tax, the final allocation of total consideration to the fair values of the acquired assets and liabilities of CMQ U.S. is summarized as follows: (in millions of Canadian dollars) June 3, 2020 Fair value of net assets acquired: Cash and cash equivalents $ 22 Accounts receivable, net 2 Properties 54 Intangible assets (Note 15) 27 Accounts payable and accrued liabilities (13) Other long-term liabilities (6) Total identifiable assets and liabilities $ 86 Goodwill (Note 15) 52 $ 138 Consideration: Fair value of previously held equity method investment $ 138

Investment in KCS (Tables)

Investment in KCS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following tables present summarized financial information for KCS, on its historical cost basis, for the period December 14 to December 31, 2021 and as at December 31, 2021: Statement of Income (in millions of Canadian dollars) (1) For the period December 14 to December 31, 2021 Total revenues $ 178 Total operating expenses 287 Operating loss (109) Less: Other (2) 12 Loss before income taxes (121) Net loss $ (106) (1) Amounts translated at the average FX rate from December 14-31, 2021 of $1.0000 USD = $1.2836 CAD. (2) Includes Equity in net earnings of KCS' affiliates, Interest expense, FX loss, and Other income, net. Balance Sheet (in millions of Canadian dollars) (1) As at December 31, 2021 Assets Current assets $ 1,120 Properties 11,676 Other non-current assets 425 Liabilities Current liabilities $ 619 Long-term debt 4,778 Other non-current liabilities 1,823 Non-controlling interest 416 (1) Amounts translated at the December 31, 2021 year-end FX rate of $1.0000 USD = $1.2678 CAD.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Investments	(in millions of Canadian dollars) 2021 2020 Rail investments accounted for on an equity basis (1) $ 161 $ 150 Other investments 48 49 Total investments $ 209 $ 199 (1) Excludes investment in KCS (see Note 12).

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Properties	2021 2021 2020 (in millions of Canadian dollars except percentages) Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway 2.8 % $ 21,210 $ 5,893 $ 15,317 $ 20,676 $ 5,859 $ 14,817 Buildings 2.9 % 1,022 266 756 937 259 678 Rolling stock 2.9 % 4,793 1,419 3,374 4,702 1,498 3,204 Information systems software (1) 8.1 % 603 279 324 569 253 316 Other 5.3 % 2,223 794 1,429 2,167 760 1,407 Total $ 29,851 $ 8,651 $ 21,200 $ 29,051 $ 8,629 $ 20,422 (1) During 2021, CP capitalized costs attributable to the design and development of internal-use software in the amount of $47 million (2020 – $45 million; 2019 – $55 million). Current year depreciation expense related to internal use software was $40 million (2020 – $42 million; 2019 – $44 million). Finance leases included in properties 2021 2020 (in millions of Canadian dollars) Cost Accumulated Net book Cost Accumulated Net book Rolling stock $ 291 $ 133 $ 158 $ 302 $ 138 $ 164 Other 9 1 8 8 1 7 Total assets held under finance lease $ 300 $ 134 $ 166 $ 310 $ 139 $ 171

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill Intangible assets (in millions of Canadian dollars) Net Cost Accumulated Net Total goodwill and intangible assets Balance at December 31, 2019 $ 194 $ 27 $ (15) $ 12 $ 206 Additions (Note 11) 142 31 — 31 173 Amortization — — (3) (3) (3) Foreign exchange impact (7) (3) — (3) (10) Balance at December 31, 2020 329 55 (18) 37 366 Additions (Note 10) — 9 — 9 9 Amortization — — (3) (3) (3) Foreign exchange impact (1) — — — (1) Balance at December 31, 2021 $ 328 $ 64 $ (21) $ 43 $ 371

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	(in millions of Canadian dollars) 2021 2020 Operating lease ROU assets (Note 21) $ 287 $ 316 Contracted customer incentives 77 60 Long-term materials 34 37 Other 21 25 Total other assets $ 419 $ 438

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	(in millions of Canadian dollars) 2021 2020 Trade payables $ 432 $ 401 Accrued charges 286 294 Accrued interest 141 134 Dividends payable 177 127 Stock-based compensation liabilities 126 121 Income and other taxes payable 164 115 Payroll-related accruals 65 68 Operating lease liabilities (Note 21) 59 63 Accrued vacation 60 59 Personal injury and other claims provision 49 37 Deferred revenue (Note 3) 20 27 Deferred real estate lease and license revenue 14 11 Provision for environmental remediation (Note 20) 11 9 Other 5 1 Total accounts payable and accrued liabilities $ 1,609 $ 1,467

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-term Debt	The following table outlines the Company's outstanding long-term debt as at December 31, 2021: (in millions of Canadian dollars except percentages) Maturity Currency 2021 2020 9.450% 30-year Debentures (A) Aug 2021 U.S.$ — 318 5.100% 10-year Medium Term Notes (A) Jan 2022 CDN$ 125 125 4.500% 10-year Notes (A) Jan 2022 U.S.$ 317 318 4.450% 12.5-year Notes (A) Mar 2023 U.S.$ 444 445 1.589% 2-year Notes (A) Nov 2023 CDN$ 1,000 — 1.350% 3-year Notes (A) Dec 2024 U.S.$ 1,899 — 2.900% 10-year Notes (A) Feb 2025 U.S.$ 887 891 3.700% 10.5-year Notes (A) Feb 2026 U.S.$ 317 318 1.750% 5-year Notes (A) Dec 2026 U.S.$ 1,266 — 2.540% 6.3-year Notes (A) Feb 2028 CDN$ 1,200 — 4.000% 10-year Notes (A) Jun 2028 U.S.$ 634 636 3.150% 10-year Notes (A) Mar 2029 CDN$ 399 399 2.050% 10-year Notes (A) Mar 2030 U.S.$ 633 636 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 444 446 2.450% 10-year Notes (A) Dec 2031 U.S.$ 1,774 — 5.750% 30-year Debentures (A) Mar 2033 U.S.$ 311 312 4.800% 20-year Notes (A) Sep 2035 U.S.$ 379 381 5.950% 30-year Notes (A) May 2037 U.S.$ 564 567 6.450% 30-year Notes (A) Nov 2039 CDN$ 400 400 3.000% 20-year Notes (A) Dec 2041 U.S.$ 1,261 — 5.750% 30-year Notes (A) Jan 2042 U.S.$ 312 313 4.800% 30-year Notes (A) Aug 2045 U.S.$ 695 698 3.050% 30-year Notes (A) Mar 2050 CDN$ 298 298 3.100% 30-year Notes (A) Dec 2051 U.S.$ 2,266 — 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,141 1,146 5.41% Senior Secured Notes (B) Mar 2024 U.S.$ 80 89 6.91% Secured Equipment Notes (C) Oct 2024 CDN$ 58 75 7.49% Equipment Trust Certificates Jan 2021 U.S.$ — 14 Obligations under finance leases 1.99% - 4.13% (D) 2022 - 2024 CDN$/U.S.$ 2 4 6.99% (D) Mar 2022 U.S.$ 97 97 6.57% (D) Dec 2026 U.S.$ 33 38 12.77% (D) Jan 2031 CDN$ 4 4 1.93% (D) Feb 2041 U.S.$ 4 — Commercial Paper up to Jan 2022 U.S.$ 336 820 Term Credit Facility Mar 2022 U.S.$ 634 — Demand Promissory Note CDN$ 6 — 20,220 9,788 Perpetual 4% Consolidated Debenture Stock (E) U.S.$ 38 39 Perpetual 4% Consolidated Debenture Stock (E) G.B.£ 6 6 20,264 9,833 Unamortized fees on long-term debt (137) (62) 20,127 9,771 Less: Long-term debt maturing within one year 1,550 1,186 $ 18,577 $ 8,585 During t he fourth quarter of 2021, the Company issued the following securities for total net proceeds of $10.7 billion to fund the cash consideration component of the KCS acquisition: Date Issued Description of Securities Maturity Net Proceeds November 24, 2021 $1.0 billion 1.589% Notes Nov 2023 $1.00 billion $1.2 billion 2.540% Notes Feb 2028 $1.20 billion December 2, 2021 U.S. $1.5 billion 1.350% Notes Dec 2024 $1.91 billion (U.S. $1.49 billion) U.S. $1.0 billion 1.750% Notes Dec 2026 $1.27 billion (U.S. $0.99 billion) U.S. $1.4 billion 2.450% Notes Dec 2031 $1.78 billion (U.S. $1.39 billion) U.S. $1.0 billion 3.000% Notes Dec 2041 $1.26 billion (U.S. $0.99 billion) U.S. $1.8 billion 3.100% Notes Dec 2051 $2.26 billion (U.S. $1.77 billion)

Other long-term liabilities (Ta

Other long-term liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	(in millions of Canadian dollars) 2021 2020 Operating lease liabilities, net of current portion (Note 21) $ 224 $ 248 Stock-based compensation liabilities, net of current portion 125 146 Provision for environmental remediation, net of current portion (1) 68 71 Deferred revenue, net of current portion (Note 3) 47 34 Deferred real estate lease and license revenue, net of current portion (2) 10 18 Deferred gains on sale leaseback transactions (2) 4 5 Other, net of current portion 64 63 Total other long-term liabilities $ 542 $ 585 (1) As at December 31, 2021, the aggregate provision for environmental remediation, including the current portion was $79 million (2020 – $80 million). (2) The deferred real estate lease and license revenue and deferred gains on sale leaseback transactions are being amortized to income on a straight-line basis over the related lease terms.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Components of Lease Expense	Components of lease expense for the year ended December 31 are as follows: (in millions of Canadian dollars) 2021 2020 Operating lease cost $ 74 $ 83 Short-term lease cost 16 10 Variable lease cost 5 13 Sublease income (3) (3) Finance Lease Cost Amortization of right-of-use assets 10 9 Interest on lease liabilities 10 11 Total lease costs $ 112 $ 123
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: (in millions of Canadian dollars) Classification 2021 2020 Assets Operating Other assets $ 287 $ 316 Finance Properties, net book value 166 171 Liabilities Current Operating Accounts payable and accrued liabilities 59 63 Finance Long-term debt maturing within one year 104 8 Long-term Operating Other long-term liabilities 224 248 Finance Long-term debt 36 135
Weighted Average Remaining Lease Terms and Discount Rates	The following table provides the Company's weighted-average remaining lease terms and discount rates: 2021 2020 Weighted-Average Remaining Lease Term Operating leases 6 years 7 years Finance leases 2 years 3 years Weighted-Average Discount Rate Operating leases 3.18 % 3.32 % Finance leases 6.96 % 7.06 %
Supplemental Information Related to Leases	Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 64 $ 74 Operating cash outflows from finance leases 10 10 Financing cash outflows from finance leases 8 8 Right-of-use assets obtained in exchange for lease liabilities Operating leases 36 34 Finance leases 5 4
Maturities of Lease Liabilities	The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2021: (in millions of Canadian dollars) Finance Leases Operating Leases 2022 $ 107 $ 66 2023 9 62 2024 9 50 2025 9 39 2026 9 34 Thereafter 7 60 Total lease payments 150 311 Imputed interest (10) (28) Present value of lease payments $ 140 $ 283

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Summary of Information Related to Common Share Balances	The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2021 2020 2019 Share capital, January 1 666.3 685.0 702.9 CP Common Shares repurchased — (20.4) (19.0) Shares issued under stock option plan 0.8 1.7 1.1 Shares issued for KCS acquisition (Note 11) 262.6 — — Share capital, December 31 929.7 666.3 685.0
Activities Under the Share Repurchase Programs	The following table provides activities under the share repurchase programs for each of the years ended December 31: 2021 2020 2019 Number of Common Shares repurchased (1) — 19,865,380 18,970,745 Weighted-average price per share (2) $ — $ 74.35 $ 60.13 Amount of repurchase (in millions) (2) $ — $ 1,477 $ 1,141 (1) Includes shares repurchased but not yet cancelled at year end. (2) Includes brokerage fees.

