Canadian Pacific Railway Limited (CP) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CP
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Central Index Key	16,875
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		153,021,661
Entity Public Float			$ 23,580,095,732
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - CAD shares in Millions, CAD in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Freight										CAD 6,552	CAD 6,464	CAD 5,982
Non-freight										160	156	151
Total revenues	CAD 1,687	CAD 1,709	CAD 1,651	CAD 1,665	CAD 1,760	CAD 1,670	CAD 1,681	CAD 1,509		6,712	6,620	6,133
Operating expenses
Compensation and benefits										1,371	1,348	1,378
Fuel										708	1,048	1,004
Materials										184	193	160
Equipment rents										174	155	173
Depreciation and amortization										595	552	565
Purchased services and other										1,060	985	998
Asset impairment										0	0	435
Gain on sale of Delaware & Hudson South										(68)	0	0
Total operating expenses										4,024	4,281	4,713
Operating income	677	753	646	612	708	621	587	423		2,688	2,339	1,420
Less:
Other income and charges										335	19	17
Net interest expense										394	282	278
Income before income tax expense										1,959	2,038	1,125
Income tax expense			23						CAD 7	607	562	250
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254		CAD 1,352	CAD 1,476	CAD 875
Earnings per share
Basic earnings per share (in CAD per share)	CAD 2.09	CAD 2.05	CAD 2.38	CAD 1.94	CAD 2.66	CAD 2.33	CAD 2.13	CAD 1.45		CAD 8.47	CAD 8.54	CAD 5
Diluted earnings per share (in CAD per share)	CAD 2.08	CAD 2.04	CAD 2.36	CAD 1.92	CAD 2.63	CAD 2.31	CAD 2.11	CAD 1.44		CAD 8.40	CAD 8.46	CAD 4.96
Weighted-average number of shares (millions)
Basic (shares)										159.7	172.8	174.9
Diluted (shares)										161	174.4	176.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - CAD CAD in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254	CAD 1,352	CAD 1,476	CAD 875
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									(86)	(32)	3
Change in derivatives designated as cash flow hedges									(69)	(49)	(1)
Change in pension and post-retirement defined benefit plans									1,059	(941)	1,681
Other comprehensive (loss) income before income taxes									904	(1,022)	1,683
Income tax (expense) recovery on above items									(162)	306	(418)
Other comprehensive (loss) income									742	(716)	1,265
Comprehensive income									CAD 2,094	CAD 760	CAD 2,140

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	CAD 650	CAD 226
Accounts receivable, net	645	702
Materials and supplies	188	177
Other current assets	54	116
Total current assets	1,537	1,221
Investments	152	112
Properties	16,273	14,438
Assets held for sale	0	182
Goodwill and intangible assets	211	176
Pension asset	1,401	304
Other assets	63	117
Total assets	19,637	16,550
Current liabilities
Accounts payable and accrued liabilities	1,417	1,277
Long-term debt maturing within one year	30	134
Total current liabilities	1,447	1,411
Pension and other benefit liabilities	758	755
Other long-term liabilities	318	432
Long-term debt	8,927	5,625
Deferred income taxes	3,391	2,717
Total liabilities	14,841	10,940
Shareholders’ equity
Share capital	CAD 2,058	CAD 2,185
Authorized unlimited number of first and second preferred shares; none outstanding.
Additional paid-in capital	CAD 43	CAD 36
Accumulated other comprehensive loss	(1,477)	(2,219)
Retained earnings	4,172	5,608
Total Shareholders' equity	4,796	5,610
Total liabilities and shareholders’ equity	CAD 19,637	CAD 16,550

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - CAD / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized without par value (in dollars per share)	Unlimited	Unlimited
Common stock, par value (in CAD per share)	CAD 0	CAD 0
Common stock, shares issued (shares)	153,000,000	166,100,000
Common stock, shares outstanding (shares)	153,000,000	166,100,000
First preferred stock, shares authorized (shares)	Unlimited	Unlimited
Second preferred stock, shares authorized (shares)	Unlimited	Unlimited
First preferred stock, shares outstanding (shares)	0	0
Second preferred stock, shares outstanding (shares)	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	CAD 1,352	CAD 1,476	CAD 875
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	595	552	565
Deferred income taxes	234	354	212
Pension funding in excess of expense	(49)	(132)	(55)
Asset impairment	0	0	435
Other operating activities, net	52	(3)	(80)
Change in non-cash working capital balance related to operations	275	(124)	(2)
Cash provided by operating activities	2,459	2,123	1,950
Investing activities
Additions to properties	(1,522)	(1,449)	(1,236)
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad	0	236	0
Proceeds from the sale of Delaware & Hudson South	281	0	0
Proceeds from sale of properties and other assets	114	52	73
Change in restricted cash and cash equivalents used to collateralize letters of credit	0	411	(411)
Other	4	0	(23)
Cash used in investing activities	(1,123)	(750)	(1,597)
Financing activities
Dividends paid	(226)	(244)	(244)
Issuance of CP Common Shares	43	62	83
Purchase of CP Common Shares	(2,787)	(2,050)	0
Issuance of long-term debt, excluding commercial paper	3,411	0	0
Repayment of long-term debt, excluding commercial paper	(505)	(183)	(56)
Net (repayment) issuance of commercial paper	(893)	771	0
Settlement of foreign exchange forward on long-term debt	0	17	0
Other	0	(3)	(3)
Cash used in financing activities	(957)	(1,630)	(220)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	45	7	10
Cash position
Increase (decrease) in cash and cash equivalents	424	(250)	143
Cash and cash equivalents at beginning of year	226	476	333
Cash and cash equivalents at end of year	650	226	476
Supplemental disclosures of cash flow information:
Income taxes paid	176	226	31
Interest paid	CAD 336	CAD 309	CAD 295

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CAD CAD in Millions	Total	Share capital [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive loss [Member]	Retained earnings [Member]
Beginning Balance at Dec. 31, 2012	CAD 5,097	CAD 2,127	CAD 41	CAD (2,768)	CAD 5,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	875	0	0	0	875
Other comprehensive income (loss)	1,265	0	0	1,265	0
Dividends declared ($1.4000 per share for the years ended December 31, 2013, 2014, and 2015, respectively)	(246)	0	0	0	(246)
Effect of stock-based compensation expense	17	0	17	0	0
Shares issued under stock option plan (Note 23)	89	113	(24)	0	0
Ending Balance at Dec. 31, 2013	7,097	2,240	34	(1,503)	6,326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,476	0	0	0	1,476
Other comprehensive income (loss)	(716)	0	0	(716)	0
Dividends declared ($1.4000 per share for the years ended December 31, 2013, 2014, and 2015, respectively)	(241)	0	0	0	(241)
Effect of stock-based compensation expense	19	0	19	0	0
CP Common Shares repurchased	(2,089)	(136)	0	0	(1,953)
Shares issued under stock option plan (Note 23)	64	81	(17)	0	0
Ending Balance at Dec. 31, 2014	5,610	2,185	36	(2,219)	5,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,352	0	0	0	1,352
Other comprehensive income (loss)	742	0	0	742	0
Dividends declared ($1.4000 per share for the years ended December 31, 2013, 2014, and 2015, respectively)	(221)	0	0	0	(221)
Effect of stock-based compensation expense	17	0	17	0	0
CP Common Shares repurchased	(2,748)	(181)	0	0	(2,567)
Shares issued under stock option plan (Note 23)	44	54	(10)	0	0
Ending Balance at Dec. 31, 2015	CAD 4,796	CAD 2,058	CAD 43	CAD (1,477)	CAD 4,172

CONSOLIDATED STATEMENTS OF CHA8

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - CAD / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in CAD per share)	CAD 1.4000	CAD 1.4000	CAD 1.4000

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. CP provides rail and intermodal transportation services over a network of approximately 12,500 miles, serving the principal business centres of Canada from Montreal, Quebec, 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 east of Montreal 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 and 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 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. All intercompany accounts and transactions have been eliminated. Use of estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, goodwill, deferred income tax assets and liabilities, as well as legal and personal injury liabilities based upon currently available information. Actual results could differ from these estimates. Principal subsidiaries The following list sets out CPRL’s principal railway operating subsidiaries, including the jurisdiction of incorporation. All of these subsidiaries are wholly owned, directly or indirectly, by CPRL as at December 31, 2015. Principal subsidiary Incorporated under the laws of Canadian Pacific Railway Company Canada Soo Line Railroad Company (“Soo Line”) Minnesota Delaware and Hudson Railway Company, Inc. (“D&H”) Delaware Dakota, Minnesota & Eastern Railroad Corporation (“DM&E”) Delaware Mount Stephen Properties Inc. (“MSP”) Canada Revenue recognition Railway freight revenues are recognized based on the percentage of completed service method. The allocation of revenue between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volume and contract terms as freight service is provided. Other revenues, including passenger revenue, revenue from leasing certain assets, switching fees, and revenue from logistics services, are recognized as service is performed or contractual obligations are met. Revenues are presented net of taxes collected from customers and remitted to government authorities. Cash and cash equivalents Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but exclude cash and cash equivalents subject to restrictions. Restricted cash and cash equivalents Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the balance sheets when applicable. Foreign currency translation Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains and losses. FX gains and losses arising from the translation of these foreign subsidiaries’ accounts are included in “Other comprehensive income (loss)”. A portion of U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ accounts in “Other comprehensive income (loss)”. 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 f ive-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 and infrastructure securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected benefit obligation is based on blended market interest rates on high-quality corporate debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 10 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 in income as “Compensation and benefits”. Materials and supplies Materials and supplies are carried at the lower of average cost or market and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars. Properties Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs and material costs. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs include largely local crew facilities, highway vehicles, work trains and area management costs. Overheads primarily include a portion of the cost of the Company’s engineering department, 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 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 studies of historical retirements of properties in the group and engineering estimates of changes in current operations and of technological advances. Actual use and retirement of assets may vary from current estimates, which would impact the amount of depreciation expense recognized in future periods. Rail and other track material in the U.S. are depreciated based directly on usage. 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 the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. Equipment under capital lease is included in Properties and depreciated over the period of expected use. Assets held for sale Assets to be disposed that meet the held for sale criteria are reported at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated. Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. Goodwill is assigned to the reporting units that are expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year, or more frequently as economic events dictate. The fair value of the reporting unit is compared to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value goodwill is potentially impaired. The impairment charge that would be recognized is the excess of the carrying value of the goodwill over the fair value of the goodwill, determined in the same manner as in a business combination. Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Certain equity investments, classified as available for sale, are recognized at cost as fair value cannot be reliably established. Cash and cash equivalents are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, dividends payable, other long-term liabilities and long-term debt, classified as other liabilities, are also measured at amortized cost. Derivative financial instruments Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives not designated as hedges is recognized in the period in which the change occurs in the Consolidated Statements of Income in the line item to which the derivative instrument is related. On the Consolidated Balance Sheets they are classified in “Other assets”, “Other long-term liabilities”, “Other current assets” or “Accounts payable and accrued liabilities” as applicable. Gains and losses arising from derivative instruments may affect the following lines on the Consolidated Statements of Income: “Revenues”, “Compensation and benefits”, “Fuel”, “Other income and charges”, and “Net interest expense”. For fair value hedges, the periodic changes in values are recognized in income, on the same line as the changes in values of the hedged items are also recorded. For a cash flow hedge, the change in value of the effective portion is recognized in “Other comprehensive income (loss)”. Any ineffectiveness within an effective cash flow hedge is recognized in income as it arises in the same income account as the hedged item. Should a cash flow hedging relationship become ineffective, previously unrealized gains and losses remain within “Accumulated other comprehensive loss” until the hedged item is settled and, prospectively, future changes in value of the derivative are recognized in income. The change in value of the effective portion of a cash flow hedge remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. In the Consolidated Statements of Cash Flows, cash flows relating to derivative instruments designated as hedges are included in the same line as the related hedged items. The Company may from time to time enter into FX forward contracts to hedge anticipated sales in U.S. dollars, the related accounts receivable and future capital acquisitions. FX translation gains and losses on foreign currency-denominated derivative financial instruments used to hedge anticipated U.S. dollar-denominated sales are recognized as an adjustment of the revenues when the sale is recorded. Those used to hedge future capital acquisitions are recognized as an adjustment of the property amount when the acquisition is recorded. The Company may from time to time enter into FX forward contracts as part of its short-term cash management strategy. These contracts would not be designated as hedges due to their short-term nature and are carried on the Consolidated Balance Sheets at fair value. Changes in fair value are recognized in income in the period in which the changes occur. The Company may from time to time enter into interest rate swaps to manage the risk related to interest rate fluctuations. These swap agreements require the periodic exchange of payments without the exchange of the principal amount on which the payments are based. Interest expense on the debt is adjusted to include the payments owing or receivable under the interest rate swaps. These agreements are usually accounted for as cash flow hedges with gains and losses recorded in “Accumulated other comprehensive loss” and amortized to “Net interest expense” in the period that interest on the related debt is charged. The Company may from time to time enter into forward rate agreements to fix interest rates for anticipated issuances of debt. These agreements are usually accounted for as cash flow hedges with gains and losses recorded in “Accumulated other comprehensive loss” and amortized to “Net interest expense” in the period that interest on the related debt is charged. Restructuring accrual Restructuring liabilities are recorded at their present value. The discount related to liabilities is amortized to “Compensation and benefits” over the payment period. Provisions for labour restructuring are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”. 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 a risk free-rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”. Income taxes The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income. Earnings per share Basic earnings per share are calculated using the weighted average number of common shares outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options. Stock-based compensation CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period, or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period, based on their estimated fair values on the grant date, as determined using the Black-Scholes option-pricing model. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital“ and credited to “Share capital”. Compensation expense is also recognized for deferred share units (“DSUs”), performance share units (“PSUs”) and restricted share units (“RSUs”) using the fair value method. Compensation expense is recognized over the vesting period, or for PSUs and DSUs only, over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period. Forfeitures of DSUs, PSUs and RSUs are estimated at issuance and subsequently at the balance sheet date. The employee share purchase plan (“ESPP”) gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period.