Change in non-cash working ca_2

Change in non-cash working capital balances related to operations (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Changes In Non-cash Working Capital Balances Related To Operations	(in millions of Canadian dollars) 2021 2020 2019 Source (use) of cash: Accounts receivable, net $ 32 $ (61) $ 27 Materials and supplies (14) (15) (8) Other current assets 24 (5) (24) Accounts payable and accrued liabilities (108) (308) (21) Change in non-cash working capital $ (66) $ (389) $ (26)

Pensions and other benefits (Ta

Pensions and other benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Net Periodic Benefit Cost	The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2019 2021 2020 2019 Current service cost (benefits earned by employees) $ 171 $ 140 $ 107 $ 13 $ 12 $ 11 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 351 406 450 16 17 20 Expected return on fund assets (959) (945) (947) — — — Recognized net actuarial loss 206 177 84 (1) 4 12 Amortization of prior service (recoveries) costs — (1) (1) — — 1 Total other components of net periodic benefit (recovery) cost (402) (363) (414) 15 21 33 Net periodic benefit (recovery) cost $ (231) $ (223) $ (307) $ 28 $ 33 $ 44
Schedule of Changes in Projected Benefit Obligation	Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Change in projected benefit obligation: Benefit obligation at January 1 $ 13,799 $ 12,610 $ 553 $ 541 Current service cost 171 140 13 12 Interest cost 351 406 16 17 Employee contributions 42 42 — — Benefits paid (667) (653) (31) (34) Foreign currency changes — (5) — — Plan amendments and other — 3 — — Actuarial loss (gain) (812) 1,256 (48) 17 Projected benefit obligation at December 31 $ 12,884 $ 13,799 $ 503 $ 553
Schedule of Changes in Fund Assets	Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Change in fund assets: Fair value of fund assets at January 1 $ 14,365 $ 13,319 $ 5 $ 5 Actual return on fund assets 1,180 1,634 — — Employer contributions 18 27 31 34 Employee contributions 42 42 — — Benefits paid (667) (653) (31) (34) Foreign currency changes — (4) — — Fair value of fund assets at December 31 $ 14,938 $ 14,365 $ 5 $ 5 Funded status – plan surplus (deficit) $ 2,054 $ 566 $ (498) $ (548)
Funded Status of Pension Plans	The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2021 2020 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (12,346) $ (538) $ (13,220) $ (579) Fair value of fund assets at December 31 14,663 275 14,114 251 Funded status $ 2,317 $ (263) $ 894 $ (328)
Pension Asset and Liabilities in the Company's Consolidated Balance Sheets	Amounts recognized in the Company’s Consolidated Balance Sheets are as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Pension asset $ 2,317 $ 894 $ — $ — Accounts payable and accrued liabilities (11) (11) (32) (33) Pension and other benefit liabilities (252) (317) (466) (515) Total amount recognized $ 2,054 $ 566 $ (498) $ (548)
Accumulated Other Comprehensive Loss	Amounts recognized in accumulated other comprehensive loss are as follows: Pensions Other benefits (in millions of Canadian dollars) 2021 2020 2021 2020 Net actuarial loss: Other than deferred investment gains $ 3,298 $ 3,960 $ 57 $ 104 Deferred investment gains (672) (95) — — Prior service cost 5 5 1 1 Deferred income tax (759) (1,070) (15) (27) Total (Note 8) $ 1,872 $ 2,800 $ 43 $ 78
Actuarial Assumptions	Weighted-average actuarial assumptions used were approximately: (percentages) 2021 2020 2019 Benefit obligation at December 31: Discount rate 3.01 2.58 3.25 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate (1) 5.00 5.00 5.50 Benefit cost for year ended December 31: Discount rate 2.58 3.25 4.01 Expected rate of return on fund assets (2) 6.90 7.25 7.50 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate (1) 5.00 5.50 6.00 (1) The health care cost trend rate was assumed to be 6.00% in 2019 and 5.50% in 2020 and is assumed to be 5.00% per year in 2021 and thereafter. (2) The expected rate of return on fund assets that will be used to compute the 2022 net periodic benefit credit is 6.90%.
Pension Plan Asset Allocation and Weighted-average Policy Ranges	The Company’s pension plan asset allocation, the weighted-average asset allocation targets, and the weighted average policy range for each major asset class at year end were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2021 2020 Cash and cash equivalents 1.2 0 – 10 3.1 2.0 Fixed income 24.1 20 – 40 24.1 28.1 Public equity 45.1 35 – 55 50.5 49.3 Real estate and infrastructure 9.8 4 – 13 6.7 6.3 Private debt 9.8 4 – 13 4.6 3.3 Absolute return 10.0 4 – 13 11.0 11.0 Total 100.0 100.0 100.0
Summary of the Assets of the Company's DB Pension Plans	The following is a summary of the assets of the Company’s DB pension plans at December 31, 2021 and 2020. As of December 31, 2021 and 2020, there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan (in millions of Canadian dollars) Quoted prices in Significant other observable inputs (Level 2) December 31, 2021 Cash and cash equivalents $ 363 $ — $ — $ 363 Fixed income Government bonds (2) 232 1,704 — 1,936 Corporate bonds (2) 569 868 — 1,437 Mortgages (3) 230 4 — 234 Public equities Canada 1,004 — — 1,004 U.S. and international 6,536 — — 6,536 Real estate (4) — — 732 732 Infrastructure (5) — — 263 263 Private debt (6) — — 682 682 Derivative instruments (7) — 106 — 106 Absolute return (8) Funds of hedge funds — — 1,621 1,621 Multi-strategy funds — — 24 24 $ 8,934 $ 2,682 $ 3,322 $ 14,938 December 31, 2020 Cash and cash equivalents $ 219 $ — $ — $ 219 Fixed income Government bonds (2) 284 1,699 — 1,983 Corporate bonds (2) 691 1,144 — 1,835 Mortgages (3) 220 5 — 225 Public equities Canada 1,183 — — 1,183 U.S. and international 5,871 28 — 5,899 Real estate (4) — — 704 704 Infrastructure (5) — — 199 199 Private debt (6) — — 465 465 Derivative instruments (7) — 71 — 71 Absolute return (8) Funds of hedge funds — — 1,560 1,560 Multi-strategy funds — — 22 22 $ 8,468 $ 2,947 $ 2,950 $ 14,365 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plan’s ownership interest in the funds. Of the total, $613 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $580 million). The remaining $119 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2020 – $124 million). As at December 31, 2021, there are $32 million of unfunded commitments for real estate investments (December 31, 2020 – $32 million). (5) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $107 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $112 million). The remaining $156 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2020 – $87 million). As at December 31, 2021, there are $814 million of unfunded commitments for infrastructure investments (December 31, 2020 – $491 million). (6) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $152 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2020 – $154 million). The remaining $530 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2020 - $311 million). As at December 31, 2021, there are $774 million of unfunded commitments for private debt investments (December 31, 2020 – $533 million). (7) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond forwards to reduce asset/liability interest rate risk exposures (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. As at December 31, 2021, there are currency forwards with a notional value of nil (December 31, 2020 – $1,041 million) and a fair value of $6 million (December 31, 2020 – $73 million). The fixed income investment manager utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2021, there are bond forwards with a notional value of $2,967 million ( December 31, 2020 – $3,540 million) and a fair value of $100 million (December 31, 2020 – $(2) million). (8) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 60 to 95 days and frequencies ranging from monthly to triennially.
Estimated Future Benefit Payments	The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2022 $ 645 $ 32 2023 637 31 2024 638 30 2025 639 29 2026 640 29 2027-2031 3,209 136

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Plan	The following table summarizes information related to the stock option plan as at December 31, 2021: Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2021 6,936,830 $ 45.04 3,885,385 $ 11.68 Granted 1,346,358 $ 87.51 1,346,358 $ 19.06 Exercised (723,276) $ 35.20 N/A N/A Vested N/A N/A (1,315,036) $ 11.83 Forfeited (167,724) $ 54.54 (167,724) $ 12.23 Outstanding, December 31, 2021 7,392,188 $ 53.36 3,748,983 $ 14.25 Vested or expected to vest at December 31, 2021 (1) 7,340,397 $ 53.21 N/A N/A Exercisable, December 31, 2021 3,643,205 $ 41.64 N/A N/A (1) As at December 31, 2021, the weighted-average remaining term of vested or expected to vest options was 4.3 years with an aggregate intrinsic value of $277 million .
Stock Options Outstanding and Exercisable	The following table provides the number of stock options outstanding and exercisable as at December 31, 2021 by range of exercise price and their related intrinsic aggregate value, and for options outstanding, the weighted-average years to expiration. The table also provides the aggregate intrinsic value for in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their options on December 31, 2021 at the Company’s closing stock price of $90.98. Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $15.14 - $38.17 1,420,600 2.7 $ 30.14 $ 86 1,420,600 $ 30.14 $ 87 $38.18 - $46.65 2,013,630 2.4 $ 40.86 $ 101 1,032,160 $ 42.64 $ 50 $46.66 - $68.74 2,167,180 4.1 $ 55.55 $ 77 1,082,960 $ 52.89 $ 41 $68.75 - $103.98 1,790,778 5.9 $ 83.21 $ 14 107,485 $ 70.48 $ 2 Total (1) 7,392,188 3.8 $ 53.36 $ 278 3,643,205 $ 41.64 $ 180 (1) As at December 31, 2021, the total number of in-the-money stock options outstanding was 7,373,880 with a weighted-average exercise price of $53.26. The weighted-average years to expiration of exercisable stock options is 3.1 years.
Weighted-Average Fair Value Assumptions	The weighted-average fair value assumptions were approximately: 2021 2020 2019 Expected option life (years) (1) 4.75 4.75 5.00 Risk-free interest rate (2) 0.53 % 1.28 % 2.22 % Expected stock price volatility (3) 27.14 % 23.14 % 25.04 % Expected annual dividends per share (4) $ 0.760 $ 0.664 $ 0.524 Expected forfeiture rate (5) 2.62 % 4.41 % 6.05 % Weighted-average grant date fair value of options granted during the year $ 19.06 $ 13.80 $ 12.74 (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. The rate is monitored on a periodic basis.
Schedule of Options Exercised	The following table provides information related to all options exercised in the stock option plan during the years ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Total intrinsic value $ 43 $ 52 $ 63 Cash received by the Company upon exercise of options 25 52 26
Summary of Performance Share Unit Plan	The following table summarizes information related to PSUs and PDSUs as at December 31: 2021 2020 Outstanding, January 1 1,909,345 2,015,680 Granted 444,124 540,135 Units in lieu of dividends 14,668 19,215 Settled (743,512) (606,125) Forfeited (46,844) (59,560) Outstanding, December 31 1,577,781 1,909,345
Summary of Deferred Share Unit Plan	The following table summarizes information related to DSUs as at December 31: 2021 2020 Outstanding, January 1 774,053 806,095 Granted 70,112 95,204 Units in lieu of dividends 6,753 7,553 Settled (6,677) (133,940) Forfeited (2,908) (859) Outstanding, December 31 841,333 774,053
Summary of Share-Based Liabilities Paid	The following table summarizes the total share-based liabilities paid for each of the years ended December 31: (in millions of Canadian dollars) 2021 2020 2019 Plan PSUs $ 119 $ 76 $ 54 DSUs 1 9 4 Other 6 1 — Total $ 126 $ 86 $ 58

Segmented and geographic info_2

Segmented and geographic information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Geographic Information	Geographic information All of the Company's revenues and long-term assets disclosed in the table below are held within Canada and the United States. (in millions of Canadian dollars) Canada United States Total 2021 Revenues $ 5,992 $ 2,003 $ 7,995 Long-term assets excluding investment in Kansas City Southern, financial instruments, and pension assets 14,922 7,274 22,196 2020 Revenues 5,829 1,881 7,710 Long-term assets excluding financial instruments and pension assets 14,258 7,165 21,423 2019 Revenues 5,675 2,117 7,792 Long-term assets excluding financial instruments and pension assets 13,131 7,020 20,151

Selected quarterly data (unau_2

Selected quarterly data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data	For the quarter ended 2021 2020 (in millions of Canadian dollars, except per share data) Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Total revenues $ 2,040 $ 1,942 $ 2,054 $ 1,959 $ 2,012 $ 1,863 $ 1,792 $ 2,043 Operating income 832 774 820 780 928 779 770 834 Net income 532 472 1,246 602 802 598 635 409 Basic earnings per share (1) $ 0.74 $ 0.71 $ 1.87 $ 0.90 $ 1.19 $ 0.88 $ 0.94 $ 0.60 Diluted earnings per share (1) $ 0.74 $ 0.70 $ 1.86 $ 0.90 $ 1.19 $ 0.88 $ 0.93 $ 0.60 (1) Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	Apr. 21, 2021	Dec. 31, 2021
Summary of Significant Accounting Policies [Line items]
Stock split ratio	5
Probability threshold for recognizing income tax benefits to be realized upon settlement		50.00%
Short-term investments maturity, maximum		3 months
Market-related asset value, Maximum percentage		120.00%
Market-related asset value, Minimum percentage		80.00%
Unrecognized actuarial gains and losses, Maximum percentage		10.00%
Expected average remaining service period of active employees expected to receive benefits		12 years
Minimum
Summary of Significant Accounting Policies [Line items]
Amortization period of intangible assets with finite lives (years)		15 years
Maximum
Summary of Significant Accounting Policies [Line items]
Amortization period of intangible assets with finite lives (years)		20 years

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 7,916	$ 7,648	$ 7,729
Leasing revenues									79	62	63
Total revenues	$ 2,040	$ 1,942	$ 2,054	$ 1,959	$ 2,012	$ 1,863	$ 1,792	$ 2,043	7,995	7,710	7,792
Freight
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									7,816	7,541	7,613
Total revenues									7,816	7,541	7,613
Grain
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,684	1,829	1,684
Coal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									625	566	682
Potash
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									463	493	462
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									305	290	250
Forest products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									348	328	304
Energy, chemicals and plastics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,563	1,519	1,534
Metals, minerals and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									728	629	752
Automotive
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									376	324	352
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,724	1,563	1,593
Non-freight excluding leasing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 100	$ 107	$ 116

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability [Abstract]
Opening balance	$ 61	$ 146
Revenue recognized that was included in the contract liability balance at the beginning of the period	(48)	(100)
Increase due to consideration received, net of revenue recognized during the period	54	15
Closing balance	$ 67	$ 61

Other expense (income) (Details

Other expense (income) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Foreign exchange gain on debt and lease liabilities	$ (7)	$ (14)	$ (94)
Other foreign exchange gains	(4)	(1)	(4)
Acquisition-related costs	247	0	0
Other	1	8	9
Other expense (income)	$ 237	$ (7)	$ (89)

Net interest expense (Details)

Net interest expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Income (Expense), Net [Abstract]
Interest cost	$ 459	$ 478	$ 471
Interest capitalized to Properties	(13)	(16)	(17)
Interest expense	446	462	454
Interest income	(6)	(4)	(6)
Net interest expense	$ 440	$ 458	$ 448

Net interest expense - Narrativ

Net interest expense - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Income (Expense), Net [Abstract]
Interest on finance leases	$ 10	$ 11	$ 11

Income taxes - Summary of Major

Income taxes - Summary of Major Components of Company's Income Tax Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current income tax expense	$ 526	$ 537	$ 525
Origination and reversal of temporary differences	259	277	316
Effect of tax rate decrease	(11)	(32)	(95)
Effect of hedge of net investment in foreign subsidiaries	(3)	(18)	(38)
Other	(3)	(6)	(2)
Total deferred income tax expense	242	221	181
Total income taxes	768	758	706
Income before income tax expense
Canada	2,899	2,518	2,392
Foreign	721	684	754
Income before income tax expense	3,620	3,202	3,146
Current
Canada	404	412	410
Foreign	122	125	115
Total current income tax expense	526	537	525
Deferred
Canada	(179)	231	141
Foreign	421	(10)	40
Total deferred income tax expense	242	221	181
Total income taxes	$ 768	$ 758	$ 706

Income taxes - Deferred Income

Income taxes - Deferred Income Tax Assets and Liabilities (Details) $ in Millions, $ in Billions	Dec. 31, 2021CAD ($)	Dec. 14, 2021CAD ($)	Dec. 14, 2021USD ($)	Dec. 31, 2020CAD ($)
Deferred income tax assets
Amount related to tax losses carried forward	$ 17			$ 17
Liabilities carrying value in excess of tax basis	124			131
Unrealized foreign exchange losses	0			4
Environmental remediation costs	22			22
Other	7			4
Total net deferred income tax assets	170			178
Deferred income tax liabilities
Investment in Kansas City Southern	7,079	$ 7,200	$ 5.6	0
Properties carrying value in excess of tax basis	3,887			3,708
Pensions carrying value in excess of tax basis	441			43
Unrealized foreign exchange gains	13			0
Other	102			93
Total deferred income tax liabilities	11,522			3,844
Total net deferred income tax liabilities	$ 11,352			$ 3,666

Income taxes - Expected Income

Income taxes - Expected Income Tax Expense at Canadian Statutory Rates Reconciled to Income Tax Expense (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal and provincial income tax rate (Canada)		26.12%	26.31%	26.77%
Expected income tax expense at Canadian enacted statutory tax rates		$ 946	$ 842	$ 842
(Decrease) increase in taxes resulting from:
Gains not subject to tax		(116)	(23)	(19)
Canadian tax rate differentials		(22)	(3)	0
Foreign tax rate differentials		(37)	(32)	(33)
Effect of tax rate decrease	$ (88)	(11)	(32)	(95)
Valuation allowance		0	0	(5)
Unrecognized tax benefits		(2)	(7)	33
Other		10	13	(17)
Total income taxes		$ 768	$ 758	$ 706

Income taxes - Reconciliation o

Income taxes - Reconciliation of Uncertain Tax Positions Related to Unrecognized Tax Benefits (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Uncertain Tax Positions to Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at January 1		$ 55	$ 52	$ 13
Tax benefits related to the current year		0	0	9
Tax benefits related to prior years	$ 24	0	10	34
Gross uncertain tax benefits related to prior years		(6)	(9)	0
Settlements with taxing authorities		0	2
Settlements with taxing authorities				(4)
Unrecognized tax benefits at December 31	$ 52	$ 49	$ 55	$ 52

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2019CAD ($)	Jun. 30, 2019CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Dec. 14, 2021CAD ($)	Dec. 14, 2021USD ($)
Income Tax Disclosure [Abstract]
Deferred tax liability, outside basis difference			$ 7,079		$ 0		$ 7,200	$ 5,600
Deferred tax recovery, Kansas City Southern outside basis difference			33	$ 26
Deferred revaluation recovery amount due to change in tax rate					29
Effect of tax rate decrease		$ 88	11		32	$ 95
Income tax operating losses carried forward			15		15
Minimum tax credits carried forward			0
Capital losses carried forward			2		2
Unrecognized tax benefits from capital losses			0		0
Tax benefits related to prior years	$ 24		0		10	34
Interest and penalties accrual (recovery)			4		(1)	(1)
Accrued interest and penalties associated with unrecognized tax benefits	$ 10		$ 13		$ 9	$ 10

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive options outstanding (in shares)	7.5	7	7.9
Stock Option Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share (in shares)	0.1	0	0.2

Earnings per share - Number Of

Earnings per share - Number Of Shares Used In the Earnings Per Share Calculations (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 532	$ 472	$ 1,246	$ 602	$ 802	$ 598	$ 635	$ 409	$ 2,852	$ 2,444	$ 2,440
Weighted-average basic shares outstanding (in shares)									679.7	677.2	693.8
Dilutive effect of weighted average number of stock options (in shares)									3.1	2.7	2.5
Weighted-average diluted shares outstanding (in shares)									682.8	679.9	696.3
Earnings per share - basic (cad per share)	$ 0.74	$ 0.71	$ 1.87	$ 0.90	$ 1.19	$ 0.88	$ 0.94	$ 0.60	$ 4.20	$ 3.61	$ 3.52
Earnings per share - diluted (cad per share)	$ 0.74	$ 0.70	$ 1.86	$ 0.90	$ 1.19	$ 0.88	$ 0.93	$ 0.60	$ 4.18	$ 3.59	$ 3.50

Other comprehensive income (l_3

Other comprehensive income (loss) and accumulated other comprehensive loss - Components of Other Comprehensive Income (Loss) and Related Tax Effects (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrealized foreign exchange (loss) gain on: Before tax amount
Translation of the net investment in U.S. subsidiaries, before tax	$ (316)	$ (118)	$ (251)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, before tax	25	136	288
Realized loss on derivatives designated as cash flow hedges recognized in income, before tax	10	10	12
Unrealized gain on cash flow hedges, before tax	38
Change in pension and other benefits actuarial gains and losses, before tax	1,286	(403)	(661)
Change in prior service pension and other benefit costs, before tax		(4)
Equity accounted investments, before tax	9	(1)	(2)
Other comprehensive (loss) income: Before tax amount	1,052	(380)	(614)
Unrealized foreign exchange gain (loss) on: Income tax (expense) recovery
Translation of the net investment in U.S. subsidiaries, tax	0	0	0
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, tax	(3)	(18)	(38)
Realized loss on derivatives designated as cash flow hedges recognized in income, tax	(3)	(3)	(2)
Unrealized gain on cash flow hedges, tax	(9)
Change in pension and other benefits actuarial gains and losses, tax	(323)	108	175
Change in prior service pension and other benefit costs, tax		1
Equity accounted investments, tax	(3)	0	0
Other comprehensive (loss) income: Income tax (expense) recovery	(341)	88	135
Unrealized foreign exchange gain (loss) on: Net of tax amount
Translation of the net investment in U.S. subsidiaries, after tax	(316)	(118)	(251)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries, after tax	22	118	250
Realized loss on derivatives designated as cash flow hedges recognized in income, after tax	7	7	10
Unrealized gain on cash flow hedges, after tax	29
Change in pension and other benefits actuarial gains and losses, after tax	963	(295)	(486)
Change in prior service pension and other benefit costs, after tax		(3)
Equity accounted investments, after tax	6	(1)	(2)
Other comprehensive income (loss)	$ 711	$ (292)	$ (479)

Other comprehensive income (l_4

Other comprehensive income (loss) and accumulated other comprehensive loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred losses on derivatives	$ (4)	$ (40)
Amounts for defined benefit pension and other post-retirement plans not recognized in income	(1,915)	(2,878)
Equity accounted investments	(2)	(8)
Accumulated other comprehensive loss	(2,103)	(2,814)	$ (2,522)
Net Investment Hedge | Foreign Exchange Contract 1
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss) on net investment	177	493
Net Investment Hedge | Foreign Exchange Contract 2
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss) on net investment	$ (359)	$ (381)