Accounting Changes

Accounting Changes	12 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Accounting changes Implemented in 2015 Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) under FASB Accounting Standards Codification (“ASC”) Topic 820 Fair Value Measurement. The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and certain disclosures related to those investments. This ASU was effective retrospectively for public entities for fiscal years, and interim periods within those years, beginning on or after December 15, 2015. Early adoption of this ASU is permitted. The Company adopted the provisions of this ASU during the fourth quarter of 2015. As a result of the adoption of ASU 2015-07, $2,426 million and $2,069 million as of December 31, 2015 and 2014, respectively, of net asset value investments in the defined benefit pension plan assets are no longer included in Level 2 and Level 3 within the fair value hierarchy in Note 24. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, an amendment to FASB ASC Topic 740 Income Taxes. The amendments remove the requirement to separate deferred income tax liabilities and assets into current and non-current amounts in the balance sheet. The recognition and measurement guidance for deferred tax assets and liabilities are not affected by the amendments. This ASU can be applied prospectively or retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company retrospectively adopted the provisions of this ASU during the fourth quarter of 2015. As a result of the adoption of ASU 2015-17, the comparative period has been adjusted for the retrospective change in accounting principle with a reclassification of $56 million of current "Deferred income tax assets" against long-term "Deferred income tax liabilities" as at December 31, 2014. The Company is able to net these amounts as deferred tax liabilities exceed deferred tax assets in all tax jurisdictions. There was no impact on the Consolidated Statements of Income as a result of the adoption of the provisions of this ASU during the year ended December 31, 2015 and comparative periods. Future changes Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis under FASB ASC Topic 810 Consolidation. The amendments require reporting entities to evaluate whether they should consolidate certain legal entities under the revised consolidation model. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. This ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2015. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the impact on the consolidated financial statements from the adoption of this ASU. Simplifying the Subsequent Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory under FASB ASC Topic 330 Inventory. The amendments require reporting entities to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using the first-in, first-out or average cost basis. This ASU will be effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2016, and will be applied prospectively. The Company has not, at this time, ascertained the full impact on the consolidated financial statements from the adoption of the guidance in this ASU but does not expect the impact to be material. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, a new FASB ASC Topic 606 Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605 Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. This new standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires enhanced disclosures about revenue to help users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date under FASB ASC Topic 606. The amendments defer the effective date of the guidance in ASU 2014-09 for public entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the ASU. The Company is currently evaluating the impact on the consolidated financial statements from the adoption of this ASU.

Asset Impairment

Asset Impairment	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment	Asset impairment Dakota, Minnesota & Eastern Railroad – West On January 2, 2014, the Company executed an agreement with Genesee & Wyoming Inc. (“G&W”) for the sale of a portion of CP’s DM&E line between Tracy, Minnesota; Rapid City, South Dakota; Colony, Wyoming; and Crawford, Nebraska to connecting branch lines (“DM&E West”). The sale was subject to regulatory approval by the U.S. Surface Transportation Board (“STB”). At December 31, 2013, the estimated fair value less estimated direct selling costs of DM&E West was $222 million . As a result, the Company recorded an asset impairment charge and accruals for future costs associated with the sale totalling $435 million ( $257 million after-tax) in 2013. The components of the asset impairment charge and charge for the accruals that were recorded against income as “Asset impairments” are as follows: (in millions of Canadian dollars) 2013 Property, plant and equipment $ 426 Intangible assets 2 Goodwill (Note 15) 6 Total asset impairment charge 434 Accruals for future costs 1 Total charge $ 435 On May 30, 2014, the Company completed the sale of DM&E West to G&W for net proceeds of U.S. $218 million ( $236 million ).

Other Income and Charges

Other Income and Charges	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Income and Charges	Other income and charges (in millions of Canadian dollars) 2015 2014 2013 Foreign exchange loss on long-term debt $ 297 $ 11 $ 2 Other foreign exchange (gains) losses (24 ) — 2 Early redemption premium on notes (Note 19) 47 — — Other 15 8 13 Total other income and charges $ 335 $ 19 $ 17

Net Interest Expense

Net Interest Expense	12 Months Ended
	Dec. 31, 2015
Banking and Thrift, Interest [Abstract]
Net Interest Expense	Net interest expense (in millions of Canadian dollars) 2015 2014 2013 Interest cost $ 409 $ 301 $ 296 Interest capitalized to Properties (14 ) (15 ) (13 ) Interest expense 395 286 283 Interest income (1 ) (4 ) (5 ) Net interest expense $ 394 $ 282 $ 278 Interest expense includes interest on capital leases of $11 million for the year ended December 31, 2015 (2014 – $12 million ; 2013 – $19 million ).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 2013 Current income tax expense $ 373 $ 208 $ 38 Deferred income tax expense Origination and reversal of temporary differences 105 317 183 Effect of tax rate increases 23 — 7 Effect of hedge of net investment in foreign subsidiaries 100 42 29 Other 6 (5 ) (7 ) Total deferred income tax expense 234 354 212 Total income taxes $ 607 $ 562 $ 250 Income before income tax expense Canada $ 1,099 $ 1,269 $ 1,019 Foreign 860 769 106 Total income before income tax expense $ 1,959 $ 2,038 $ 1,125 Income tax expense Current Canada $ 173 $ 50 $ 4 Foreign 200 158 34 Total current income tax expense 373 208 38 Deferred Canada 163 292 256 Foreign 71 62 (44 ) Total deferred income tax expense 234 354 212 Total income taxes $ 607 $ 562 $ 250 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) 2015 2014 Deferred income tax assets Restructuring liability $ 3 $ 7 Amount related to tax losses carried forward 16 28 Liabilities carrying value in excess of tax basis 89 214 Future environmental remediation costs 33 32 Tax credits carried forward including minimum tax — 20 Other 69 69 Total deferred income tax assets 210 370 Deferred income tax liabilities Properties carrying value in excess of tax basis 3,553 3,052 Other 48 35 Total deferred income tax liabilities 3,601 3,087 Total net deferred income tax liabilities $ 3,391 $ 2,717 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) 2015 2014 2013 Statutory federal and provincial income tax rate (Canada) 26.47 % 26.31 % 26.32 % Expected income tax expense at Canadian enacted statutory tax rates $ 519 $ 536 $ 296 Increase (decrease) in taxes resulting from: (Gains) / losses not subject to tax 28 (5 ) (6 ) Canadian tax rate differentials 1 (1 ) (1 ) Foreign tax rate differentials 39 36 (36 ) Effect of tax rate increases 23 — 7 Other (3 ) (4 ) (10 ) Income tax expense $ 607 $ 562 $ 250 The Company has no unrecognized tax benefits from capital losses at December 31, 2015 and 2014. 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. During the second quarter of 2015, legislation was enacted to increase the province of Alberta's corporate income tax rate. As a result, the Company recalculated its deferred income taxes as at January 1, 2015 based on this change and recorded an income tax expense of $23 million in the second quarter of 2015. During the third quarter of 2013, legislation was enacted to increase the province of British Columbia’s corporate income tax rate. As a result, the Company recalculated its deferred income taxes as at January 1, 2013 based on this change and recorded an income tax expense of $7 million in the third quarter of 2013. At December 31, 2015, the Company had income tax operating losses carried forward of $35 million , which have been recognized as a deferred tax asset. Certain of these losses carried forward will begin to expire in 2029, with the majority expiring between 2029 and 2035. The Company also has minimum tax credits of approximately $1 million that are carried forward indefinitely without expiration. The company did not have any investment tax credits carried forward. 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. The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the United States for the year ended December 31, 2015: (in millions of Canadian dollars) 2015 2014 2013 Unrecognized tax benefits at January 1 $ 17 $ 16 $ 19 Increase in unrecognized: Tax benefits related to the current year 4 2 4 Dispositions: Gross uncertain tax benefits related to prior years (6 ) (1 ) (7 ) Unrecognized tax benefits at December 31 $ 15 $ 17 $ 16 If these uncertain tax positions were recognized, all of the amount of unrecognized tax positions as at December 31, 2015 would impact the Company’s effective tax rate. 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 total amount of accrued interest and penalties in 2015 was $4 million (2014 – $1 million ; 2013 – credit of $1 million ). The total amount of accrued interest and penalties associated with the unrecognized tax benefit at December 31, 2015 was $9 million (2014 – $5 million ; 2013 – $4 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 2012. The federal and provincial income tax returns filed for 2013 and subsequent years remain subject to examination by the Canadian taxation authorities. The Internal Revenue Service ("IRS") of the United States has completed their examinations and issued notices of deficiency for the tax years 2012 through 2013. The Company disagrees with many of their proposed adjustments, and is at the IRS Appeals for those years. The income tax returns for 2014 and subsequent years continue to remain subject to examination by the IRS. Additionally, various U.S. state tax authorities are examining the Company's state income tax returns for years 2011 through 2014. The Company believes that it has recorded sufficient income tax reserves at December 31, 2015 with respect to these income tax examinations. The Company does not anticipate any material changes to the unrecognized tax benefits previously disclosed within the next twelve months as at December 31, 2015.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share have been calculated using net income for the year divided by the weighted average number of shares outstanding during the year. Diluted earnings per share have 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 Common Shares at the average market price for the period. For purposes of this calculation, at December 31, 2015, there were 2.5 million dilutive options outstanding (2014 – 3.1 million ; 2013 – 3.2 million ). The number of shares used and the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars except per share data) 2015 2014 2013 Net income $ 1,352 $ 1,476 $ 875 Weighted average basic shares outstanding 159.7 172.8 174.9 Dilutive effect of weighted average number of stock options 1.3 1.6 1.6 Weighted average diluted shares outstanding 161.0 174.4 176.5 Earnings per share - basic $ 8.47 $ 8.54 $ 5.00 Earnings per share - diluted $ 8.40 $ 8.46 $ 4.96 In 2015, the number of options excluded from the computation of diluted earnings per share because their effect was not dilutive was 0.2 million (2014 – 0.1 million; 2013 – nil ).

Other Comprehensive Income (Los

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Other comprehensive income (loss) and accumulated other comprehensive loss The components of “Accumulated other comprehensive loss”, net of tax, are as follows: (in millions of Canadian dollars) 2015 2014 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 870 $ 199 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 (741 ) (84 ) Deferred losses on settled hedge instruments (11 ) (16 ) Unrealized effective losses on cash flow hedges (89 ) (34 ) Amounts for defined benefit pension and other post-retirement plans not recognized in income (1,504 ) (2,282 ) Equity accounted investments (2 ) (2 ) Accumulated other comprehensive loss $ (1,477 ) $ (2,219 ) Components of Other comprehensive income (loss) and the related tax effects are as follows: (in millions of Canadian dollars) Before tax amount Income tax recovery (expense) Net of tax amount For the year ended December 31, 2015 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 671 $ — $ 671 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (757 ) 100 (657 ) Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 7 (2 ) 5 Unrealized loss on cash flow hedges (76 ) 21 (55 ) Change in pension and other benefits actuarial gains and losses 1,058 (281 ) 777 Change in prior service pension and other benefit costs 1 — 1 Other comprehensive income $ 904 $ (162 ) $ 742 For the year ended December 31, 2014 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 287 $ — $ 287 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (319 ) 42 (277 ) Change in derivatives designated as cash flow hedges: Realized gain on cash flow hedges recognized in income (3 ) — (3 ) Unrealized loss on cash flow hedges (46 ) 12 (34 ) Change in pension and other benefits actuarial gains and losses (873 ) 234 (639 ) Change in prior service pension and other benefit costs (68 ) 18 (50 ) Other comprehensive loss $ (1,022 ) $ 306 $ (716 ) For the year ended December 31, 2013 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 220 $ — $ 220 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (217 ) 28 (189 ) Change in derivatives designated as cash flow hedges: Realized gain on cash flow hedges recognized in income (19 ) — (19 ) Unrealized gain on cash flow hedges 18 — 18 Change in pension and other benefits actuarial gains and losses 1,603 (427 ) 1,176 Change in prior service pension and other benefit costs 78 (19 ) 59 Other comprehensive income $ 1,683 $ (418 ) $ 1,265 Changes in accumulated other comprehensive loss by component: (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and other (1) Pension and post- retirement defined benefit plans (1) Total (1) Opening balance, 2015 $ 115 $ (52 ) $ (2,282 ) $ (2,219 ) Other comprehensive income (loss) before reclassifications 14 (55 ) 585 544 Amounts reclassified from accumulated other comprehensive loss — 5 193 198 Net current-period other comprehensive income (loss) 14 (50 ) 778 742 Closing balance, 2015 $ 129 $ (102 ) $ (1,504 ) $ (1,477 ) Opening balance, 2014 $ 105 $ (15 ) $ (1,593 ) $ (1,503 ) Other comprehensive income (loss) before reclassifications 10 (34 ) (781 ) (805 ) Amounts reclassified from accumulated other comprehensive loss — (3 ) 92 89 Net current-period other comprehensive income (loss) 10 (37 ) (689 ) (716 ) Closing balance, 2014 $ 115 $ (52 ) $ (2,282 ) $ (2,219 ) (1) Amounts are presented net of tax. Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss 2015 2014 Amortization of prior service costs (1) $ (5 ) $ (68 ) Recognition of net actuarial loss (1) 269 192 Total before income tax $ 264 $ 124 Income tax recovery (71 ) (32 ) Net of income tax $ 193 $ 92 (1) Impacts Compensation and benefits on the Consolidated Statements of Income.