Other comprehensive income (l_5

Other comprehensive income (loss) and accumulated other comprehensive loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	$ (2,814)	$ (2,522)
Other comprehensive (loss) income before reclassifications	548	(432)
Amounts reclassified from accumulated other comprehensive loss	163	140
Net other comprehensive income (loss)	711	(292)
AOC Income (Loss), Ending balance	(2,103)	(2,814)
Foreign currency net of hedging activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	112	112
Other comprehensive (loss) income before reclassifications	(294)	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	(294)	0
AOC Income (Loss), Ending balance	(182)	112
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(40)	(47)
Other comprehensive (loss) income before reclassifications	28	(1)
Amounts reclassified from accumulated other comprehensive loss	8	8
Net other comprehensive income (loss)	36	7
AOC Income (Loss), Ending balance	(4)	(40)
Pension and post-retirement defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(2,878)	(2,580)
Other comprehensive (loss) income before reclassifications	808	(430)
Amounts reclassified from accumulated other comprehensive loss	155	132
Net other comprehensive income (loss)	963	(298)
AOC Income (Loss), Ending balance	(1,915)	(2,878)
Equity accounted investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(8)	(7)
Other comprehensive (loss) income before reclassifications	6	(1)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	6	(1)
AOC Income (Loss), Ending balance	$ (2)	$ (8)

Other comprehensive income (l_6

Other comprehensive income (loss) and accumulated other comprehensive loss - Amounts in Pension and Post-Retirement Defined Benefit Plans Reclassification from AOCL (Details) - Reclassification out of Accumulated Other Comprehensive Loss - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	$ 0	$ (1)
Recognition of net actuarial loss	210	180
Total before income tax	210	179
Income tax recovery	(55)	(47)
Total net of income tax	$ 155	$ 132

Accounts receivable, net - Sche

Accounts receivable, net - Schedule of Accounts Receivable (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 853	$ 865
Allowance for credit losses	(34)	(40)	$ (43)
Total accounts receivable, net	819	825
Freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	614	662
Allowance for credit losses	(20)	(25)	(27)
Total accounts receivable, net	594	637
Non-freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	239	203
Allowance for credit losses	(14)	(15)	$ (16)
Total accounts receivable, net	$ 225	$ 188

Accounts receivable, net - Allo

Accounts receivable, net - Allowance for Credit Loss (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, opening balance	$ (40)	$ (43)
Current period credit loss provision, net	6	3
Allowance for credit loss, closing balance	(34)	(40)
Freight
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, opening balance	(25)	(27)
Current period credit loss provision, net	5	2
Allowance for credit loss, closing balance	(20)	(25)
Non-freight
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, opening balance	(15)	(16)
Current period credit loss provision, net	1	1
Allowance for credit loss, closing balance	$ (14)	$ (15)

Property sale (Details)

Property sale (Details) $ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021CAD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021CAD ($)
Discontinued Operations and Disposal Groups [Abstract]
Consideration, sale of assets	$ 103
Cash proceeds from sale of assets	61
Consideration received, property	33
Consideration received, permanent easement assets	9
Gain on sale of assets	50	$ 38
Deferred gain on sale of assets	$ 53
Recognition of deferred gain			$ 13

Business acquisitions - Narrati

Business acquisitions - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions, $ in Millions	Dec. 14, 2021CAD ($)shares	Dec. 14, 2021USD ($)$ / sharesshares	Dec. 02, 2021CAD ($)	Dec. 02, 2021USD ($)	Nov. 24, 2021CAD ($)	Sep. 15, 2021CAD ($)	Sep. 15, 2021USD ($)	May 21, 2021CAD ($)	May 21, 2021USD ($)	Dec. 22, 2020CAD ($)mi	Jun. 03, 2020CAD ($)	Dec. 30, 2019CAD ($)mi	Dec. 31, 2021CAD ($)	Dec. 31, 2021CAD ($)	Jun. 02, 2020CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Dec. 14, 2021USD ($)	Aug. 10, 2021USD ($)	Mar. 21, 2021mi
Business Acquisition [Line Items]
Merger termination fee																	$ 845	$ 0	$ 0
Amount remitted																	12,299	0	0
Proceeds from issuance of long-term debt			$ 8,600	$ 6,700	$ 2,200									$ 10,700
Investment													$ 42,309	42,309		$ 0	42,309	0
Equity loss of Kansas City Southern																	141	0	0
Acquisition-related costs																	247	0	0
Financing fees																	51	0	0
Cash consideration																	0	398	0
Goodwill													328	328		329	328	329	$ 194
DRTP
Business Acquisition [Line Items]
Ownership percentage										100.00%
Kansas City Southern
Business Acquisition [Line Items]
Amount remitted						$ 1,773	$ 1,400
Investment													42,309	42,309			42,309
Equity loss of Kansas City Southern																	141
Amortization of basis difference																	8
Basis difference													30,000	$ 30,000			30,000
Kansas City Southern
Business Acquisition [Line Items]
Number of route miles acquired | mi																						7,100
Merger termination fee							$ 700	$ 845	$ 700
Enterprise value																					$ 31,000
Assumption of debt																					$ 3,800
Exchange ratio																					2.884	2.445
Stock issued (in shares) | shares	262.6	262.6
Stock issued, value	$ 23,500																			$ 18,300
Cash consideration	10,500	$ 8,200
Total consideration	$ 36,000	$ 28,000
Acquisition-related costs																	599
Financing fees																	51
Percentage ownership acquired	100.00%																			100.00%
Kansas City Southern | Common stock
Business Acquisition [Line Items]
Consideration transferred, per share (in CAD or USD per share) | $ / shares		$ 90
Kansas City Southern | Preferred stock
Business Acquisition [Line Items]
Consideration transferred, per share (in CAD or USD per share) | $ / shares		$ 37.50
Kansas City Southern | Purchased services and other
Business Acquisition [Line Items]
Acquisition-related costs																	183
Kansas City Southern | Other expense (income)
Business Acquisition [Line Items]
Acquisition-related costs																	$ 247
Kansas City Southern | Equity loss of Kansas City Southern
Business Acquisition [Line Items]
Acquisition-related costs													$ 169
DRTP
Business Acquisition [Line Items]
Investment										$ 13
Percentage ownership acquired										83.50%
Cash consideration										$ 398
Reduction of operating costs related to movements through the DRTP																		$ (34)
Miles of rail tunnel acquired | mi										1.6
Previously held equity interest, Percentage										16.50%
Gain on remeasurement of DRTP equity interest										$ 68
Fair value of previously held equity method investment										81
Goodwill										90
Intangible assets										4
Acquired cash and equivalents										$ 6
CMQ
Business Acquisition [Line Items]
Percentage ownership acquired												100.00%
Cash consideration												$ 174
Additional consideration paid, working capital adjustment															$ 3
CMQ U.S.
Business Acquisition [Line Items]
Fair value of previously held equity method investment											$ 138
Goodwill											52
Intangible assets											27
Acquired cash and equivalents											$ 22
Additional consideration paid, working capital adjustment															$ 3
Measurement period adjustment, Other long-term liabilities																$ 1
Amortization period of intangible assets with finite lives (years)											20 years
Canada | CMQ
Business Acquisition [Line Items]
Miles of rail lines acquired | mi												237
United States | CMQ
Business Acquisition [Line Items]
Miles of rail lines acquired | mi												244

Business acquisitions - FV of N

Business acquisitions - FV of Net Assets Acquired DRTP (Details) - CAD ($) $ in Millions	Dec. 22, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 328	$ 329	$ 194
Cash consideration		$ 0	$ 398	$ 0
DRTP
Business Acquisition [Line Items]
Accounts receivable, net	$ 5
Properties	436
Intangible assets	4
Accounts payable and accrued liabilities	(1)
Deferred taxes	(55)
Total identifiable assets and liabilities	389
Goodwill	90
Fair value of net assets acquired	479
Cash consideration	398
Fair value of previously held equity method investment	81
Total consideration	$ 479

Business acquisitions - FV of_2

Business acquisitions - FV of Net Assets Acquired CMQ U.S. (Details) - CAD ($) $ in Millions	Jun. 03, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 328	$ 329	$ 194
CMQ U.S.
Business Acquisition [Line Items]
Cash and cash equivalents	$ 22
Accounts receivable, net	2
Properties	54
Intangible assets	27
Accounts payable and accrued liabilities	(13)
Other long-term liabilities	(6)
Total identifiable assets and liabilities	86
Goodwill	52
Fair value of net assets acquired	138
Fair value of previously held equity method investment	$ 138

Investment in KCS - Narrative (

Investment in KCS - Narrative (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 14, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in Kansas City Southern	$ 42,309		$ 0
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Percentage ownership acquired		100.00%
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Investment in Kansas City Southern	42,309
Basis difference	$ 30,000

Investment in KCS - Summarized

Investment in KCS - Summarized Financial Information, Statement of Income (Details) - CAD ($) $ in Millions	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total revenues		$ 2,040	$ 1,942	$ 2,054	$ 1,959	$ 2,012	$ 1,863	$ 1,792	$ 2,043	$ 7,995	$ 7,710	$ 7,792
Total operating expenses										4,789	4,399	4,668
Operating income		832	774	820	780	928	779	770	834	3,206	3,311	3,124
Other										237	(7)	(89)
Income before income tax expense										3,620	3,202	3,146
Net loss		$ 532	$ 472	$ 1,246	$ 602	$ 802	$ 598	$ 635	$ 409	$ 2,852	$ 2,444	$ 2,440
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 178
Total operating expenses	287
Operating income	(109)
Other	12
Income before income tax expense	(121)
Net loss	$ (106)

Investment in KCS - Summarize_2

Investment in KCS - Summarized Financial Information, Balance Sheet (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Current assets	$ 1,352	$ 1,321
Other non-current assets	419	438
Liabilities
Current liabilities	3,159	2,653
Other non-current liabilities	542	$ 585
Kansas City Southern
Assets
Current assets	1,120
Properties	11,676
Other non-current assets	425
Liabilities
Current liabilities	619
Long-term debt	4,778
Other non-current liabilities	1,823
Non-controlling interest	$ 416

Investments (Details)

Investments (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Rail investments accounted for on an equity basis	$ 161	$ 150
Other investments	48	49
Total investments	$ 209	$ 199

Properties - Net Properties (De

Properties - Net Properties (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Cost	$ 29,851	$ 29,051
Accumulated depreciation	8,651	8,629
Net book value	21,200	20,422
Capitalized internal-use software, Costs	47	45	$ 55
Capitalized internal-use software, Depreciation	$ 40	42	$ 44
Track and roadway
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.80%
Cost	$ 21,210	20,676
Accumulated depreciation	5,893	5,859
Net book value	$ 15,317	14,817
Buildings
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.90%
Cost	$ 1,022	937
Accumulated depreciation	266	259
Net book value	$ 756	678
Rolling stock
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	2.90%
Cost	$ 4,793	4,702
Accumulated depreciation	1,419	1,498
Net book value	$ 3,374	3,204
Information systems software
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	8.10%
Cost	$ 603	569
Accumulated depreciation	279	253
Net book value	$ 324	316
Other
Property, Plant and Equipment [Line Items]
Weighted average annual depreciation rate	5.30%
Cost	$ 2,223	2,167
Accumulated depreciation	794	760
Net book value	$ 1,429	$ 1,407

Properties - Capital Leases Inc

Properties - Capital Leases Included in Properties (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finance Leased Assets [Line Items]
Cost	$ 300	$ 310
Accumulated depreciation	134	139
Net book value	166	171
Rolling stock
Finance Leased Assets [Line Items]
Cost	291	302
Accumulated depreciation	133	138
Net book value	158	164
Other
Finance Leased Assets [Line Items]
Cost	9	8
Accumulated depreciation	1	1
Net book value	$ 8	$ 7

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill
Opening balance	$ 329	$ 194
Additions	0	142
Foreign exchange impact	(1)	(7)
Ending balance	328	329
Intangible assets
Cost, Opening balance	55	27
Accumulated amortization, Opening balance	(18)	(15)
Net carrying amount, Opening balance	37	12
Additions	9	31
Amortization	(3)	(3)
Foreign exchange impact	0	(3)
Cost, Ending balance	64	55
Accumulated amortization, Ending balance	(21)	(18)
Net carrying amount, Ending balance	43	37
Opening Balance	366	206
Additions	9	173
Amortization	(3)	(3)
Foreign exchange impact	(1)	(10)
Ending Balance	$ 371	$ 366

Other assets (Details)

Other assets (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease ROU assets	$ 287	$ 316
Contracted customer incentives	77	60
Long-term materials	34	37
Other	21	25
Total other assets	$ 419	$ 438

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Trade payables	$ 432	$ 401
Accrued charges	286	294
Accrued interest	141	134
Dividends payable	177	127
Stock-based compensation liabilities	126	121
Income and other taxes payable	164	115
Payroll-related accruals	65	68
Operating lease liabilities	59	63
Accrued vacation	60	59
Personal injury and other claims provision	49	37
Deferred revenue	20	27
Deferred real estate lease and license revenue	14	11
Provision for environmental remediation	11	9
Other	5	1
Total accounts payable and accrued liabilities	$ 1,609	$ 1,467

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 02, 2021	Nov. 24, 2021
Debt Instrument [Line Items]
Long-term debt, including unamortized fees		$ 20,264	$ 9,833
Long-term debt and finance lease obligation, excluding perpetual debt		20,220	9,788
Unamortized fees on long-term debt		(137)	(62)
Long-term debt, including current debt		20,127	9,771
Long-term debt maturing within one year		1,550	1,186
Long-term debt		$ 18,577	8,585
9.450% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	9.45%	9.45%
Debt term	30 years	30 years
Long-term debt, including unamortized fees		$ 0	318
5.100% 10-year Medium Term Notes
Debt Instrument [Line Items]
Interest rate		5.10%
Debt term		10 years
Long-term debt, including unamortized fees		$ 125	125
4.500% 10-year Notes
Debt Instrument [Line Items]
Interest rate		4.50%
Debt term		10 years
Long-term debt, including unamortized fees		$ 317	318
4.450% 12.5-year Notes
Debt Instrument [Line Items]
Interest rate		4.45%
Debt term		12 years 6 months
Long-term debt, including unamortized fees		$ 444	445
1.589% 2-year Notes
Debt Instrument [Line Items]
Interest rate		1.589%			1.589%
Debt term		2 years
Long-term debt, including unamortized fees		$ 1,000	0
1.350% 3-year Notes
Debt Instrument [Line Items]
Interest rate		1.35%		1.35%
Debt term		3 years
Long-term debt, including unamortized fees		$ 1,899	0
2.900% 10-year Notes
Debt Instrument [Line Items]
Interest rate		2.90%
Debt term		10 years
Long-term debt, including unamortized fees		$ 887	891
3.700% 10.5-year Notes
Debt Instrument [Line Items]
Interest rate		3.70%
Debt term		10 years 6 months
Long-term debt, including unamortized fees		$ 317	318
1.750% 5-year Notes
Debt Instrument [Line Items]
Interest rate		1.75%		1.75%
Debt term		5 years
Long-term debt, including unamortized fees		$ 1,266	0
2.540% 6.3-year Notes
Debt Instrument [Line Items]
Interest rate		2.54%			2.54%
Debt term		6 years 3 months 18 days
Long-term debt, including unamortized fees		$ 1,200	0
4.000% 10-year Notes
Debt Instrument [Line Items]
Interest rate		4.00%
Debt term		10 years
Long-term debt, including unamortized fees		$ 634	636
3.150% 10-year Notes
Debt Instrument [Line Items]
Interest rate		3.15%
Debt term		10 years
Long-term debt, including unamortized fees		$ 399	$ 399
2.050% 10-year Notes
Debt Instrument [Line Items]
Interest rate		2.05%	2.05%
Debt term		10 years	10 years
Long-term debt, including unamortized fees		$ 633	$ 636
7.125% 30-year Debentures
Debt Instrument [Line Items]
Interest rate		7.125%
Debt term		30 years
Long-term debt, including unamortized fees		$ 444	446
2.450% 10-year Notes
Debt Instrument [Line Items]
Interest rate		2.45%		2.45%
Debt term		10 years
Long-term debt, including unamortized fees		$ 1,774	0
5.750% 30-year Debentures
Debt Instrument [Line Items]
Interest rate		5.75%
Debt term		30 years
Long-term debt, including unamortized fees		$ 311	312
4.800% 20-year Notes
Debt Instrument [Line Items]
Interest rate		4.80%
Debt term		20 years
Long-term debt, including unamortized fees		$ 379	381
5.950% 30-year Notes
Debt Instrument [Line Items]
Interest rate		5.95%
Debt term		30 years
Long-term debt, including unamortized fees		$ 564	567
6.450% 30-year Notes
Debt Instrument [Line Items]
Interest rate		6.45%
Debt term		30 years
Long-term debt, including unamortized fees		$ 400	400
3.000% 20-year Notes
Debt Instrument [Line Items]
Interest rate		3.00%		3.00%
Debt term		20 years
Long-term debt, including unamortized fees		$ 1,261	0
5.750% 30-year Notes
Debt Instrument [Line Items]
Interest rate		5.75%
Debt term		30 years
Long-term debt, including unamortized fees		$ 312	313
4.800% 30-year Notes
Debt Instrument [Line Items]
Interest rate		4.80%
Debt term		30 years
Long-term debt, including unamortized fees		$ 695	$ 698
3.050% 30-year Notes
Debt Instrument [Line Items]
Interest rate		3.05%	3.05%
Debt term		30 years	30 years
Long-term debt, including unamortized fees		$ 298	$ 298
3.100% 30-year Notes
Debt Instrument [Line Items]
Interest rate		3.10%		3.10%
Debt term		30 years
Long-term debt, including unamortized fees		$ 2,266	0
6.125% 100-year Notes
Debt Instrument [Line Items]
Interest rate		6.125%
Debt term		100 years
Long-term debt, including unamortized fees		$ 1,141	1,146
5.41% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		5.41%
Long-term debt, including unamortized fees		$ 80	89
6.91% Secured Equipment Notes
Debt Instrument [Line Items]
Interest rate		6.91%
Long-term debt, including unamortized fees		$ 58	75
7.49% Equipment Trust Certificates
Debt Instrument [Line Items]
Interest rate		7.49%
Long-term debt, including unamortized fees		$ 0	14
1.99-4.13% Finance Leases
Debt Instrument [Line Items]
Long-term debt, including unamortized fees		$ 2	4
1.99-4.13% Finance Leases | Minimum
Debt Instrument [Line Items]
Interest rate		1.99%
1.99-4.13% Finance Leases | Maximum
Debt Instrument [Line Items]
Interest rate		4.13%
6.99% Finance Lease
Debt Instrument [Line Items]
Interest rate		6.99%
Long-term debt, including unamortized fees		$ 97	97
6.57% Finance Lease
Debt Instrument [Line Items]
Interest rate		6.57%
Long-term debt, including unamortized fees		$ 33	38
12.77% Finance Lease
Debt Instrument [Line Items]
Interest rate		12.77%
Long-term debt, including unamortized fees		$ 4	4
1.93% Finance Lease
Debt Instrument [Line Items]
Interest rate		1.93%
Long-term debt, including unamortized fees		$ 4	0
Commercial Paper
Debt Instrument [Line Items]
Commercial paper		336	820
Term Credit Facility
Debt Instrument [Line Items]
Long-term debt, including unamortized fees		634	0
Demand Promissory Note
Debt Instrument [Line Items]
Commercial paper		$ 6	0
Perpetual 4% Consolidated Debenture Stock (USD)
Debt Instrument [Line Items]
Interest rate		4.00%
Long-term debt, including unamortized fees		$ 38	39
Perpetual 4% Consolidated Debenture Stock (GBP)
Debt Instrument [Line Items]
Interest rate		4.00%
Long-term debt, including unamortized fees		$ 6	$ 6

Debt - Long-term Debt - Narrati

Debt - Long-term Debt - Narrative (Details) $ in Millions	Dec. 02, 2021CAD ($)	Dec. 02, 2021USD ($)	Dec. 02, 2021CAD ($)	Dec. 02, 2021USD ($)	Nov. 24, 2021CAD ($)	Dec. 31, 2021CAD ($)	Sep. 30, 2021CAD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 20,264			$ 20,264		$ 9,833
Annual maturities and principal repayments in 2022						1,446			1,446
Annual maturities and principal repayments in 2023						1,473			1,473
Annual maturities and principal repayments in 2024						1,984			1,984
Annual maturities and principal repayments in 2025						888			888
Annual maturities and principal repayments in 2026						1,585			1,585
Proceeds from issuance of long-term debt			$ 8,600	$ 6,700,000,000	$ 2,200	10,700
Payment for settlement of derivatives	$ 226
Net book value						166			$ 166		171
Bond locks
Debt Instrument [Line Items]
Derivative notional amount settled	$ 600
Forward starting swaps
Debt Instrument [Line Items]
Derivative notional amount settled		$ 2,400,000,000
2.450% 10-year Notes and 3.000% 20-year Notes
Debt Instrument [Line Items]
Redemption price percentage									101.00%	101.00%
2.450% 10-year Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 1,774			$ 1,774		0
Proceeds from issuance of long-term debt			1,780	1,390,000,000
Debt face amount		$ 1,400,000,000		$ 1,400,000,000
Interest rate		2.45%		2.45%		2.45%			2.45%				2.45%
Debt term									10 years	10 years
3.000% 20-year Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 1,261			$ 1,261		0
Proceeds from issuance of long-term debt			$ 1,260	$ 990,000,000
Debt face amount		$ 1,000,000,000		$ 1,000,000,000
Interest rate		3.00%		3.00%		3.00%			3.00%				3.00%
Debt term									20 years	20 years
9.450% 30-year Debentures
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 0			$ 0		318
Interest rate						9.45%	9.45%	9.45%	9.45%				9.45%
Extinguishment of debt, amount								$ 250,000,000
Debt term							30 years	30 years	30 years	30 years
Repayments of debt							$ 312	$ 250,000,000
2.050% 10-year Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 633			$ 633		636
Proceeds from issuance of long-term debt											662	$ 495,000,000
Debt face amount											$ 500
Interest rate						2.05%			2.05%		2.05%		2.05%	2.05%
Debt term									10 years	10 years	10 years	10 years
3.050% 30-year Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 298			$ 298		$ 298
Proceeds from issuance of long-term debt											296
Debt face amount											$ 300
Interest rate						3.05%			3.05%		3.05%		3.05%	3.05%
Debt term									30 years	30 years	30 years	30 years
5.41% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 80			$ 80		$ 89
Interest rate						5.41%			5.41%				5.41%
Value of locomotive units used as collateral						$ 92			$ 92
Final repayment of principal amount										$ 44,000,000
6.91% Secured Equipment Notes
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current						$ 58			$ 58		$ 75
Interest rate						6.91%			6.91%				6.91%
Value of locomotive units used as collateral						$ 34			$ 34
Final repayment of principal amount									$ 11
U.S dollar-denominated
Debt Instrument [Line Items]
Long-term debt and finance lease obligation, Current and non-current													$ 13,265,000,000	$ 6,713,000,000