Change in Non-Cash Working Capi

Change in Non-Cash Working Capital Balances Related to Operations	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 2013 Source (use) of cash: Accounts receivable, net $ 80 $ (112 ) $ (29 ) Materials and supplies 15 7 (19 ) Other current assets 55 (75 ) 5 Accounts payable and accrued liabilities 125 56 41 Change in non-cash working capital $ 275 $ (124 ) $ (2 )

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Accounts Receivable, Net	Accounts receivable, net (in millions of Canadian dollars) 2015 2014 Freight $ 491 $ 535 Non-freight 185 189 676 724 Allowance for doubtful accounts (31 ) (22 ) Total accounts receivable, net $ 645 $ 702 The Company maintains an allowance for doubtful accounts based on expected collectability of accounts receivable. Credit losses are based on specific identification of uncollectable accounts, the application of historical percentages by aging category and an assessment of the current economic environment. At December 31, 2015, allowances of $31 million (2014 – $22 million ) were recorded in “Accounts receivable, net”. During 2015, provisions of $7 million of accounts receivable (2014 – $2 million ; 2013 – $3 million ) were recorded within “Purchased services and other”.

Gain on Settlement of Legal Pro

Gain on Settlement of Legal Proceedings Related to the Purchase and Sale of a Building	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Gain on Settlement of Legal Proceedings Related to the Purchase and Sale of a Building and Gain on Sale of Delaware & Hudson South	Gain on settlement of legal proceedings related to the purchase and sale of a building In 2013, CP provided an interest free loan pursuant to a court order to a corporation owned by a court appointed trustee (“the judicial trustee”) to facilitate the acquisition of a building. The building was held in trust during the legal proceedings with regard to CP’s entitlement to an exercised purchase option of the building (“purchase option”). As at December 31, 2014, the loan of $20 million and the purchase option with a carrying value of $8 million , were recorded as “Other assets” in the Company’s Consolidated Balance Sheets. In the first quarter of 2015, CP reached a settlement with a third party that, following the sale of the building to an arm’s-length third party, resulted in resolution of legal proceedings. CP received $59 million for the sale of the building which included repayment of the aforementioned loan to the judicial trustee. A gain of $31 million ( $27 million after tax) was recorded as a credit within “Purchased services and other”. Gain on sale of Delaware & Hudson South On November 17, 2014, the Company announced a proposed agreement with Norfolk Southern Corporation (“NS”) for the sale of approximately 283 miles of the Delaware and Hudson Railway Company, Inc.’s line between Sunbury, Pennsylvania, and Schenectady, New York ("D&H South"). During the first quarter of 2015, the Company finalized a sales agreement with NS for D&H South. The sale, which received approval by the STB on May 15, 2015, was completed on September 18, 2015 for proceeds of $281 million (U.S. $214 million ), subject to finalizing post-closing adjustments between the Company and NS in the first quarter of 2016. The assets sold were previously classified as “Assets held for sale” on the Company’s Consolidated Balance Sheet at December 31, 2014. The Company recorded a gain on sale of $68 million ( $42 million after tax) from the transaction during the third quarter of 2015.

Gain on Sale of Delaware & Huds

Gain on Sale of Delaware & Hudson South	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Gain on Settlement of Legal Proceedings Related to the Purchase and Sale of a Building and Gain on Sale of Delaware & Hudson South	Gain on settlement of legal proceedings related to the purchase and sale of a building In 2013, CP provided an interest free loan pursuant to a court order to a corporation owned by a court appointed trustee (“the judicial trustee”) to facilitate the acquisition of a building. The building was held in trust during the legal proceedings with regard to CP’s entitlement to an exercised purchase option of the building (“purchase option”). As at December 31, 2014, the loan of $20 million and the purchase option with a carrying value of $8 million , were recorded as “Other assets” in the Company’s Consolidated Balance Sheets. In the first quarter of 2015, CP reached a settlement with a third party that, following the sale of the building to an arm’s-length third party, resulted in resolution of legal proceedings. CP received $59 million for the sale of the building which included repayment of the aforementioned loan to the judicial trustee. A gain of $31 million ( $27 million after tax) was recorded as a credit within “Purchased services and other”. Gain on sale of Delaware & Hudson South On November 17, 2014, the Company announced a proposed agreement with Norfolk Southern Corporation (“NS”) for the sale of approximately 283 miles of the Delaware and Hudson Railway Company, Inc.’s line between Sunbury, Pennsylvania, and Schenectady, New York ("D&H South"). During the first quarter of 2015, the Company finalized a sales agreement with NS for D&H South. The sale, which received approval by the STB on May 15, 2015, was completed on September 18, 2015 for proceeds of $281 million (U.S. $214 million ), subject to finalizing post-closing adjustments between the Company and NS in the first quarter of 2016. The assets sold were previously classified as “Assets held for sale” on the Company’s Consolidated Balance Sheet at December 31, 2014. The Company recorded a gain on sale of $68 million ( $42 million after tax) from the transaction during the third quarter of 2015.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments (in millions of Canadian dollars) 2015 2014 Rail investments accounted for on an equity basis $ 115 $ 82 Other investments 37 30 Total investments $ 152 $ 112

Properties

Properties	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Properties	Properties (in millions of Canadian dollars except percentages) 2015 2015 2014 Average annual depreciation rate Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Track and roadway 2.6 % $ 16,303 $ 4,427 $ 11,876 $ 14,515 $ 4,126 $ 10,389 Buildings 3.2 % 642 165 477 571 150 421 Rolling stock 2.3 % 4,041 1,524 2,517 3,737 1,414 2,323 Information systems (1) 12.2 % 599 291 308 631 297 334 Other 3.5 % 1,640 545 1,095 1,489 518 971 Total $ 23,225 $ 6,952 $ 16,273 $ 20,943 $ 6,505 $ 14,438 (1) During 2015, CP capitalized costs attributable to the design and development of internal-use software in the amount of $42 million (2014 – $69 million ; 2013 – $85 million ). Current year depreciation expense related to internal use software was $69 million (2014 – $70 million ; 2013 – $84 million ). Capital leases included in properties (in millions of Canadian dollars) 2015 2014 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Buildings $ 1 $ 1 $ — $ 1 $ 1 $ — Rolling stock 311 96 215 311 87 224 Total assets held under capital lease $ 312 $ 97 $ 215 $ 312 $ 88 $ 224

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and intangible assets Intangible assets (in millions of Canadian dollars) Goodwill Cost Accumulated amortization Net carrying amount Total goodwill and intangible assets Balance at December 31, 2013 $ 150 $ 22 $ (10 ) $ 12 $ 162 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 14 — 1 1 15 Balance at December 31, 2014 $ 164 $ 22 $ (10 ) $ 12 $ 176 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 31 — 2 2 33 Additions 3 — — — 3 Balance at December 31, 2015 $ 198 $ 22 $ (9 ) $ 13 $ 211 As part of the acquisition of DM&E in 2007, CP recognized goodwill of U.S. $147 million on the allocation of the purchase price, determined as the excess of the purchase price over the fair value of the net assets acquired. Since the acquisition, the operations of DM&E have been integrated with CP’s U.S. operations and the related goodwill is allocated to CP’s U.S. reporting unit. Goodwill is tested for impairment at least once per year as at October 1 st . The goodwill impairment test determines if the fair value of the reporting unit continues to exceed its net book value, or whether an impairment charge is required. The fair value of the reporting unit is affected by projections of its profitability including estimates of revenue growth, which are inherently uncertain. Intangible assets of $13 million (2014 – $12 million ), acquired in the acquisition of DM&E, include favourable leases, customer relationships and interline contracts. The estimated amortization expense for intangible assets for 2016 to 2020 is insignificant each year.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets (in millions of Canadian dollars) 2015 2014 Long-term materials $ 20 $ 30 Prepaid leases 9 9 Unamortized fees on credit facility 6 9 Contracted customer incentives 5 9 Long-term receivables 2 28 Other 21 32 Total other assets $ 63 $ 117 Fees on credit facility and contracted customer incentives are amortized to income over the term of the related facility and over the term of the related revenue contract, respectively.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in millions of Canadian dollars) 2015 2014 Trade payables $ 339 $ 407 Accrued charges 353 324 Income and other taxes payable 218 95 Accrued interest 147 75 Payroll-related accruals 88 72 Accrued vacation 69 66 Dividends payable 53 58 Personal injury and other claims provision 30 45 Purchase of CP Common Shares — 39 Provision for environmental remediation (Note 21) 13 16 Stock-based compensation liabilities 48 14 Provision for restructuring (Note 18) 6 11 Other 53 55 Total accounts payable and accrued liabilities $ 1,417 $ 1,277