Debt - Proceeds From Issuance o

Debt - Proceeds From Issuance of Long-Term Debt (Details)	Dec. 02, 2021CAD ($)	Dec. 02, 2021USD ($)	Nov. 24, 2021CAD ($)	Dec. 31, 2021CAD ($)
Debt Instrument [Line Items]
Net proceeds	$ 8,600,000,000	$ 6,700,000,000	$ 2,200,000,000	$ 10,700,000,000
1.589% 2-year Notes
Debt Instrument [Line Items]
Debt face amount			$ 1,000,000,000
Interest rate			1.589%	1.589%
Net proceeds			$ 1,000,000,000
2.540% 6.3-year Notes
Debt Instrument [Line Items]
Debt face amount			$ 1,200,000,000
Interest rate			2.54%	2.54%
Net proceeds			$ 1,200,000,000
1.350% 3-year Notes
Debt Instrument [Line Items]
Debt face amount		$ 1,500,000,000
Interest rate		1.35%		1.35%
Net proceeds	1,910,000,000	$ 1,490,000,000
1.750% 5-year Notes
Debt Instrument [Line Items]
Debt face amount		$ 1,000,000,000
Interest rate		1.75%		1.75%
Net proceeds	1,270,000,000	$ 990,000,000
2.450% 10-year Notes
Debt Instrument [Line Items]
Debt face amount		$ 1,400,000,000
Interest rate		2.45%		2.45%
Net proceeds	1,780,000,000	$ 1,390,000,000
3.000% 20-year Notes
Debt Instrument [Line Items]
Debt face amount		$ 1,000,000,000
Interest rate		3.00%		3.00%
Net proceeds	1,260,000,000	$ 990,000,000
3.100% 30-year Notes
Debt Instrument [Line Items]
Debt face amount		$ 1,800,000,000
Interest rate		3.10%		3.10%
Net proceeds	$ 2,260,000,000	$ 1,770,000,000

Debt - Credit Facility - Narrat

Debt - Credit Facility - Narrative (Details) $ in Millions	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Sep. 24, 2021CAD ($)	Sep. 24, 2021USD ($)	Dec. 31, 2020CAD ($)
Commercial Paper
Debt Instrument [Line Items]
Commercial paper	$ 336	$ 265,000,000			$ 820
Weighted-average interest rate, commercial paper	0.32%	0.32%			0.27%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available amount		$ 1,300,000,000
U.S. $1.0 Billion Tranche
Debt Instrument [Line Items]
Credit facility, available amount		1,000,000,000		$ 1,000,000,000
U.S. $300 Million Tranche
Debt Instrument [Line Items]
Credit facility, available amount			$ 300
Term Credit Facility
Debt Instrument [Line Items]
Debt face amount		500,000,000
Amount outstanding	$ 634	$ 500,000,000
Weighted-average interest rate	1.38%	1.38%
Letters of Credit
Debt Instrument [Line Items]
Letters of credit drawn	$ 58				$ 59
Maximum capacity under credit facility	$ 300

Financial instruments - Fair Va

Financial instruments - Fair Values of Financial Instruments (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Long-term debt, excluding commercial paper	$ 19,151	$ 8,951
Long-term debt, fair value	$ 21,265	$ 11,597

Financial instruments - Financi

Financial instruments - Financial Risk Management (Details) $ in Millions, $ in Billions	3 Months Ended		4 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2021CAD ($)	Mar. 31, 2021CAD ($)	Dec. 31, 2021CAD ($)	Sep. 14, 2021CAD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	May 21, 2021CAD ($)	May 21, 2021USD ($)
Schedule of Investments [Line Items]
Net deferred losses on derivatives and other	$ 4		$ 4			$ 4		$ 40
FX Forward Contracts
Schedule of Investments [Line Items]
Gain (loss) on derivative						13
Derivative entered into, Notional amount							$ 1
Derivative notional amount	0		0			0		1,041
Forward starting swaps
Schedule of Investments [Line Items]
Gain (loss) on derivative			94	$ (251)
Derivative term					30 years
Derivative notional amount	2,967		2,967		$ 2.4	2,967		3,540			$ 2.4
Net deferred losses on derivatives and other	(21)		(21)			(21)				$ 73
Derivative, gain (loss), settlement	(230)
Forward Starting Swaps | Net Interest Expense
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense						9		9	$ 9
Net gains (losses) expected to be recognized in next 12 months						(8)
Bond locks
Schedule of Investments [Line Items]
Gain (loss) on derivative			19	$ (10)
Derivative term		7 years
Derivative notional amount		$ 600								600
Net deferred losses on derivatives and other	(17)		$ (17)			(17)				$ 2
Derivative, gain (loss), settlement	$ 7
Treasury Rate Locks | Net Interest Expense
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense						1		1	1
Net gains (losses) expected to be recognized in next 12 months						2
Net Investment Hedge
Schedule of Investments [Line Items]
Gain (loss) on derivative						$ 25		$ 136	$ 288

Other long-term liabilities (De

Other long-term liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Operating lease liabilities, net of current portion	$ 224	$ 248
Stock-based compensation liabilities, net of current portion	125	146
Provision for environmental remediation, net of current portion	68	71
Deferred revenue, net of current portion	47	34
Deferred real estate lease and license revenue, net of current portion	10	18
Deferred gains on sale leaseback transactions	4	5
Other, net of current portion	64	63
Other long-term liabilities	542	585
Aggregate provision for environmental remediation, including current portion	$ 79	$ 80

Other long-term liabilities - N

Other long-term liabilities - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Expected time period for payment of provision for environmental remediation	10 years
Environmental remediation costs charged to income	$ 10	$ 10	$ 6

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Lessee, Lease, Description [Line Items]
Extension option	10 years
Option to terminate, term	1 year
Residual value guarantee	$ 1
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	19 years

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 74	$ 83
Short-term lease cost	16	10
Variable lease cost	5	13
Sublease Income	(3)	(3)
Finance Lease Cost
Amortization of right-of-use assets	10	9
Interest on lease liabilities	10	11	$ 11
Total lease costs	$ 112	$ 123

Leases Supplemental Balance She

Leases Supplemental Balance Sheet Information (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, ROU asset	$ 287	$ 316
Operating lease, ROU asset, location	Other assets	Other assets
Finance lease, ROU asset	$ 166	$ 171
Finance lease, ROU asset, location	Properties	Properties
Operating lease liabilities, current	$ 59	$ 63
Operating lease liabilities, current, location	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance lease liabilities, current	$ 104	$ 8
Finance lease liabilities, current, location	Long-term debt maturing within one year	Long-term debt maturing within one year
Operating lease liabilities, long-term	$ 224	$ 248
Operating lease liabilities, long-term, location	Other long-term liabilities	Other long-term liabilities
Finance lease liabilities, long-term	$ 36	$ 135
Finance lease liabilities, long-term, location	Long-term debt	Long-term debt

Leases Weighted Average Remaini

Leases Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	6 years	7 years
Finance leases, Weighted-average remaining lease term	2 years	3 years
Operating leases, Weighted-average discount rate	3.18%	3.32%
Finance leases, Weighted-average discount rate	6.96%	7.06%

Leases Supplemental Information

Leases Supplemental Information Related to Leases (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash outflows from operating leases	$ 64	$ 74
Operating cash outflows from finance leases	10	10
Financing cash outflows from finance leases	8	8
Right-of-use assets obtained in exchange for operating lease liabilities	36	34
Right-of-use assets obtained in exchange for finance lease liabilities	$ 5	$ 4

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2021CAD ($)
Finance Leases
2022	$ 107
2023	9
2024	9
2025	9
2026	9
Thereafter	7
Total lease payments	150
Imputed interest	(10)
Present value of lease payments	140
Operating Leases
2022	66
2023	62
2024	50
2025	39
2026	34
Thereafter	60
Total lease payments	311
Imputed interest	(28)
Present value of lease payments	$ 283

Shareholders' equity - Narrativ

Shareholders' equity - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 19, 2020	Dec. 31, 2019	Jan. 27, 2021	Dec. 17, 2019	Oct. 19, 2018
Preferred shares issued	0
Common Shares repurchased (in shares)	0	20,400,000	21,400,000	19,000,000
Common Shares repurchased, value		$ 1,477	$ 1,577	$ 1,140
2021 Normal Course Issuer Bid
Common shares authorized to be repurchased					16,700,000
Common Shares repurchased (in shares)	0
Common Shares repurchased, value	$ 0
2019 Normal Course Issuer Bid
Common shares authorized to be repurchased						24,000,000
Common Shares repurchased (in shares)		19,865,380
Common Shares repurchased, value		$ 1,477
2018 Normal Course Issuer Bid
Common shares authorized to be repurchased							28,400,000
Share capital
Stock-based compensation transferred from APIC	$ 7	10		7
Common Shares repurchased, value		$ 58		$ 54

Shareholders' equity - Summary

Shareholders' equity - Summary of Information Related to Common Share Balances (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 19, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share capital, January 1 (in shares)	666.3	685		702.9
CP Common Shares repurchased (in shares)	0	(20.4)	(21.4)	(19)
Shares issued under stock option plan (in shares)	0.8	1.7		1.1
Shares issued for KCS acquisition (in shares)	262.6	0		0
Share capital, December 31 (in shares)	929.7	666.3		685

Shareholders' equity - Activiti

Shareholders' equity - Activities Under Shares Repurchase Program (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 19, 2020	Dec. 31, 2019
Number of Common Shares repurchased	0	20,400,000	21,400,000	19,000,000
Amount of repurchase		$ 1,477	$ 1,577	$ 1,140
2021 Normal Course Issuer Bid
Number of Common Shares repurchased	0
Weighted-average price per share	$ 0
Amount of repurchase	$ 0
2019 Normal Course Issuer Bid
Number of Common Shares repurchased		19,865,380
Weighted-average price per share		$ 74.35
Amount of repurchase		$ 1,477
2018 & 2019 Normal Course Issuer Bids
Number of Common Shares repurchased				18,970,745
Weighted-average price per share				$ 60.13
Amount of repurchase				$ 1,141

Change in non-cash working ca_3

Change in non-cash working capital balances related to operations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	$ 32	$ (61)	$ 27
Materials and supplies	(14)	(15)	(8)
Other current assets	24	(5)	(24)
Accounts payable and accrued liabilities	(108)	(308)	(21)
Change in non-cash working capital	$ (66)	$ (389)	$ (26)

Pensions and other benefits - A

Pensions and other benefits - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Period of average market values for calculating net periodic benefit cost	5 years
Benefit obligation, discount rate	3.01%	2.58%	3.25%
Defined benefit plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation	$ 410	$ 443
Defined benefit plan with accumulated benefit obligation in excess of plan assets, plan assets	$ 201	$ 187
Maximum value of underlying assets represented by financial derivatives, excluding currency forwards	30.00%
Solvency funded position hedged against interest rate risk	47.00%	47.00%
Company's common shares in fund assets (in shares)	426,304	545,040
Net cost of defined contribution plan	$ 13	$ 12	$ 11
Multi-employer benefit plan, Employer contributions	$ 3	$ 3	$ 3
US Dollar
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	43.00%	33.00%
Percentage of plan exposed to foreign currency risk, excluding currency forwards		40.00%
Euro
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	5.00%	6.00%
Other Currencies
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	10.00%	14.00%
Public equity
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets	$ 39	$ 48
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets	$ 5	$ 0
Pensions
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, discount rate	3.01%	2.58%	3.25%
Defined benefit pension plans accumulated benefit obligation	$ 12,591	$ 13,528