Labour Restructuring

Labour Restructuring	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Labour Restructuring	Labour restructuring At December 31, 2015, the provision for restructuring was $12 million (2014 – $24 million ; 2013 – $50 million ). The restructuring accrual was primarily for labour liabilities arising from restructuring plans, including those from prior year initiatives. Payments are expected to continue in diminishing amounts until 2025 . Set out below is a reconciliation of CP’s liabilities associated with its restructuring accrual: (in millions of Canadian dollars) 2015 2014 2013 Opening balance, January 1 $ 24 $ 50 $ 89 Accrued (2 ) (7 ) (8 ) Payments (11 ) (21 ) (33 ) Amortization of discount (1) 1 2 2 Closing balance, December 31 $ 12 $ 24 $ 50 (1) Amortization of discount is charged to income as “Compensation and benefits”.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt (in millions of Canadian dollars) Maturity Currency in which payable 2015 2014 6.500% 10-year Notes (A) 2018-05 U.S.$ $ 380 $ 319 6.250% 10-year Medium Term Notes (A) 2018-06 CDN$ 374 374 7.250% 10-year Notes (A) 2019-05 U.S.$ 484 405 9.450% 30-year Debentures (A) 2021-08 U.S.$ 346 290 5.100% 10-year Medium Term Notes (A) 2022-01 CDN$ 125 125 4.500% 10-year Notes (A) 2022-01 U.S.$ 343 287 4.450% 12.5-year Notes (A) 2023-03 U.S.$ 483 405 7.125% 30-year Debentures (A) 2031-10 U.S.$ 484 406 5.750% 30-year Debentures (A) 2033-03 U.S.$ 339 282 5.950% 30-year Notes (A) 2037-05 U.S.$ 615 515 6.450% 30-year Notes (A) 2039-11 CDN$ 400 400 5.750% 30-year Notes (A) 2042-01 U.S.$ 340 284 2.900% 10-year Notes (A) 2025-02 U.S.$ 968 — 3.700% 10.5-year Notes (A) 2026-02 U.S.$ 345 — 4.800% 30-year Notes (A) 2045-08 U.S.$ 759 — 4.800% 20-year Notes (A) 2035-09 U.S.$ 413 — 6.125% 100-year Notes (A) 2115-09 U.S.$ 1,246 — Secured Equipment Loan (B) 2015-08 CDN$ — 62 5.41% Senior Secured Notes (C) 2024-03 U.S.$ 138 121 6.91% Secured Equipment Notes (D) 2024-10 CDN$ 145 156 5.57% Senior Secured Notes (E) 2024-12 U.S.$ — 65 7.49% Equipment Trust Certificates (F) 2021-01 U.S.$ 64 96 3.88% Senior Secured Notes Series A & B (G) 2026-10/2026-12 U.S.$ — 148 4.28% Senior Secured Notes (H) 2027-03 U.S.$ — 77 Other long-term loans (nil% – 5.50%) 2016 - 2025 U.S.$ / CDN$ 10 2 Obligations under capital leases (6.313% – 6.99%) (I) 2022 - 2026 U.S.$ 172 147 (12.77%) (I) 2031-01 CDN$ 3 3 Commercial paper (J) U.S.$ — 783 8,976 5,752 Perpetual 4% Consolidated Debenture Stock (K) U.S.$ 42 35 Perpetual 4% Consolidated Debenture Stock (K) G.B.£ 7 6 9,025 5,793 Less: Unamortized fees on long-term debt 68 34 8,957 5,759 Less: Long-term debt maturing within one year 30 134 $ 8,927 $ 5,625 At December 31, 2015, the gross amount of long-term debt denominated in U.S. dollars was U.S. $5,788 million (2014 – U.S. $4,047 million ). Annual maturities and principal repayments requirements, excluding those pertaining to capital leases, for each of the five years following 2015 are (in millions): 2016 – $26 ; 2017 – $29 ; 2018 – $778 ; 2019 – $508 ; 2020 – $68 . Fees on long-term debt are amortized to income over the term of the related debt. A. These debentures and notes pay interest semi-annually and are unsecured, but carry a negative pledge. During the first quarter of 2015, the Company issued U.S. $700 million 2.900% 10 -year Notes due February 1, 2025 for net proceeds of U.S. $694 million ( $873 million ). In addition, the Company settled a notional U.S. $700 million of forward starting floating-to-fixed interest rate swap agreements (“forward starting swaps”) for a payment of U.S. $50 million ( $63 million ) cash (see Note 20). This payment was included in the same line item as the related hedged item on the Consolidated Statements of Cash Flows. Inclusive of the settlement of the forward starting swap, the annualized effective yield at issuance was 3.61% . During the third quarter of 2015, the Company issued U.S. $550 million 4.800% 30 -year Notes due August 1, 2045 and U.S. $250 million 3.700% 10.5 -year notes due February 1, 2026 for a total of U.S. $800 million with net proceeds of U.S. $789 million ( $1,032 million ). During the third quarter of 2015, the Company also issued U.S. $900 million 6.125% 100 -year Notes due September 15, 2115 and U.S. $300 million 4.800% 20 -year Notes due September 15, 2035 for a total of U.S. $1,200 million with net proceeds of U.S. $1,186 million ( $1,569 million ). At the time of the debt issuance the Company de-designated the hedging relationship for U.S. $700 million of the existing forward starting swaps. The Company did not cash settle these swaps and therefore recorded a non-cash loss of U.S. $36 million ( $47 million ) in “Accumulated other comprehensive loss” (see Note 20). Subsequently the Company re-designated these U.S. $700 million forward starting swaps as a hedging relationship to fix the benchmark rate on cash flows associated with a highly probable forecasted issuance of long-term notes. B. The Secured Equipment Loan was collateralized by specific locomotive units. The floating interest rate was calculated based on a six-month average Canadian Dollar Offered Rate (calculated based on an average of Bankers’ Acceptance rates) plus 53 basis points (2015 – 1.74% ; 2014 – 1.89% ; 2013 – 1.93% ). The Company made blended payments of principal and interest semi-annually. Final repayment of the remaining principal balance of $53 million was completed in August 2015 . C. The 5.41% Senior Secured Notes are collateralized by specific locomotive units with a carrying value of $130 million at December 31, 2015. The Company pays equal blended semi-annual payments of principal and interest. Final repayment of the remaining principal of U.S. $44 million is due in March 2024 . D. The 6.91% Secured Equipment Notes are full recourse obligations of the Company collateralized by a first charge on specific locomotive units with a carrying value of $123 million at December 31, 2015. The Company pays equal blended semi-annual payments of principal and interest up to and including October 2024 . E. During the third quarter of 2015, the 5.57% Senior Secured Notes were repaid in advance of their maturities for a total of U.S. $68 million ( $91 million ). The repayment was inclusive of the remaining principal of the notes, totalling U.S. $55 million ( $74 million ), an early redemption premium of U.S. $12 million ( $16 million ), and accrued interest of U.S. $1 million ( $1 million ). The early redemption premium and accrued interest are included in "Other income and charges" and "Net interest expense" on the Consolidated Statements of Income, respectively. The Company also expensed the unamortized financing fees of $1 million to "Other income and charges" upon payments of the notes. F. The 7.49% Equipment Trust Certificates are secured by specific locomotive units with a carrying value of $126 million at December 31, 2015. The Company makes semi-annual payments that vary in amount and are interest-only payments or blended principal and interest payments. Final repayment of the remaining principal of U.S. $11 million is due in January 2021 . G. During the third quarter of 2015, the 3.88% Senior Secured Notes Series were repaid in advance of their maturities for a total of U.S. $141 million ( $187 million ). The repayment is inclusive of the remaining principal of the notes, totalling U.S. $126 million ( $168 million ), an early redemption premium of U.S. $13 million ( $17 million ), and accrued interest of U.S. $2 million ( $2 million ). The early redemption premium and accrued interest are included in "Other income and charges" and "Net interest expense" on the Consolidated Statements of Income, respectively. The Company also expensed the unamortized financing fees of $1 million to "Other income and charges" upon payments of the notes. H. During the third quarter of 2015, the 4.28% Senior Secured Notes were repaid in advance of their maturities for a total of U.S. $76 million ( $101 million ). The repayment was inclusive of the remaining principal of the notes, totalling U.S. $66 million ( $87 million ), an early redemption premium of U.S. $9 million ( $12 million ), and accrued interest of U.S. $1 million ( $2 million ). The early redemption premium and accrued interest are included in "Other income and charges" and "Net interest expense" on the Consolidated Statements of Income, respectively. The Company also expensed a negligible amount of unamortized financing fees to "Other income and charges" upon payments of the notes. I. At December 31, 2015, capital lease obligations included in long-term debt were as follows: (in millions of Canadian dollars) Year Capital leases Minimum lease payments in: 2016 $ 16 2017 16 2018 16 2019 16 2020 16 Thereafter 174 Total minimum lease payments 254 Less: Imputed interest (79 ) Present value of minimum lease payments 175 Less: Current portion (4 ) Long-term portion of capital lease obligations $ 171 During 2015, the Company had no additions to property, plant and equipment under capital lease obligations (2014 – $ nil ; 2013 – $ nil ). The carrying value of the assets collateralizing the capital lease obligations was $215 million at December 31, 2015. J. During the fourth quarter of 2014, the Company established a commercial paper program which enabled it to issue commercial paper up to a maximum aggregate principal amount of U.S. $1 billion in the form of unsecured promissory notes. The commercial paper program is backed by a U.S. $1 billion committed, revolving credit facility, which matures on September 23, 2017 . During the third quarter of 2015, the Company repaid all of its commercial paper borrowings and had no remaining commercial paper borrowings as at December 31, 2015. As at December 31, 2014, the Company had total commercial paper borrowings of U.S. $675 million ( $783 million ) presented in "Long-term debt" on the Consolidated Balance Sheets as the Company had the intent and the ability to renew these borrowings on a long-term basis. The weighted-average interest rate on these borrowings as at December 31, 2014 was 0.44% . The Company presents issuances and repayments of commercial paper in the Consolidated Statements of Cash Flows on a net basis, all of which have a maturity less than 90 days . K. 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 At September 26, 2014, the Company terminated its then existing revolving credit facility agreement dated as of November 29, 2013. On the same day, CP entered into a new revolving credit facility (the “facility”) agreement with 15 highly rated financial institutions for a commitment amount of U.S. $2 billion . The facility includes a U.S. $1 billion five-year portion and a U.S. $1 billion one-year plus one-year term-out portion. The facility can accommodate draws of cash and/or letters of credit at market competitive pricing. As at December 31, 2014, the facility was undrawn. The agreement required the Company not to exceed a maximum debt to total capitalization ratio. At December 31, 2014, the Company had satisfied this threshold stipulated in the financial covenant. Effective June 15, 2015, the Company amended the facility agreement dated September 26, 2014, to more accurately reflect the expanded financial capacity of the Company. The amended credit facility agreement requires the Company not to exceed a maximum debt to earnings before interest, tax, depreciation, and amortization ratio. Effective September 17, 2015, the Company extended the maturity date by one year on its credit facility. The maturity date on the first U.S. $1 billion tranche was extended to September 23, 2017; the maturity date on the second U.S. $1 billion tranche was extended to September 26, 2020. As at December 31, 2015, the Company remains in compliance with all terms and conditions of the credit facility arrangements and satisfied the threshold stipulated in the amended financial covenant. At December 31, 2015, the facility was undrawn. In October 2014, CP terminated its existing uncommitted demand bilateral letter of credit facility agreements and entered into bilateral letter of credit facility agreements 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. At December 31, 2015, under its bilateral facilities the Company had letters of credit drawn of $375 million (December 31, 2014 - $412 million ) from a total available amount of $600 million (December 31, 2014 - $600 million ). Prior to these bilateral agreements, letters of credit were drawn under the Company’s revolving credit facility. At December 31, 2015, under the terms of the new bilateral letter of credit facilities, no cash and cash equivalents was recorded as “Restricted cash and cash equivalents” (December 31, 2014 – nil ).

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2015
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 in line with the fair value hierarchy established by GAAP that prioritizes, with respect to reliability, the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets and liabilities and give the highest priority to these inputs. Level 2 and 3 inputs are based on significant other observable inputs and significant unobservable inputs, respectively, and give lower priority to these inputs. When possible, the estimated fair value is based on quoted market prices and, if not available, estimates from third-party brokers. For non-exchange traded derivatives classified in Level 2, the Company uses standard valuation techniques to calculate fair value. Primary inputs to these techniques include observable market prices (interest, FX and commodity) and volatility, depending on the type of derivative and nature of the underlying risk. The Company uses inputs and data used by willing market participants when valuing derivatives and considers its own credit default swap spread as well as those of its counterparties in its determination of fair value. The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt which has a fair value of approximately $9,750 million at December 31, 2015 (December 31, 2014 – $6,939 million ) with a carrying value of $8,957 million (December 31, 2014 – $5,759 million ). The estimated fair value of current and long-term borrowings has been determined based on market information where available, or by discounting future payments of interest and principal at estimated interest rates expected to be available to the Company at period end. All derivatives and long-term debt are classified as Level 2. As at December 31, 2015, the Company did not have any deposits in the form of short-term investments with financial institutions (2014 – $ nil ). 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 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 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 on-going 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 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. Occasionally the Company will enter into short-term FX forward contracts as part of its cash management strategy. Net investment hedge The FX gains and losses on long-term debt are mainly unrealized and can only be realized when U.S. dollar-denominated long-term debt matures or is settled. The Company also has long-term FX exposure on its investment in U.S. affiliates. The majority of the Company’s U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. This designation has the effect of mitigating volatility on net income by offsetting long-term FX gains and losses on U.S. dollar-denominated long-term debt and gains and losses on its net investment. The effective portion recognized in “Other comprehensive income” in 2015 was an FX loss of $757 million , the majority of which was unrealized, (2014 – unrealized loss of $319 million ; 2013 – unrealized loss of $217 million ) (Note 8). There was no ineffectiveness during 2015 (2014 – negligible ; 2013 – $ nil ). FX forward contracts The Company may enter into FX forward contracts to lock-in the amount of Canadian dollars it has to pay on U.S. dollar-denominated debt maturities. At December 31, 2015 and 2014, the Company had no remaining FX forward contracts to fix the exchange rate on U.S. dollar-denominated debt maturities. During 2014, the Company settled the FX forward contract related to the repayment of a capital lease due in January 2014 for proceeds of $8 million . The Company also settled, prior to maturity, the FX forward contracts related to the repayment of the 6.50% Notes due in May 2018 and its 7.25% Notes due in May 2019 for proceeds of $17 million with the offset recorded as realized gains of $3 million in “Accumulated other comprehensive loss” and $14 million in “Retained earnings”. Amounts remaining in “Accumulated other comprehensive loss” are being amortized to “Other income and charges” until the underlying debts, which were hedged, are repaid. During 2014, the combined realized and unrealized FX gains were $3 million and were recorded in "Other income and charges" in relation to these derivatives (2013 - unrealized gain $18 million ). Gains recorded in “Other income and charges” were largely offset by unrealized losses on the underlying debt which the derivatives were designated to hedge. Similarly, losses were largely offset by unrealized gains on the underlying debt. During 2015, $1 million of pre-tax gain related to these previously settled derivatives has been amortized from "Accumulated other comprehensive loss" to “Other income and charges”. At December 31, 2015, the Company expected that, during the next 12 months, a $1 million of pre-tax gain would be reclassified to “Other income and charges”. Interest rate management The Company is exposed to interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will vary as a result of changes in market interest rates. In order to manage funding needs or capital structure goals, the Company enters into debt or capital lease agreements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by on-going market conditions. Debt subject to variable interest rates exposes the Company to variability in interest expense, while debt subject to fixed interest rates exposes the Company to variability in the fair value of debt. To manage interest rate exposure, the Company accesses diverse sources of financing and manages borrowings in line with a targeted range of capital structure, debt ratings, liquidity needs, maturity schedule, and currency and interest rate profiles. In anticipation of future debt issuances, the Company may enter into forward rate agreements, that are designated as cash flow hedges, to substantially lock in all or a portion of the effective future interest expense. The Company may also enter into swap agreements, designated as fair value hedges, to manage the mix of fixed and floating rate debt. Forward starting swaps During the fourth quarter of 2014, the Company entered into forward starting floating-to-fixed interest rate swap agreements (“forward starting swaps”) totalling a notional U.S. $1.4 billion to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The effective portion of changes in fair value on the forward starting swaps is recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the probable forecasted notes are issued. Subsequent to the notes issuance, amounts in “Accumulated other comprehensive loss” are reclassified to “Net interest expense”. During the first quarter of 2015, the Company settled a notional U.S. $700 million of forward starting swaps related to the U.S. $700 million 2.900% 10-year notes issued in the same period. The fair value of these derivative instruments was a loss of U.S. $50 million ( $63 million ) at the time of settlement. The effective portion of changes in fair value on the forward starting swaps of U.S. $48 million ( $60 million ), was recorded in “Accumulated other comprehensive loss”, and is amortized to “Net interest expense” over the term of the underlying hedged notes. During 2015, a loss of $5 million related to these previously settled derivatives has been amortized to “Net interest expense”. The Company expects during the next 12 months, $6 million of losses will be amortized to “Net interest expense”. The ineffective portion of U.S. $2 million ( $2 million ), was recorded immediately in income as “Net interest expense” during the first quarter of 2015. During the third quarter of 2015, the Company de-designated the hedging relationship for U.S. $700 million of forward starting swaps related to a portion of the U.S. $900 million 6.125% 100-year notes issued. The Company did not cash settle these swaps and therefore recorded a non-cash loss of U.S. $36 million ( $47 million ) at the time of de-designation. The effective portion of changes in fair value of the de-designated forward starting swaps of U.S. $36 million ( $47 million ) was recorded in “Accumulated other comprehensive loss” and is amortized to “Net interest expense” over the first 10 years as the underlying interest expense payments, which are hedged, of the U.S. $900 million notes are made. During 2015, a loss of $1 million related to these previously de-designated derivatives has been amortized to “Net interest expense”. The Company expects that during the next 12 months $5 million of losses will be amortized to “Net interest expense”. There was no ineffectiveness to record upon de-designation. During the third quarter of 2015, the Company re-designated the forward starting swaps totalling U.S. $700 million to fix the benchmark rate on cash flows associated with a highly probable forecasted issuance of long-term notes. The effective portion of changes in fair value from the re-designation date on the forward starting swaps is recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the probable forecasted notes are issued. Subsequent to the notes being issued, amounts in “Accumulated other comprehensive loss” will be amortized to “Net interest expense”. As at December 31, 2015, the total fair value loss of $60 million derived from the remaining forward starting swaps was included in “Accounts payable and accrued liabilities” of which $13 million relates to the re-designated existing forward starting swaps. The effective portion of $13 million on the re-designated existing forward starting swaps is reflected in “Other comprehensive income” and the negligible ineffective portion is recorded to “Net interest expense” on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income, respectively. As at December 31, 2014, the unrealized loss derived from the forward starting swaps was $46 million , of which $21 million was included in “Accounts payable and accrued liabilities” and $25 million in “Other long-term liabilities” with the offset reflected in “Other comprehensive (loss) income” on the Consolidated Statements of Comprehensive Income. Interest rate swaps During the fourth quarter of 2014, the Company entered into floating-to-fixed interest rate swap agreements totalling U.S. $600 million to hedge the variability in cash flow associated with fluctuations in interest rates on commercial paper issuances. As at December 31, 2015, there were no remaining floating-to-fixed rate swap agreements outstanding. During the third quarter of 2015, as no commercial paper was outstanding or was forecasted to be issued for the balance of the year, the interest rate swaps previously designated as a cash flow hedge were de-designated and a negligible loss was reclassified from "Accumulated other comprehensive loss" to "Net interest expense". A negligible loss on the settlement of the interest rate swaps was recorded to "Net interest expense" during the fourth quarter of 2015. Treasury rate locks At December 31, 2015, the Company had net unamortized losses related to interest rate locks, which are accounted for as cash flow hedges, settled in previous years totalling $21 million (December 31, 2014 – $21 million ). This amount is composed of various unamortized gains and losses related to specific debts which are reflected in “Accumulated other comprehensive loss” and are amortized to “Net interest expense” in the period that interest on the related debt is charged. The amortization of these gains and losses resulted in a negligible increase to “Net interest expense” and “Other comprehensive income” in 2015 (2014 – negligible; 2013 – negligible). At December 31, 2015, the Company expected that, during the next 12 months, a negligible amount of loss related to these previously settled derivatives would be reclassified to “Net interest expense”. Fuel price management The Company is exposed to commodity risk related to purchases of diesel fuel and the potential reduction in net income due to increases in the price of diesel. Fuel expense constitutes a large portion of the Company’s operating costs and volatility in diesel fuel prices can have a significant impact on the Company’s income. Items affecting volatility in diesel prices include, but are not limited to, fluctuations in world markets for crude oil and distillate fuels, which can be affected by supply disruptions and geopolitical events. The impact of variable fuel expense is mitigated substantially through fuel cost recovery programs, which apportion incremental changes in fuel prices to shippers through price indices, tariffs, and by contract, within agreed-upon guidelines. While these programs provide effective and meaningful coverage, residual exposure remains as the fuel expense risk may not be completely recovered from shippers due to timing and volatility in the market.

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other long-term liabilities (in millions of Canadian dollars) 2015 2014 Provision for environmental remediation, net of current portion (1) $ 80 $ 75 Stock-based compensation liabilities, net of current portion 73 145 Deferred revenue on rights-of-way licence agreements, net of current portion 33 33 Deferred retirement compensation 28 24 Deferred gains on sale leaseback transactions 22 25 Asset retirement obligations (Note 22) 22 23 Provision for restructuring, net of current portion (2) (Note 18) 6 13 Deferred hedging losses (Note 20) — 25 Other, net of current portion 54 69 Total other long-term liabilities $ 318 $ 432 (1) As at December 31, 2015, the aggregate provision for environmental remediation, including the current portion was $93 million (2014 – $91 million ). (2) As at December 31, 2015, the aggregate provision for restructuring, including the current portion was $12 million (2014 – $24 million ). The deferred revenue on rights-of-way licence agreements, and deferred gains on sale leaseback transactions are being amortized to income on a straight-line basis over the related lease terms. Deferred income credits are being amortized over the life of the related asset. Environmental remediation accruals Environmental remediation accruals cover site-specific remediation programs. The estimate of the probable costs to be incurred in the remediation of properties contaminated by past railway use reflects the nature of contamination at individual sites according to typical activities and scale of operations conducted. CP has developed remediation strategies for each property based on the nature and extent of the contamination, as well as the location of the property and surrounding areas that may be adversely affected by the presence of contaminants, considering available technologies, treatment and disposal facilities and the acceptability of site-specific plans based on the local regulatory environment. Site-specific plans range from containment and risk management of the contaminants through to the removal and treatment of the contaminants and affected soils and groundwater. The details of the estimates reflect the environmental liability at each property. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion which is recorded in “Accounts payable and accrued liabilities”. Payments are expected to be made over 10 years to 2025. The accruals for environmental remediation represent CP’s best estimate of its probable future obligation and include both asserted and unasserted claims, without reduction for anticipated recoveries from third parties. Although the recorded accruals include CP’s best estimate of all probable costs, CP’s total environmental remediation costs cannot be predicted with certainty. Accruals for environmental remediation may change from time to time as new information about previously untested sites becomes known, environmental laws and regulations evolve and advances are made in environmental remediation technology. The accruals may also vary as the courts decide legal proceedings against outside parties responsible for contamination. These potential charges, which cannot be quantified at this time, may materially affect income in the particular period in which a charge is recognized. Costs related to existing, but as yet unknown, or future contamination will be accrued in the period in which they become probable and reasonably estimable. Changes to costs are reflected as changes to “Other long-term liabilities” or “Accounts payable and accrued liabilities” on the Consolidated Balance Sheets and to “Purchased services and other” within operating expenses on the Consolidated Statements of Income. The amount charged to income in 2015 was $7 million (2014 – $4 million ; 2013 – $6 million ).

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset retirement obligations Asset retirement obligations are recorded in “Other long-term liabilities”. The majority of these liabilities are discounted at 6.25% . Accretion expense is included in “Depreciation and amortization” on the Consolidated Statements of Income. (in millions of Canadian dollars) 2015 2014 Opening balance, January 1 $ 23 $ 24 Accretion 1 1 Liabilities settled (1 ) (1 ) Revision to estimated cash flows (1 ) (1 ) Closing balance, December 31 $ 22 $ 23 Upon the ultimate retirement of grain-dependent branch lines, the Company has to pay a fee, levied under the Canada Transportation Act, of $30,000 per mile of abandoned track. The undiscounted amount of the liability was $38 million at December 31, 2015 (2014 – $38 million ), which, when present valued, was $19 million at December 31, 2015 (2014 – $20 million ). The payments are expected to be made in the 2016 – 2044 period. The Company also has a liability for a joint facility that will have to be settled upon the facility's retirement based on a proportion of use during the life of the asset. The estimate of the obligation at December 31, 2015, was $21 million (2014 – $21 million ), which, when present valued, was $3 million at December 31, 2015 (2014 – $3 million ). For purposes of estimating this liability, the payment related to the retirement of the joint facility is anticipated to be made in 30 years.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
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 unlimited number of Second Preferred Shares. At December 31, 2015, no First or Second Preferred Shares had been issued. An analysis of Common Share balances is as follows: (number of shares in millions) 2015 2014 2013 Share capital, January 1 166.1 175.4 173.9 CP Common Shares repurchased (13.7 ) (10.3 ) — Shares issued under stock option plan 0.6 1.0 1.5 Share capital, December 31 153.0 166.1 175.4 The change in the “Share capital” balances includes $2 million (2014 – $3 million ; 2013 – $5 million ) related to the cancellation of the tandem share appreciation rights liability on exercise of tandem stock options, and $10 million (2014 – $17 million ; 2013 – $24 million ) of stock-based compensation transferred from “Additional paid-in capital”. Share repurchase On March 11, 2014, the Company announced a new share repurchase program to implement a normal course issuer bid (“NCIB”) to purchase, for cancellation, up to 5.3 million Common Shares before March 16, 2015. On September 29, 2014, the Company announced the amendment of the bid to increase the maximum number of its Common Shares that may be purchased from 5.3 million to 12.7 million of its outstanding Common Shares. The Company completed the purchase of 10.5 million Common Shares in 2014. An additional 2.2 million Common Shares were purchased for $490 million in the first quarter of 2015 prior to the March 16, 2015 expiry date of the program. On March 16, 2015, the Company announced the renewal of its NCIB, commencing March 18, 2015, to purchase up to 9.14 million of its outstanding Common Shares for cancellation before March 17, 2016. On August 31, 2015, the Company amended the NCIB to increase the maximum number of its Common Shares that may be purchased from 9.14 million to 11.9 million of its outstanding Common Shares. As at December 31, 2015, the Company had purchased 11.3 million Common Shares for $2,258 million under this current NCIB program. All purchases are made in accordance with the bid at prevalent market prices plus brokerage fees, or such other prices that may be permitted by the Toronto Stock Exchange, with consideration allocated to share capital up to the average carrying amount of the shares, and any excess allocated to retained earnings. The following table provides the activities under the share repurchase program: 2015 Number of Common Shares repurchased (1) 13,549,977 Weighted-average price per share $ 202.79 Amount of repurchase (in millions) (2) $ 2,748 (1) Excludes shares repurchased and not yet cancelled in the prior year. (2) Includes brokerage fees.