Pensions and other benefits - N

Pensions and other benefits - Net Periodic Benefit Cost (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total other components of net periodic benefit (recovery) cost	$ (387)	$ (342)	$ (381)
Pensions
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	171	140	107
Interest cost on benefit obligation	351	406	450
Expected return on fund assets	(959)	(945)	(947)
Recognized net actuarial loss	206	177	84
Amortization of prior service (recoveries) costs	0	(1)	(1)
Total other components of net periodic benefit (recovery) cost	(402)	(363)	(414)
Net periodic benefit (recovery) cost	(231)	(223)	(307)
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	13	12	11
Interest cost on benefit obligation	16	17	20
Expected return on fund assets	0	0	0
Recognized net actuarial loss	(1)	4	12
Amortization of prior service (recoveries) costs	0	0	1
Total other components of net periodic benefit (recovery) cost	15	21	33
Net periodic benefit (recovery) cost	$ 28	$ 33	$ 44

Pensions and other benefits - C

Pensions and other benefits - Changes in Projected Benefit Obligation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pensions
Change in projected benefit obligation:
Benefit obligation at January 1	$ 13,799	$ 12,610
Current service cost	171	140	$ 107
Interest cost	351	406	450
Employee contributions	42	42
Benefits paid	(667)	(653)
Foreign currency changes	0	(5)
Plan amendments and other	0	3
Actuarial loss (gain)	(812)	1,256
Projected benefit obligation at December 31	12,884	13,799	12,610
Other benefits
Change in projected benefit obligation:
Benefit obligation at January 1	553	541
Current service cost	13	12	11
Interest cost	16	17	20
Employee contributions	0	0
Benefits paid	(31)	(34)
Foreign currency changes	0	0
Plan amendments and other	0	0
Actuarial loss (gain)	(48)	17
Projected benefit obligation at December 31	$ 503	$ 553	$ 541

Pensions and other benefits -_2

Pensions and other benefits - Changes in Fund Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in fund assets:
Fair value of fund assets at January 1	$ 14,365
Fair value of fund assets at December 31	14,938	$ 14,365
Pensions
Change in fund assets:
Fair value of fund assets at January 1	14,365	13,319
Actual return on fund assets	1,180	1,634
Employer contributions	18	27
Employee contributions	42	42
Benefits paid	(667)	(653)
Foreign currency changes	0	(4)
Fair value of fund assets at December 31	14,938	14,365
Funded status – plan surplus (deficit)	2,054	566
Other benefits
Change in fund assets:
Fair value of fund assets at January 1	5	5
Actual return on fund assets	0	0
Employer contributions	31	34
Employee contributions	0	0
Benefits paid	(31)	(34)
Foreign currency changes	0	0
Fair value of fund assets at December 31	5	5
Funded status – plan surplus (deficit)	$ (498)	$ (548)

Pensions and other benefits - F

Pensions and other benefits - Funded Status of Pension Plans (Details) - Pensions - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Pension plans in surplus
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	$ (12,346)	$ (13,220)
Fair value of fund assets at December 31	14,663	14,114
Funded Status	2,317	894
Pension plans in deficit
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	(538)	(579)
Fair value of fund assets at December 31	275	251
Funded Status	$ (263)	$ (328)

Pensions and other benefits -_3

Pensions and other benefits - Amounts Recognized in Company's Consolidated Balance Sheets (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension asset	$ 2,317	$ 894
Pension and other benefit liabilities	(718)	(832)
Pensions
Defined Benefit Plan Disclosure [Line Items]
Pension asset	2,317	894
Accounts payable and accrued liabilities	(11)	(11)
Pension and other benefit liabilities	(252)	(317)
Total amount recognized	2,054	566
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Pension asset	0	0
Accounts payable and accrued liabilities	(32)	(33)
Pension and other benefit liabilities	(466)	(515)
Total amount recognized	$ (498)	$ (548)

Pensions and other benefits -_4

Pensions and other benefits - Amounts Recognized in Accumulated Other Comprehensive Losses (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Amounts recognized in accumulated other comprehensive loss	$ 1,915	$ 2,878
Pensions
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment gains	3,298	3,960
Deferred investment gains	(672)	(95)
Prior service cost	5	5
Deferred income tax	(759)	(1,070)
Amounts recognized in accumulated other comprehensive loss	1,872	2,800
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment gains	57	104
Deferred investment gains	0	0
Prior service cost	1	1
Deferred income tax	(15)	(27)
Amounts recognized in accumulated other comprehensive loss	$ 43	$ 78

Pensions and other benefits -_5

Pensions and other benefits - Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Benefit obligation at December 31:
Discount rate		3.01%	2.58%	3.25%
Projected future salary increases		2.75%	2.75%	2.75%
Health care cost trend rate		5.00%	5.00%	5.50%
Benefit cost for year ended December 31:
Discount rate		2.58%	3.25%	4.01%
Expected rate of return on fund assets		6.90%	7.25%	7.50%
Projected future salary increases		2.75%	2.75%	2.75%
Health care cost trend rate		5.00%	5.50%	6.00%
Assumed health care cost trend rate		5.00%	5.50%	6.00%
Forecast
Benefit cost for year ended December 31:
Expected rate of return on fund assets	6.90%

Pensions and other benefits - P

Pensions and other benefits - Pension Plan Asset Allocation and Weighted-Average Policy Range (Details) - Pensions	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	100.00%
Percentage of plan assets	100.00%	100.00%
Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	1.20%
Percentage of plan assets	3.10%	2.00%
Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	24.10%
Percentage of plan assets	24.10%	28.10%
Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	45.10%
Percentage of plan assets	50.50%	49.30%
Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	9.80%
Percentage of plan assets	6.70%	6.30%
Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	9.80%
Percentage of plan assets	4.60%	3.30%
Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	10.00%
Percentage of plan assets	11.00%	11.00%
Minimum | Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	20.00%
Minimum | Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	35.00%
Minimum | Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	4.00%
Minimum | Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	4.00%
Minimum | Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	4.00%
Maximum | Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	10.00%
Maximum | Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	40.00%
Maximum | Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	55.00%
Maximum | Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	13.00%
Maximum | Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	13.00%
Maximum | Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	13.00%

Pensions and other benefits - S

Pensions and other benefits - Summary of DB Pension Plan Assets at Fair Value (Details) $ in Millions, $ in Billions	Dec. 31, 2021CAD ($)	Jun. 30, 2021USD ($)	May 21, 2021USD ($)	Dec. 31, 2020CAD ($)
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 14,938			$ 14,365
Currency Forward
Defined Benefit Plan Disclosure [Line Items]
Derivative notional amount	0			1,041
Derivative fair value	6			73
Forward starting swaps
Defined Benefit Plan Disclosure [Line Items]
Derivative notional amount	2,967	$ 2.4	$ 2.4	3,540
Derivative fair value	100			(2)
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	363			219
Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,936			1,983
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,437			1,835
Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	234			225
Public equities, Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,004			1,183
Public equities, U.S and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	6,536			5,899
Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	732			704
Fund value subject to redemption	613			580
Fund value not subject to redemption	119			124
Unfunded commitments	32			32
Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	263			199
Fund value subject to redemption	107			112
Fund value not subject to redemption	156			87
Unfunded commitments	814			491
Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	682			465
Fund value subject to redemption	152			154
Fund value not subject to redemption	530			311
Unfunded commitments	774			533
Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	106			71
Absolute return, Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,621			1,560
Absolute return, Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	24			22
Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	3,322			2,950
Investments measured at NAV | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Public equities, Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Public equities, U.S and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	732			704
Investments measured at NAV | Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	263			199
Investments measured at NAV | Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	682			465
Investments measured at NAV | Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Investments measured at NAV | Absolute return, Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,621			1,560
Investments measured at NAV | Absolute return, Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	24			22
Fair Value, Level 1
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	8,934			8,468
Fair Value, Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	363			219
Fair Value, Level 1 | Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	232			284
Fair Value, Level 1 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	569			691
Fair Value, Level 1 | Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	230			220
Fair Value, Level 1 | Public equities, Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,004			1,183
Fair Value, Level 1 | Public equities, U.S and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	6,536			5,871
Fair Value, Level 1 | Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 1 | Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 1 | Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 1 | Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 1 | Absolute return, Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 1 | Absolute return, Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	2,682			2,947
Fair Value, Level 2 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Government bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,704			1,699
Fair Value, Level 2 | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	868			1,144
Fair Value, Level 2 | Mortgages
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	4			5
Fair Value, Level 2 | Public equities, Canada
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Public equities, U.S and international
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			28
Fair Value, Level 2 | Real estate
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Infrastructure
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Private debt
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Derivative instruments
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	106			71
Fair Value, Level 2 | Absolute return, Funds of hedge funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0			0
Fair Value, Level 2 | Absolute return, Multi-strategy funds
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 0			$ 0

Pensions and other benefits - E

Pensions and other benefits - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2021CAD ($)
Pensions
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2022	$ 645
2023	637
2024	638
2025	639
2026	640
2027-2031	3,209
Other benefits
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2022	32
2023	31
2024	30
2025	29
2026	29
2027-2031	$ 136

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) $ in Millions	Apr. 21, 2021	Mar. 31, 2021CAD ($)shares	Jun. 30, 2021CAD ($)shares	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020CAD ($)shares	Dec. 31, 2019CAD ($)shares	Dec. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 131	$ 170	$ 133
Stock based compensation expense, tax benefit				29	42	33
Stock split ratio	5
Share-based liabilities paid				126	86	58
Regular and Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 23	16	14
Expiration period				7 years
Fair value of options at grant date				$ 26	15	14
Unrecognized compensation expense				$ 16
Weighted-average period of recognition for unrecognized compensation				10 months 24 days
Fair value of shares vested for stock option plan				$ 18	$ 10	$ 8
Regular and Performance Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Regular and Performance Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				48 months
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) | shares				431,430	489,990	668,405
Grant date fair value				$ 37
Share-based liabilities paid				$ 119	$ 76	$ 54
Performance Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) | shares				12,694	50,145
Grant date fair value				$ 1
Matching % of DSU's granted to senior managers				25.00%
PSUs and PDSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 91	$ 121	89
Vesting period				3 years
Unrecognized compensation expense				$ 35
Weighted-average period of recognition for unrecognized compensation				1 year 4 months 24 days
Units issued (in shares) | shares				444,124	540,135
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 6	$ 21	20
Vesting period				36 months
Unrecognized compensation expense				$ 1
Weighted-average period of recognition for unrecognized compensation				1 year
Units issued (in shares) | shares				70,112	95,204
Grant date fair value				$ 6
Matching % of DSU's granted to senior managers				25.00%
Number of trading days				10 days
Share-based liabilities paid				$ 1	$ 9	4
Ownership target period				5 years
Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 8	$ 7	$ 6
Vesting period				1 year
Employer matching ratio per dollar contributed				0.3333
Maximum percentage of annual salary that an employee can contribute				6.00%
Number of shares purchased on behalf of participants | shares				538,022	576,720	689,710
Employer contributions				$ 11	$ 9	$ 8
Share-based Payment Arrangement, Tranche One | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) | shares		570,056					626,400
Payout percentage				200.00%	200.00%
PSUs vested in period (in shares) | shares				630,129
Fair value of PSUs vested in period				$ 116
Number of trading days				30 days	30 days
Share-based liabilities paid		$ 98
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid			$ 21
Share-based Payment Arrangement, Tranche Two | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) | shares			173,456	2,895		2,895	184,875
Payout percentage					125.00%
Number of trading days					30 days