Pensions and Other Benefits

Pensions and Other Benefits	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [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, 2015, the Canadian pension plans represent approximately 99% of total combined pension plan assets and approximately 98% 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, 2015, the Canadian other benefits plans represent approximately 96% of total combined other plan obligations. The 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 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 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 expected annual yield on applicable fixed income capital market indices, and the long-term return expectation for public equity, real estate, infrastructure 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 and infrastructure securities. The benefit obligation is discounted using a discount rate that is a blended yield to maturity for a hypothetical portfolio of high-quality corporate debt instruments with matching cash flows. The discount rate is determined by management with the aid of third-party actuaries. Net periodic benefit cost The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year, including the recognition of an $11 million gain related to legacy pension plans, included the following components: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2013 2015 2014 2013 Current service cost (benefits earned by employees in the year) $ 126 $ 106 $ 135 $ 12 $ 14 $ 16 Interest cost on benefit obligation 463 477 445 21 23 21 Expected return on fund assets (816 ) (757 ) (746 ) — — — Recognized net actuarial loss (gain) 265 190 267 2 (2 ) (11 ) Amortization of prior service costs (6 ) (68 ) (58 ) 1 — — Net periodic benefit cost (recovery) $ 32 $ (52 ) $ 43 $ 36 $ 35 $ 26 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) 2015 2014 2015 2014 Change in projected benefit obligation: Benefit obligation at January 1 $ 11,360 $ 9,921 $ 517 $ 483 Current service cost 126 106 12 14 Interest cost 463 477 21 23 Employee contributions 43 51 1 — Benefits paid (608 ) (579 ) (34 ) (27 ) Foreign currency changes 42 15 4 2 Plan amendments and other (6 ) — — — Actuarial loss (gain) (226 ) 1,369 (8 ) 22 Projected benefit obligation at December 31 $ 11,194 $ 11,360 $ 513 $ 517 Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Change in fund assets: Fair value of fund assets at January 1 $ 11,376 $ 10,722 $ 7 $ 8 Actual return on fund assets 1,374 1,088 (1 ) — Employer contributions 81 80 33 26 Employee contributions 43 51 1 — Benefits paid (608 ) (579 ) (34 ) (27 ) Foreign currency changes 34 14 — — Fair value of fund assets at December 31 $ 12,300 $ 11,376 $ 6 $ 7 Funded status – plan surplus (deficit) $ 1,106 $ 16 $ (507 ) $ (510 ) 2015 2014 Pension plans in surplus Pension plans in deficit Pension plans in surplus Pension plans in deficit Projected benefit obligation at December 31 $ (10,681 ) $ (513 ) $ (10,878 ) $ (482 ) Fair value of fund assets at December 31 12,082 218 11,182 194 Funded Status $ 1,401 $ (295 ) $ 304 $ (288 ) All Other benefits plans were in a deficit position at December 31, 2015 and 2014. 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) 2015 2014 2015 2014 Pension asset $ 1,401 $ 304 $ — $ — Accounts payable and accrued liabilities (10 ) (9 ) (34 ) (34 ) Pension and other benefit liabilities (285 ) (279 ) (473 ) (476 ) Total amount recognized $ 1,106 $ 16 $ (507 ) $ (510 ) The defined benefit pension plans’ accumulated benefit obligation as at December 31, 2015 was $10,893 million (2014 – $10,975 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. The measurement date used to determine the plan assets and the accrued benefit obligation is December 31 . The most recent actuarial valuation for pension funding purposes for the Company’s main Canadian pension plan was performed as at January 1, 2015. During 2016, the Company expects to file a new valuation with the pension regulator. Accumulated other comprehensive losses Amounts recognized in accumulated other comprehensive losses are as follows: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Net actuarial loss: Other than deferred investment gains $ 3,144 $ 3,895 $ 77 $ 86 Deferred investment gains (1,101 ) (803 ) — — Prior service cost (20 ) (20 ) 4 5 Deferred income tax (580 ) (858 ) (20 ) (23 ) Total (Note 8) $ 1,443 $ 2,214 $ 61 $ 68 The unamortized actuarial loss and the unamortized prior service cost included in “Accumulated other comprehensive loss” that are expected to be recognized in net periodic benefit cost during 2016 are $191 million and a recovery of $7 million , respectively, for pensions and $3 million and $1 million , respectively, for other post-retirement benefits. Actuarial assumptions Weighted-average actuarial assumptions used were approximately: (percentages) 2015 2014 2013 Benefit obligation at December 31: Discount rate 4.22 4.09 4.90 Projected future salary increases 3.00 3.00 3.00 Health care cost trend rate 7.00 (1) 7.00 (1) 8.00 (2) Benefit cost for year ended December 31: Discount rate 4.09 4.90 4.28 Expected rate of return on fund assets 7.75 7.75 7.75 Projected future salary increases 3.00 3.00 3.00 Health care cost trend rate 7.00 (1) 7.50 (2) 8.00 (2) (1) The health care cost trend rate is assumed to be 7.00% in 2016 ( 7.00% in 2015), and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2020 and thereafter. (2) The health care cost trend rate was previously assumed to be 6.50% in 2016 ( 7.00% in 2015, 7.50% in 2014), and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2019 and thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in the assumed health care cost trend rate would have the following effects: (in millions of Canadian dollars) One percentage point increase One percentage point decrease Increase (decrease) in the total of service and interest costs $ — $ — Increase (decrease) in post-retirement benefit obligation 6 (6 ) In 2014, the Canadian Institute of Actuaries and the Society of Actuaries each published updated mortality tables based on broad pension plan experience in Canada and the U.S., respectively. At December 31, 2014, the Company changed the basis for its obligations for defined benefit pension and post-retirement benefit plans to these new mortality tables, with adjustments to reflect actual plan mortality experience to the extent that credible experience data were available. The changes to the new mortality tables increased the obligations for pensions and post-retirement benefits at that date by approximately $225 million . The Company's obligations for defined benefit pension and post-retirement benefit plans continue to be based on the new mortality tables at December 31, 2015. Plan assets Plan assets are recorded at fair value. The major asset categories are public equity securities, fixed income securities, real estate, infrastructure and absolute return investments. The fair values of the public equity and fixed income securities are primarily based on quoted market prices. Real estate values are based on annual valuations performed by external parties, taking into account current market conditions and recent sales transactions where practical and appropriate. Infrastructure values are based on the fair value of each fund’s assets as calculated by the fund manager, generally using a discounted cash flow analysis that takes into account current market conditions and recent sales transactions where practical and appropriate. 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 current weighted average asset allocation targets and the current weighted average policy range for each major asset class, were as follows: Current asset allocation target Current policy range Percentage of plan assets at December 31 Asset allocation (percentage) 2015 2014 Cash and cash equivalents 0.5 0 – 5 1.1 1.7 Fixed income 29.5 20 – 40 21.0 21.9 Public equity 46.0 35 – 55 54.5 52.5 Real estate and infrastructure 12.0 4 – 20 5.8 7.6 Absolute return 12.0 0 – 18 17.6 16.3 Total 100.0 100.0 100.0 Summary of the assets of the Company’s DB pension plans at fair values The following is a summary of the assets of the Company’s DB pension plans at fair values at December 31, 2015 and 2014: (in millions of Canadian dollars) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs Level (2) Significant unobservable inputs (Level 3) Investments measured at NAV (1) Total December 31, 2015 Cash and cash equivalents $ 129 $ 11 $ — $ — $ 140 Fixed income • Government bonds (2) — 1,276 — — 1,276 • Corporate bonds (2) — 1,228 — — 1,228 • Mortgages (3) — 81 — — 81 Public equities • Canada 1,449 46 — — 1,495 • U.S. and international 5,169 34 — — 5,203 Real estate (4) — — 451 — 451 Derivative assets (5) — — — — — Absolute return (6) • Funds of hedge funds — — — 781 781 • Multi-strategy funds — — — 517 517 • Credit funds — — — 555 555 • Equity funds — — — 311 311 Infrastructure (7) — — — 262 262 $ 6,747 $ 2,676 $ 451 $ 2,426 $ 12,300 December 31, 2014 Cash and cash equivalents $ 106 $ 83 $ — $ — $ 189 Fixed income • Government bonds (2) — 1,180 — — 1,180 • Corporate bonds (2) — 1,229 — — 1,229 • Mortgages (3) — 77 — — 77 Public equities • Canada 1,448 48 — — 1,496 • U.S. and international 4,454 27 — — 4,481 Real estate (4) — — 654 — 654 Derivative assets (5) — 1 — — 1 Absolute return (6) • Funds of hedge funds — — — 652 652 • Multi-strategy funds — — — 473 473 • Credit funds — — — 490 490 • Equity funds — — — 246 246 Infrastructure (7) — — — 208 208 $ 6,008 $ 2,645 $ 654 $ 2,069 $ 11,376 (1) Investments measured at net asset value ("NAV"): Amounts are compromised of certain investments measured at fair value 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 value of mortgages of $81 million (2014 – $77 million ) is based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: The fair value of real estate investments of $451 million (2014 – $654 million ) is based on property appraisals which use a number of approaches that typically include a discounted cash flow analysis, a direct capitalization income method and/or a direct comparison approach. Appraisals of real estate investments are generally performed semi-annually by qualified external accredited appraisers. There are $278 million of unfunded commitments for real estate investments as at December 31, 2015 (2014 – nil ). (5) The Company’s pension funds 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). (6) Absolute return: The fair value of absolute return fund investments of $2,164 million (2014 – $1,861 million ) is based on the NAV reported by the fund administrators. The funds have different redemption policies and periods. There are no unfunded commitments for absolute return investments as at December 31, 2015 (2014 – nil ). - Fund of hedge funds invest in a portfolio of hedge funds that allocate capital across a broad array of funds and/or investment managers, with monthly redemptions upon 95 days' notice. - Multi-strategy funds include funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments with quarterly redemptions upon 60 days' notice. - Credit funds invest in an array of fixed income securities with quarterly redemptions upon 60 days' notice. - Equity funds invest primarily in U.S. and global equity securities. Redemptions range from quarterly upon 60 days notice to tri-annually upon 45 days' notice. (7) Infrastructure: Infrastructure fund values of $262 million (2014 – $208 million ) are based on the NAV of the funds that invest directly in infrastructure investments. The fair values of the investments have been estimated using the capital accounts representing the plans ownership interest in the funds. The investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments. It was estimated that the investments in these funds will be liquidated over the weighted-average period of approximately two years. As at December 31, 2015, unfunded commitments for infrastructure investments were negligible (2014 – negligible ). Portion of the assets of the Company’s DB pension plans measured at fair value using unobservable inputs (Level 3) During 2014 and 2015 the portion of the assets of the Company’s DB pension plans measured at fair value using unobservable inputs (Level 3) changed as follows (1) : (in millions of Canadian dollars) Real Estate As at January 1, 2014 $ 847 Disbursements (236 ) Net realized gains 67 Decrease in net unrealized gains (24 ) As at December 31, 2014 $ 654 Disbursements (223 ) Net realized gains 64 Decrease in net unrealized gains (44 ) As at December 31, 2015 $ 451 (1) Upon adoption of ASU 2015-07, investments measured at NAV are no longer required to be categorized within the fair value hierarchy. Level 3 fair value measurements for real estate investments are based on the NAV reported by the fund administrator, property appraisals and discounted cash flow analysis, of which there are no reasonable alternative assumptions. Therefore it is not practicable to provide a sensitivity analysis. Additional plan assets information The Company’s expected long-term target return is 7.75% , net of all fees and expenses. 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, provided the total value of the underlying assets represented by financial derivatives, excluding currency forwards, is limited to 30% of the market value of the fund. 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. The plans were 44% exposed to the U.S. dollar, 14% exposed to European currencies, and 5% exposed to various other currencies, as at December 31, 2015. At December 31, 2015, fund assets consisted primarily of listed stocks and bonds, including 188,276 of the Company’s Common Shares (2014 – 184,392 ) at a market value of $33 million (2014 – $41 million ) and 6.25% Unsecured Notes issued by the Company at a par value of $3 million (2014 – $2 million ) and a market value of $3 million (2014 – $2 million ). Cash flows In 2015, the Company contributed $90 million to its pension plans (2014 – $88 million ; 2013 – $105 million ), including $9 million to the DC plans (2014 – $8 million ; 2013 – $7 million ), $69 million to the Canadian registered and U.S. qualified DB pension plans (2014 – $67 million ; 2013 – $86 million ), and $12 million to the Canadian non-registered supplemental pension plan (2014 – $13 million ; 2013 – $12 million ). In addition, the Company made payments directly to employees, their beneficiaries or estates or to third-party benefit administrators of $33 million in 2015 (2014 – $26 million ; 2013 – $32 million ) with respect to other benefits. Estimated future benefit payments The estimated future defined benefit 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 2016 $ 595 $ 36 2017 609 35 2018 621 35 2019 632 34 2020 642 33 2021 – 2025 3,318 158 The benefit payments from the Canadian registered and U.S. qualified DB pension plans are payable from their respective pension funds. Benefit payments from the supplemental pension plan and from the other benefits plans are payable directly from the Company. Defined contribution plan Canadian non-unionized employees hired prior to July 1, 2010 had the option to participate in the Canadian DC plan. All Canadian non-unionized employees hired after such date must participate in this plan. Employee contributions are based on a percentage of salary. The Company matches employee contributions to a maximum percentage each year. Effective July 1, 2010, a new U.S. DC plan was established. All U.S. non-unionized employees hired after such date must participate in this plan. Employees do not contribute to the plan. The Company annually contributes a percentage of salary. The DC plans provide a pension based on total employee and employer contributions plus investment income earned on those contributions. In 2015, the net cost of the DC plans, which generally equals the employer’s required contribution, was $9 million (2014 – $8 million ; 2013 – $7 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 2015 in respect of post-retirement medical benefits were $4 million (2014 – $4 million ; 2013 – $5 million ).

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-based compensation At December 31, 2015, the Company had several stock-based compensation plans, including a stock option plan, various cash settled liability plans and an employee stock savings plan. These plans resulted in an expense in 2015 of $66 million (2014 – $110 million ; 2013 – $92 million ). A. Stock Option Plan Summary of stock options The following table summarizes the Company’s stock option plan as at December 31: Options outstanding Nonvested options Number of options Weighted average exercise price Number of options Weighted average grant date fair value Outstanding, January 1, 2015 2,738,689 $ 94.35 1,423,962 $ 32.35 New options granted 317,202 230.91 317,202 55.28 Exercised (542,816 ) 77.19 — — Vested — — (654,283 ) 26.69 Forfeited (101,963 ) 171.34 (101,463 ) 48.06 Expired (3,139 ) 49.08 (439 ) 26.02 Outstanding at December 31, 2015 2,407,973 $ 113.01 984,979 $ 41.88 Vested or expected to vest at December 31, 2015 (1) 2,399,076 $ 112.71 N/A N/A Exercisable at December 31, 2015 1,422,994 $ 80.55 N/A N/A (1) As at December 31, 2015, the weighted average remaining term of vested or expected to vest options was 5.2 years with an aggregate intrinsic value of $171 million . The following table provides the number of stock options outstanding and exercisable as at December 31, 2015 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, 2015 at the Company’s closing stock price of $176.73 . Options outstanding Options exercisable Range of exercise prices Number of options Weighted average years to expiration Weighted average exercise price Aggregate intrinsic value (millions) Number of options Weighted average exercise price Aggregate intrinsic value (millions) $36.29 – $72.54 464,345 2.8 $ 60.48 $ 54 464,345 $ 60.48 $ 54 $72.55 – $74.55 650,000 6.5 73.39 67 487,500 73.39 50 $74.56 – $129.15 644,608 6.5 103.32 47 394,104 96.21 32 $129.16 – $244.54 649,020 8.6 199.89 (15 ) 77,045 166.73 1 Total (1) 2,407,973 6.3 $ 113.01 $ 153 1,422,994 $ 80.55 $ 137 (1) As at December 31, 2015, the total number of in-the-money stock options outstanding was 2,049,968 with a weighted-average exercise price of $93.81 . The weighted-average years to expiration of exercisable stock options is 5.3 years . Under the fair value method, the fair value of options at the grant date was approximately $18 million for options issued in 2015 (2014 – $21 million ; 2013 – $20 million ). The weighted average fair value assumptions were approximately: 2015 2014 2013 Expected option life (years) (1) 5.25 5.98 6.25 Risk-free interest rate (2) 1.10 % 1.66 % 1.60 % Expected stock price volatility (3) 26 % 29 % 30 % Expected annual dividends per share (4) $ 1.40 $ 1.40 $ 1.40 Estimated forfeiture rate (5) 1.2 % 1.2 % 1.2 % Weighted average grant date fair value of options granted during the year $ 55.28 $ 48.88 $ 35.40 (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 remaining term at the time of the grant. (3) Based on the historical stock price volatility of the Company’s stock 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 estimated forfeitures based on past experience. The rate is monitored on a periodic basis. In 2015, the expense for stock options (regular and performance) was $15 million (2014 – $18 million ; 2013 – $17 million ). At December 31, 2015, there was $13 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 2015 was $17 million (2014 – $15 million ; 2013 – $5 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) 2015 2014 2013 Total intrinsic value $ 72 $ 115 $ 103 Cash received by the Company upon exercise of options 43 62 83 B. Other Share-based Plans Performance share units plan During 2015, the Company issued 137,958 PSUs with a grant date fair value of $30 million . These units attract dividend equivalents in the form of additional units based on the dividends paid on the Company’s Common Shares. PSUs vest and are settled in cash or in CP Common Shares, approximately three years after the grant date, contingent upon CP’s performance (performance factor). The fair value of PSUs is measured periodically until settlement, using a latticed-based valuation model. In addition, on the grant date a Monte Carlo simulation model, which utilizes multiple input variables, is utilized to determine the probability of satisfying the performance and market conditions stipulated in the grant. The performance period for the PSUs issued in 2015 is January 1, 2015 to December 31, 2017. The performance factors for these PSUs are Operating Ratio, Return on Invested Capital, Total Shareholder Return (“TSR”) compared to the S&P/TSX60 index, and TSR compared to Class I railways. Beginning with PSUs granted in 2014, grant recipients who are eligible to retire and have provided six months of service during the performance period are entitled to the full award. Previous to 2014, only a pro-rata share of units was retained at retirement. The performance period for the PSUs issued in 2014 is January 1, 2014 to December 31, 2016. The performance factors for these PSUs are Operating Ratio, Free cash flow, TSR compared to the S&P/TSX60 index, and TSR compared to Class I railways. The performance period for the PSUs issued in the fourth quarter of 2012 and in 2013 was January 1, 2013 to December 31, 2015. The performance factors for these PSUs were Operating Ratio, Free cash flow, TSR compared to the S&P/TSX60 index, and TSR compared to Class I railways. All performance factors met the 200% payout thresholds, in effect resulting in a target payout of 200% on 300,095 total outstanding awards as at December 31, 2015. A payout of $79 million on 217,179 outstanding awards, occurred on December 31, 2015 and was calculated using the Company's average share price using the last 30 trading days preceding December 31, 2015. The following table summarizes information related to the Company’s PSUs as at December 31: 2015 2014 Outstanding, January 1 460,783 349,925 Granted 137,958 165,500 Units, in lieu of dividends 3,570 3,296 Settled (217,179 ) — Forfeited (36,856 ) (57,938 ) Outstanding, December 31 348,276 460,783 In 2015, the expense for PSUs was $55 million (2014 – $50 million ; 2013 – $25 million ). At December 31, 2015, there was $17 million of total unrecognized compensation related to PSUs which is expected to be recognized over a weighted-average period of approximately 1.4 years. Deferred share units plan The Company established the DSU plan as a means to compensate and assist in attaining share ownership targets set for certain key employees and Directors. A DSU entitles the holder to receive, upon redemption, a cash payment equivalent to the Company's average share price using the 10 trading days prior to redemption. DSUs vest over various periods of up to 48 months and are only redeemable for a specified period after employment is terminated. Senior managers may elect to receive DSUs in lieu of annual bonus cash payments in the bonus deferral program. In addition, senior managers will be granted a 25% company match of DSUs when deferring cash to DSUs to meet ownership targets. The election to receive eligible payments in DSUs is no longer available to a participant when the value of the participant’s DSUs is sufficient to meet the Company’s stock ownership guidelines. Senior managers have five years to meet their ownership targets. An expense to income for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods. The following table summarizes information related to the DSUs as at December 31: 2015 2014 Outstanding, January 1 308,447 332,221 Granted 21,690 58,460 Units, in lieu of dividends 2,015 2,572 Forfeited (2,192 ) (711 ) Settled (11,784 ) (84,095 ) Outstanding, December 31 318,176 308,447 During 2015, the Company granted 21,690 DSUs with a grant date fair value of $5 million . In 2015, the expense recovery due to the share price reduction in the year for DSUs was $10 million (2014 – $28 million expense; 2013 – $32 million expense). At December 31, 2015, there was $1 million of total unrecognized compensation related to DSUs which is expected to be recognized over a weighted-average period of approximately 0.3 years. Restricted share units plan The Company issued 2,614 RSUs in 2015 with a grant date fair value of $1 million . The RSUs are notional full value shares that attract dividend equivalents in the form of additional units based on the dividends paid on the Company’s Common Shares. RSUs have no performance factors attached to them, settle in cash, and fully vest over various periods up to 36 months . An expense to income for RSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods. In 2015, the expense for RSUs was $2 million (2014 – $9 million ; 2013 – $10 million ). At December 31, 2015, there was $2 million of total unrecognized compensation related to RSUs that is expected to be recognized over a weighted-average period of approximately 1.7 years. The following table summarizes information related to the Company’s RSUs as at December 31: 2015 2014 Outstanding, January 1 47,520 92,333 Granted 2,614 16,325 Units, in lieu of dividends 207 700 Settled (31,193 ) (53,964 ) Forfeited (46 ) (7,874 ) Outstanding, December 31 19,102 47,520 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) 2015 2014 2013 Plan DSUs $ 3 $ 17 $ 17 PSUs 79 — — RSUs 8 12 9 Total $ 90 $ 29 $ 26 C. Employee share purchase plan The Company has an employee share purchase plan whereby both employee and the Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed over the one year vesting period. Under the plan, the Company matches $1 for every $3 contributed by employees up to a maximum employee contribution of 6% of annual salary. The total number of shares purchased in 2015 on behalf of participants, including the Company contribution, was 131,703 (2014 – 176,906 ; 2013 – 271,934 ). In 2015, the Company’s contributions totalled $5 million (2014 – $5 million ; 2013 – $5 million ) and the related expense was $4 million (2014 – $5 million ; 2013 – $5 million ).

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [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 a fixed price purchase option which create the Company’s variable interest 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 rigor 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 2015, lease payments after tax were $11 million . Future minimum lease payments, before tax, of $233 million will be payable over the next 15 years (Note 27). 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
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, 2015, cannot be predicted with certainty, it is the opinion of management that their resolution will not have a material adverse effect on the Company’s financial position or results of operations. Commitments At December 31, 2015, the Company had committed to total future capital expenditures amounting to $375 million and operating expenditures relating to supplier purchase obligations, such as locomotive maintenance and overhaul agreements, as well as agreements to purchase other goods and services amounting to approximately $1.5 billion for the years 2016 - 2032 of which CP estimates approximately $800 million will be incurred in the next five years. As at December 31, 2015, the Company’s commitments under operating leases were estimated at $553 million in aggregate, with minimum annual payments in each of the next five years and thereafter as follows: (in millions of Canadian dollars) Operating leases 2016 $ 107 2017 90 2018 62 2019 52 2020 45 Thereafter 197 Total minimum lease payments $ 553 Expenses for operating leases for the year ended December 31, 2015, were $127 million (2014 – $121 million ; 2013 – $154 million ). Legal proceedings related to Lac-Mégantic rail accident On July 6, 2013, a train carrying crude oil operated by Montreal Maine and Atlantic Railway (“MMA”) and/or its subsidiary, Montreal Maine and Atlantic Canada Co. (“MMAC”, and collectively with MMA, the “MMA Group”) derailed and exploded in Lac-Mégantic, Quebec on a section of railway line owned by the MMA Group. The previous day CP had interchanged the train to the MMA Group, and after that interchange MMA Group exercised exclusive control over the train. Following this incident, the Minister of Sustainable Development, Environment, Wildlife and Parks of Quebec issued an order directing certain named parties to recover the contaminants and to clean up and decontaminate the derailment site. CP was added as a named party on August 14, 2013 (the “Amended Cleanup Order”). CP is a party to an administrative appeal with respect to the Amended Cleanup Order. No hearing date on the merits of CP’s appeal has been scheduled. Directly related to this matter, the Province of Quebec filed a lawsuit against CP before the Quebec Superior Court on July 6, 2015 in which it claims $409 million for the damages sustained by the province as a result of the expenses incurred following the derailment, including costs incurred for the work carried out pursuant to the Amended Cleanup Order. The province alleges that CP had custody or control of the contaminants that were discharged in Lac-Mégantic on July 6, 2013, and that CP was otherwise negligent and therefore is solidarily (joint and severally) liable with the other third parties responsible for the accident. No timetable governing the conduct of this lawsuit has been ordered by the court. A class action lawsuit has also been filed in the Superior Court of Quebec on behalf of a class of persons and entities residing in, owning or leasing property in, operating a business in or physically present in Lac-Mégantic (the “Class Action”). The lawsuit seeks damages caused by the derailment including for wrongful deaths, personal injuries, and property damages. CP was added as a defendant on August 16, 2013. On May 8, 2015, the Superior Court of Quebec authorized the institution of the Class Action as against CP and as against the shipper, Western Petroleum, and the shipper’s parent, World Fuel Services (collectively, the “World Fuel Defendants”). The World Fuel Defendants have since settled. No timetable governing the conduct of this lawsuit has been ordered by the Superior Court of Quebec. In the wake of the derailment and ensuing litigation, MMAC filed for bankruptcy in Canada (the “Canadian Proceeding”) and MMA filed for bankruptcy in the United States (the “U.S. Proceeding”). An Adversary Proceeding filed by the MMA U.S. bankruptcy trustee against CP, Irving Oil and the World Fuel Defendants accuses CP of failing to ensure that World Fuel Defendants or Irving Oil properly classified the oil lading and of not refusing to ship the oil in DOT-111 tank cars. The trustee has since settled with the World Fuel Defendants and Irving Oil and now maintains that CP misfeasance is based upon the railroad’s failure to abide by a Canadian regulation in North Dakota that supposedly would have caused the originating railroad to refuse to carry the crude oil based upon reason to suspect inaccurate classification. Private party litigation in Texas, Illinois, and Maine charges CP with the misclassification and mis-packaging (i.e., DOT-111 tank car) negligence. Those cases include a class action and a mass action in Texas and wrongful death actions in Illinois and Maine. CP removed all cases to U.S. federal court, and motions have been filed with respect to jurisdiction and venue. In response to CP’s motion to withdraw the adversary proceedings from the U.S. Proceeding, the trustee maintained that Canadian law rather than U.S. law controlled, and the court found that if the federal regulations governed, the case was not complex enough to warrant withdrawal. CP moved to dismiss for want of personal jurisdiction, but that motion, which was heard on August 18, 2015, has been denied. Motions to dismiss on procedural grounds are pending in the private litigation. The parties recently stipulated that the bankruptcy adversary proceedings would be tried in district court before a jury . Plans of arrangement have been approved both in the Canadian Proceeding and the U.S. Proceeding. These Plans provide for the distribution of a fund of approximately $440 million amongst those who claimed loss or damage as a result of the derailment and will release those parties which contributed to the fund from any further liability. The Plans also provide for broadly worded third-party releases and injunctions that prevent actions against settling parties. CP has not participated in the settlement and hence will not benefit from any third-party releases or injunctions. In addition, both Plans contain judgment reduction provisions. Pursuant to these provisions, in the event of a judgment against CP in a case arising from the Lac-Mégantic derailment, CP should receive a credit for the greater of (i) the settlement monies received by the plaintiff(s) for the claim, or (ii) the amount which, but for the third-party non-debtor injunctions, CP would have been entitled to obtain from third parties other than MMA and MMAC through contribution or indemnification. CP may also have rights to judgment reduction, as part of the contribution/indemnification credit, for the fault of MMA and/or MMAC. The provisions of the Plans also provide for a potential re-allocation of some aspects of the MMA Group’s liability among plaintiffs and non-settling parties. Besides litigation that has now been commenced by wrongful death, personal injury, and property damage plaintiffs against CP in Maine, Texas, and Illinois, CP has received two damage to cargo notices of claims from the shipper of the oil on the derailed train, Western Petroleum. Western Petroleum submitted U.S. and Canadian notices of claims for the same damages and, under the Carmack Amendment (the U.S. damage to cargo statute), seeks to recover for all injuries associated with, and indemnification for all claims arising from, the derailment. Both jurisdictions permit a shipper to recover the value of damaged lading against any carrier in the delivery chain, subject to limitations in the carrier’s tariffs. CP’s tariffs significantly restrict shipper damage claim rights. Western Petroleum is part of the World Fuel Services group, and those entities recently settled with the trustee. In connection with that settlement, Western Petroleum assigned to the bankruptcy trustee the right to delegate those cargo-related claims. To date the trustee has not so delegated, but he has indicated that the cargo claims will be assigned to the Trust to be formed to handle distributions of funds to wrongful death plaintiffs. Before the settlement, both the World Fuel Services group and the trustee maintained that Carmack liability extends beyond lading losses to cover all damages incurred by the World Fuel Services group or Irving Oil associated with the derailment. CP disputes this interpretation of the law. CP disputes this interpretation of damages to lading law and CP’s tariffs, if applicable, preclude such a result. At this early stage of the legal proceedings, any potential liability and the quantum of potential loss cannot be determined. Nevertheless, CP denies liability for the MMA derailment and intends to vigorously defend itself in the proceedings described above and in any proceeding that may be commenced in the future. Legal proceedings initiated by Canadian National Railway Company On August 13, 2015, Canadian National Railway Company (“CN”) issued a statement of claim against the Company and an employee. The statement of claim was amended on January 7, 2016 to include an additional employee and an officer of the Company. The principal allegations against the Company are that the Company obtained and benefited from certain confidential CN customer data. CN is seeking damages but has not yet provided evidence to substantiate its damages claim. The Company plans to defend this claim and the amount of loss, if any, to the Company as a result of the claim cannot be reasonably estimated.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2015
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: • residual value guarantees on operating lease commitments of $28 million at December 31, 2015; • 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, 2015, these accruals amounted to $4 million (2014 – $3 million ), 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 contribution option 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. At December 31, 2015, 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, 2015
Segment Reporting [Abstract]
Segmented and Geographical Information	Segmented and geographic information Operating segment The Company operates in only one operating segment: rail transportation. Operating results by geographic areas, railway corridors or other lower level components or units of operation are not reviewed by the Company’s chief operating decision maker to make decisions about the allocation of resources to, or the assessment of performance of, such geographic areas, corridors, components or units of operation. In the years ended December 31, 2015, 2014, and 2013, no one customer comprised more than 10% of total revenues and accounts receivable. Geographic information (in millions of Canadian dollars) Canada United States Total 2015 Revenues $ 4,662 $ 2,050 $ 6,712 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 10,630 $ 6,068 $ 16,698 2014 Revenues $ 4,655 $ 1,965 $ 6,620 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 10,114 $ 4,733 $ 14,847 2013 Revenues $ 4,330 $ 1,803 $ 6,133 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 9,842 $ 4,237 $ 14,079