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Plan (Details) - Stock Option Plan - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of options, Options outstanding (in shares)
Outstanding, January 1, Options (in shares)	6,936,830
Granted, Options (in shares)	1,346,358
Exercised, Options (in shares)	(723,276)
Forfeited, Options (in shares)	(167,724)
Outstanding, December 31, Options (in shares)	7,392,188	6,936,830
Vested or expected to vest at December 31, Options (in shares)	7,340,397
Exercisable, December 31, Options (in shares)	3,643,205
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, January 1 (cad per share)	$ 45.04
Granted (cad per share)	87.51
Exercised (cad per share)	35.20
Forfeited (cad per share)	54.54
Outstanding at December 31 (cad per share)	53.36	$ 45.04
Vested or expected to vest as at December 31 (cad per share)	53.21
Exercisable at December 31 (cad per share)	$ 41.64
Number of options, Nonvested options (in shares)
Non-vested, Outstanding January 1, Options (in shares)	3,885,385
Granted, Options (in shares)	1,346,358
Vested, Options (in shares)	(1,315,036)
Non-vested, Forfeited, Options (in shares)	(167,724)
Non-vested, Outstanding December 31, Options (in shares)	3,748,983	3,885,385
Weighted average grant date fair value, Nonvested options
Non-vested, Outstanding, January 1 (cad per share)	$ 11.68
Non-vested, Granted (cad per share)	19.06	$ 13.80	$ 12.74
Vested (cad per share)	11.83
Non-vested, Forfeited (cad per share)	12.23
Non-vested, Outstanding, December 31 (cad per share)	$ 14.25	$ 11.68
Weighted average remaining term of vested or expected to vest options	4 years 3 months 18 days
Aggregate intrinsic value of vested or expected to vest options	$ 277

Stock-based compensation - St_2

Stock-based compensation - Stock Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)$ / sharesshares
$15.14 - $38.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	$ 15,140,000
Range of exercise prices, maximum (cad per share)	38,170,000
$38.18 - $46.65
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	38,180,000
Range of exercise prices, maximum (cad per share)	46,650,000
$46.66 - $68.74
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	46,660,000
Range of exercise prices, maximum (cad per share)	68,740,000
$68.75 - $103.98
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	68,750,000
Range of exercise prices, maximum (cad per share)	103,980,000
Stock Option Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Company's closing stock price (cad per share)	$ 90.98
Options outstanding, Number of options (in shares) | shares	7,392,188
Options outstanding, Weighted-average years to expiration	3 years 9 months 18 days
Options outstanding, Weighted-average exercise price (cad per share)	$ 53.36
Options outstanding, Aggregate intrinsic value | $	$ 278
Options exercisable, Number of options (in shares) | shares	3,643,205
Options exercisable, Weighted-average exercise price (cad per share)	$ 41.64
Options exercisable, Aggregate intrinsic value | $	$ 180
Number of stock options in-the-money (in shares) | shares	7,373,880
Weighted-average exercise price of stock options in-the-money (cad per share)	$ 53.26
Weighted-average years to expiration	3 years 1 month 6 days
Stock Option Plan | $15.14 - $38.17
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options (in shares) | shares	1,420,600
Options outstanding, Weighted-average years to expiration	2 years 8 months 12 days
Options outstanding, Weighted-average exercise price (cad per share)	$ 30.14
Options outstanding, Aggregate intrinsic value | $	$ 86
Options exercisable, Number of options (in shares) | shares	1,420,600
Options exercisable, Weighted-average exercise price (cad per share)	$ 30.14
Options exercisable, Aggregate intrinsic value | $	$ 87
Stock Option Plan | $38.18 - $46.65
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options (in shares) | shares	2,013,630
Options outstanding, Weighted-average years to expiration	2 years 4 months 24 days
Options outstanding, Weighted-average exercise price (cad per share)	$ 40.86
Options outstanding, Aggregate intrinsic value | $	$ 101
Options exercisable, Number of options (in shares) | shares	1,032,160
Options exercisable, Weighted-average exercise price (cad per share)	$ 42.64
Options exercisable, Aggregate intrinsic value | $	$ 50
Stock Option Plan | $46.66 - $68.74
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options (in shares) | shares	2,167,180
Options outstanding, Weighted-average years to expiration	4 years 1 month 6 days
Options outstanding, Weighted-average exercise price (cad per share)	$ 55.55
Options outstanding, Aggregate intrinsic value | $	$ 77
Options exercisable, Number of options (in shares) | shares	1,082,960
Options exercisable, Weighted-average exercise price (cad per share)	$ 52.89
Options exercisable, Aggregate intrinsic value | $	$ 41
Stock Option Plan | $68.75 - $103.98
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options (in shares) | shares	1,790,778
Options outstanding, Weighted-average years to expiration	5 years 10 months 24 days
Options outstanding, Weighted-average exercise price (cad per share)	$ 83.21
Options outstanding, Aggregate intrinsic value | $	$ 14
Options exercisable, Number of options (in shares) | shares	107,485
Options exercisable, Weighted-average exercise price (cad per share)	$ 70.48
Options exercisable, Aggregate intrinsic value | $	$ 2

Stock-based compensation - Weig

Stock-based compensation - Weighted-Average Fair Value Assumptions (Details) - Stock Option Plan - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (years)	4 years 9 months	4 years 9 months	5 years
Risk-free interest rate	0.53%	1.28%	2.22%
Expected stock price volatility	27.14%	23.14%	25.04%
Expected annual dividends (cad per share)	$ 0.760	$ 0.664	$ 0.524
Estimated forfeiture rate	2.62%	4.41%	6.05%
Weighted average grant date fair value of options granted during the year (cad per share)	$ 19.06	$ 13.80	$ 12.74

Stock-based compensation - Sche

Stock-based compensation - Schedule of Options Exercised (Details) - Stock Option Plan - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value	$ 43	$ 52	$ 63
Cash received by the Company upon exercise of options	$ 25	$ 52	$ 26

Stock-based compensation - Summ

Stock-based compensation - Summary of Performance Share Units Plan (Details) - PSUs and PDSUs - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] (in shares)
Outstanding, January 1 (in shares)	1,909,345	2,015,680
Granted (in shares)	444,124	540,135
Units, in lieu of dividends (in shares)	14,668	19,215
Settled (in shares)	(743,512)	(606,125)
Forfeited (in shares)	(46,844)	(59,560)
Outstanding, December 31 (in shares)	1,577,781	1,909,345

Stock-based compensation - Su_2

Stock-based compensation - Summary of Deferred Share Units Plan (Details) - DSUs - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] (in shares)
Outstanding, January 1 (in shares)	774,053	806,095
Granted (in shares)	70,112	95,204
Units, in lieu of dividends (in shares)	6,753	7,553
Settled (in shares)	(6,677)	(133,940)
Forfeited (in shares)	(2,908)	(859)
Outstanding, December 31 (in shares)	841,333	774,053

Stock-based compensation - Su_3

Stock-based compensation - Summary of Total Share Based Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 126	$ 86	$ 58
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	119	76	54
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	1	9	4
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 6	$ 1	$ 0

Variable interest entities (Det

Variable interest entities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Variable Interest Entity [Line Items]
Future minimum lease payments before tax	$ 311
Kansas City Southern
Variable Interest Entity [Line Items]
Ownership percentage	100.00%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Lease payments after tax	$ 14
Future minimum lease payments before tax	$ 107
Period over which lease payments will be paid	9 years

Commitments and contingencies (

Commitments and contingencies (Details) - 12 months ended Dec. 31, 2021 $ in Millions, $ in Millions	CAD ($)claimplaintiff	USD ($)claimplaintiff
Lac-Megantic Rail Accident | Claimed damages as a result of derailment
Commitments and Contingencies [Line Items]
Amount to be distributed	$ 440
Lac-Megantic Rail Accident | Quebec Minister of Sustainable Development, Environment, Wildlife and Parks
Commitments and Contingencies [Line Items]
Value of damages sought	95
Lac-Megantic Rail Accident | Attorney General of Quebec
Commitments and Contingencies [Line Items]
Value of damages sought	315
Value of damages previously sought	409
Lac-Megantic Rail Accident | Initial Subrogated Insurers | Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought	15
Value of damages previously sought	$ 16
Number of subrogated insurer claims | claim	8	8
Lac-Megantic Rail Accident | Additional Subrogated Insurers | Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought	$ 3
Number of subrogated insurer claims | claim	2	2
Lac-Megantic Rail Accident | Class Action Plaintiffs
Commitments and Contingencies [Line Items]
Value of damages sought	$ 5
Number of plaintiffs | plaintiff	48	48
Lac-Megantic Rail Accident | MMAR Estate Representative | Damages for loss in business value
Commitments and Contingencies [Line Items]
Value of damages sought		$ 30
Lac-Megantic Rail Accident | WD Trustee | Damaged railcars and lost crude recovery
Commitments and Contingencies [Line Items]
Value of damages sought		6
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignor
Commitments and Contingencies [Line Items]
Value of damages sought		110
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignee
Commitments and Contingencies [Line Items]
Value of damages sought		$ 60
Capital Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures	$ 455
Operating Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures	$ 1,600

Guarantees (Details)

Guarantees (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Guarantees [Abstract]
Accrued guarantees	$ 14	$ 18

Segmented and geographic info_3

Segmented and geographic information - Narrative (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of operating segments	1

Segmented and geographic info_4

Segmented and geographic information - Geographic Information (Details) - CAD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,040	$ 1,942	$ 2,054	$ 1,959	$ 2,012	$ 1,863	$ 1,792	$ 2,043	$ 7,995	$ 7,710	$ 7,792
Long-term assets excluding investment in Kansas City Southern, financial instruments, and pension assets	22,196				21,423				22,196	21,423	20,151
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									5,992	5,829	5,675
Long-term assets excluding investment in Kansas City Southern, financial instruments, and pension assets	14,922				14,258				14,922	14,258	13,131
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									2,003	1,881	2,117
Long-term assets excluding investment in Kansas City Southern, financial instruments, and pension assets	$ 7,274				$ 7,165				$ 7,274	$ 7,165	$ 7,020

Selected quarterly data (unau_3

Selected quarterly data (unaudited) (Details) $ / shares in Units, $ in Millions	Apr. 21, 2021	Dec. 31, 2021CAD ($)$ / shares	Sep. 30, 2021CAD ($)$ / shares	Jun. 30, 2021CAD ($)$ / shares	Mar. 31, 2021CAD ($)$ / shares	Dec. 31, 2020CAD ($)$ / shares	Sep. 30, 2020CAD ($)$ / shares	Jun. 30, 2020CAD ($)$ / shares	Mar. 31, 2020CAD ($)$ / shares	Dec. 31, 2021CAD ($)$ / shares	Dec. 31, 2020CAD ($)$ / shares	Dec. 31, 2019CAD ($)$ / shares
Quarterly Financial Information Disclosure [Abstract]
Stock split ratio	5
Total revenues		$ 2,040	$ 1,942	$ 2,054	$ 1,959	$ 2,012	$ 1,863	$ 1,792	$ 2,043	$ 7,995	$ 7,710	$ 7,792
Operating income		832	774	820	780	928	779	770	834	3,206	3,311	3,124
Net income		$ 532	$ 472	$ 1,246	$ 602	$ 802	$ 598	$ 635	$ 409	$ 2,852	$ 2,444	$ 2,440
Basic earnings per share (cad per share) | $ / shares		$ 0.74	$ 0.71	$ 1.87	$ 0.90	$ 1.19	$ 0.88	$ 0.94	$ 0.60	$ 4.20	$ 3.61	$ 3.52
Diluted earnings per share (cad per share) | $ / shares		$ 0.74	$ 0.70	$ 1.86	$ 0.90	$ 1.19	$ 0.88	$ 0.93	$ 0.60	$ 4.18	$ 3.59	$ 3.50

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accruals for personal injury and other claims provision
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	$ 126	$ 141	$ 152
Additions charged to expenses	114	105	142
Payments and other reductions	(117)	(119)	(152)
Impact of FX	0	(1)	(1)
Ending balance at December 31	123	126	141
Environmental liabilities
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	80	77	82
Additions charged to expenses	10	10	6
Payments and other reductions	(10)	(6)	(8)
Impact of FX	(1)	(1)	(3)
Ending balance at December 31	$ 79	$ 80	$ 77

Uncategorized Items - cp-202112

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]