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Selected quarterly data (unaudited) For the quarter ended 2015 2014 (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 $ 1,687 $ 1,709 $ 1,651 $ 1,665 $ 1,760 $ 1,670 $ 1,681 $ 1,509 Operating income 677 753 646 612 708 621 587 423 Net income 319 323 390 320 451 400 371 254 Basic earnings per share (1) $ 2.09 $ 2.05 $ 2.38 $ 1.94 $ 2.66 $ 2.33 $ 2.13 $ 1.45 Diluted earnings per share 2.08 2.04 2.36 1.92 2.63 2.31 2.11 1.44 (1) Per share net income for the four quarters combined may not equal the per share net income for the year due to rounding.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	Condensed consolidating financial information Canadian Pacific Railway Company, a 100%-owned subsidiary of Canadian Pacific Railway Limited (“CPRL”), is the issuer of certain debt securities, which are fully and unconditionally guaranteed by CPRL. The following tables present condensed consolidating financial information (“CCFI”) in accordance with Rule 3-10(c) of Regulation S-X. Investments in subsidiaries are accounted for under the equity method when presenting the CCFI. The tables include all adjustments necessary to reconcile the CCFI on a consolidated basis to CPRL’s consolidated financial statements for the periods presented. CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,532 $ 2,020 $ — $ 6,552 Non-freight — 128 363 (331 ) 160 Total revenues — 4,660 2,383 (331 ) 6,712 Operating expenses Compensation and benefits — 943 428 — 1,371 Fuel — 549 159 — 708 Materials — 148 36 — 184 Equipment rents — 181 (7 ) — 174 Depreciation and amortization — 411 184 — 595 Purchased services and other — 711 680 (331 ) 1,060 Gain on sale of Delaware & Hudson South — — (68 ) — (68 ) Total operating expenses — 2,943 1,412 (331 ) 4,024 Operating income — 1,717 971 — 2,688 Less: Other income and charges 84 322 (71 ) — 335 Net interest (income) expense (5 ) 447 (48 ) — 394 (Loss) income before income tax expense and equity in net earnings of subsidiaries (79 ) 948 1,090 — 1,959 Less: Income tax (recovery) expense (21 ) 303 325 — 607 Add: Equity in net earnings of subsidiaries 1,410 765 — (2,175 ) — Net income $ 1,352 $ 1,410 $ 765 $ (2,175 ) $ 1,352 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,524 $ 1,940 $ — $ 6,464 Non-freight — 130 357 (331 ) 156 Total revenues — 4,654 2,297 (331 ) 6,620 Operating expenses Compensation and benefits — 945 403 — 1,348 Fuel — 779 269 — 1,048 Materials — 156 37 — 193 Equipment rents — 137 18 — 155 Depreciation and amortization — 396 156 — 552 Purchased services and other — 706 610 (331 ) 985 Total operating expenses — 3,119 1,493 (331 ) 4,281 Operating income — 1,535 804 — 2,339 Less: Other income and charges 3 46 (30 ) — 19 Net interest expense — 250 32 — 282 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 1,239 802 — 2,038 Less: Income tax (recovery) expense (1 ) 320 243 — 562 Add: Equity in net earnings of subsidiaries 1,478 559 — (2,037 ) — Net income $ 1,476 $ 1,478 $ 559 $ (2,037 ) $ 1,476 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,201 $ 1,781 $ — $ 5,982 Non-freight — 128 364 (341 ) 151 Total revenues — 4,329 2,145 (341 ) 6,133 Operating expenses Compensation and benefits — 1,021 357 — 1,378 Fuel — 751 253 — 1,004 Materials — 125 35 — 160 Equipment rents — 150 23 — 173 Depreciation and amortization — 416 149 — 565 Purchased services and other — 690 649 (341 ) 998 Asset impairment — — 435 — 435 Total operating expenses — 3,153 1,901 (341 ) 4,713 Operating income — 1,176 244 — 1,420 Less: Other income and charges 1 28 (12 ) — 17 Net interest (income) expense (1 ) 211 68 — 278 Income before income tax expense and equity in net earnings of subsidiaries — 937 188 — 1,125 Less: Income tax expense — 243 7 — 250 Add: Equity in net earnings of subsidiaries 875 181 — (1,056 ) — Net income $ 875 $ 875 $ 181 $ (1,056 ) $ 875 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,352 $ 1,410 $ 765 $ (2,175 ) $ 1,352 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (757 ) 671 — (86 ) Change in derivatives designated as cash flow hedges — (69 ) — — (69 ) Change in pension and post-retirement defined benefit plans — 1,061 (2 ) — 1,059 Other comprehensive income before income taxes — 235 669 — 904 Income tax (expense) recovery on above items — (163 ) 1 — (162 ) Equity accounted investments 742 670 — (1,412 ) — Other comprehensive income 742 742 670 (1,412 ) 742 Comprehensive income $ 2,094 $ 2,152 $ 1,435 $ (3,587 ) $ 2,094 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,476 $ 1,478 $ 559 $ (2,037 ) $ 1,476 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (316 ) 284 — (32 ) Change in derivatives designated as cash flow hedges — (49 ) — — (49 ) Change in pension and post-retirement defined benefit plans — (908 ) (33 ) — (941 ) Other comprehensive (loss) income before income taxes — (1,273 ) 251 — (1,022 ) Income tax recovery on above items — 293 13 — 306 Equity accounted investments (716 ) 264 — 452 — Other comprehensive (loss) income (716 ) (716 ) 264 452 (716 ) Comprehensive income $ 760 $ 762 $ 823 $ (1,585 ) $ 760 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 875 $ 875 $ 181 $ (1,056 ) $ 875 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (219 ) 222 — 3 Change in derivatives designated as cash flow hedges — (1 ) — — (1 ) Change in pension and post-retirement defined benefit plans — 1,631 50 — 1,681 Other comprehensive income before income taxes — 1,411 272 — 1,683 Income tax recovery on above items — (400 ) (18 ) — (418 ) Equity accounted investments 1,265 254 — (1,519 ) — Other comprehensive income 1,265 1,265 254 (1,519 ) 1,265 Comprehensive income $ 2,140 $ 2,140 $ 435 $ (2,575 ) $ 2,140 CONDENSED CONSOLIDATING BALANCE SHEETS AS AT DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 502 $ 148 $ — $ 650 Accounts receivable, net — 452 193 — 645 Accounts receivable, inter-company 59 105 265 (429 ) — Short-term advances to affiliates — 75 3,483 (3,558 ) — Materials and supplies — 154 34 — 188 Other current assets — 37 17 — 54 59 1,325 4,140 (3,987 ) 1,537 Long-term advances to affiliates 501 207 376 (1,084 ) — Investments — 22 130 — 152 Investments in subsidiaries 7,518 9,832 — (17,350 ) — Properties — 8,481 7,792 — 16,273 Goodwill and intangible assets — 3 208 — 211 Pension asset — 1,401 — — 1,401 Other assets — 55 8 — 63 Deferred income taxes 25 — — (25 ) — Total assets $ 8,103 $ 21,326 $ 12,654 $ (22,446 ) $ 19,637 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 54 $ 1,122 $ 241 $ — $ 1,417 Accounts payable, inter-company — 325 104 (429 ) — Short-term advances from affiliates 3,253 230 75 (3,558 ) — Long-term debt maturing within one year — 24 6 — 30 3,307 1,701 426 (3,987 ) 1,447 Pension and other benefit liabilities — 676 82 — 758 Long-term advances from affiliates — 877 207 (1,084 ) — Other long-term liabilities — 186 132 — 318 Long-term debt — 8,863 64 — 8,927 Deferred income taxes — 1,505 1,911 (25 ) 3,391 Total liabilities 3,307 13,808 2,822 (5,096 ) 14,841 Shareholders’ equity Share capital 2,058 1,037 5,465 (6,502 ) 2,058 Additional paid-in capital 43 1,568 613 (2,181 ) 43 Accumulated other comprehensive (loss) income (1,477 ) (1,477 ) 840 637 (1,477 ) Retained earnings 4,172 6,390 2,914 (9,304 ) 4,172 4,796 7,518 9,832 (17,350 ) 4,796 Total liabilities and shareholders’ equity $ 8,103 $ 21,326 $ 12,654 $ (22,446 ) $ 19,637 CONDENSED CONSOLIDATING BALANCE SHEETS AS AT DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 152 $ 74 $ — $ 226 Accounts receivable, net — 490 212 — 702 Accounts receivable, inter-company 58 147 230 (435 ) — Short-term advances to affiliates — 170 1,974 (2,144 ) — Materials and supplies — 137 40 — 177 Other current assets — 27 89 — 116 58 1,123 2,619 (2,579 ) 1,221 Long-term advances to affiliates 1 207 1,316 (1,524 ) — Investments — 15 97 — 112 Investments in subsidiaries 7,618 8,231 — (15,849 ) — Properties — 7,976 6,462 — 14,438 Assets held for sale — 8 174 — 182 Goodwill and intangible assets — — 176 — 176 Pension asset — 304 — — 304 Other assets — 94 23 — 117 Deferred income taxes 4 15 37 (56 ) — Total assets $ 7,681 $ 17,973 $ 10,904 $ (20,008 ) $ 16,550 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 97 $ 896 $ 284 $ — $ 1,277 Accounts payable, inter-company — 288 147 (435 ) — Short-term advances from affiliates 1,974 — 170 (2,144 ) — Long-term debt maturing within one year — 91 43 — 134 2,071 1,275 644 (2,579 ) 1,411 Pension and other benefit liabilities — 692 63 — 755 Long-term advances from affiliates — 1,316 208 (1,524 ) — Other long-term liabilities — 286 146 — 432 Long-term debt — 5,570 55 — 5,625 Deferred income taxes — 1,216 1,557 (56 ) 2,717 Total liabilities 2,071 10,355 2,673 (4,159 ) 10,940 Shareholders’ equity Share capital 2,185 1,037 5,122 (6,159 ) 2,185 Additional paid-in capital 36 1,547 569 (2,116 ) 36 Accumulated other comprehensive loss (2,219 ) (2,219 ) 170 2,049 (2,219 ) Retained earnings 5,608 7,253 2,370 (9,623 ) 5,608 5,610 7,618 8,231 (15,849 ) 5,610 Total liabilities and shareholders’ equity $ 7,681 $ 17,973 $ 10,904 $ (20,008 ) $ 16,550 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 2,283 $ 1,650 $ 1,074 $ (2,548 ) $ 2,459 Investing activities Additions to properties — (766 ) (756 ) — (1,522 ) Proceeds from the sale of Delaware & Hudson South — — 281 — 281 Proceeds from sale of properties and other assets — 103 11 — 114 Advances to affiliates (1,133 ) (311 ) (1,820 ) 3,264 — Repayment of advances to affiliates — 804 1,000 (1,804 ) — Capital contributions to affiliates — (1,655 ) — 1,655 — Repurchase of share capital from affiliates — 1,210 — (1,210 ) — Other — 6 (2 ) — 4 Cash used in investing activities (1,133 ) (609 ) (1,286 ) 1,905 (1,123 ) Financing activities Dividends paid (226 ) (2,272 ) (276 ) 2,548 (226 ) Issuance of share capital — — 1,655 (1,655 ) — Return of share capital to affiliates — — (1,210 ) 1,210 — Issuance of CP Common Shares 43 — — — 43 Purchase of CP Common Shares (2,787 ) — — — (2,787 ) Issuance of long-term debt, excluding commercial paper — 3,411 — — 3,411 Repayment of long-term debt, excluding commercial paper — (461 ) (44 ) — (505 ) Net repayment of commercial paper — (893 ) — — (893 ) Advances from affiliates 1,820 500 944 (3,264 ) — Repayment of advances from affiliates — (1,000 ) (804 ) 1,804 — Cash (used in) provided by financing activities (1,150 ) (715 ) 265 643 (957 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 24 21 — 45 Cash position Increase in cash and cash equivalents — 350 74 — 424 Cash and cash equivalents at beginning of year — 152 74 — 226 Cash and cash equivalents at end of year $ — $ 502 $ 148 $ — $ 650 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 183 $ 1,684 $ 604 $ (348 ) $ 2,123 Investing activities Additions to properties — (816 ) (702 ) 69 (1,449 ) Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad — — 236 — 236 Proceeds from sale of properties and other assets — 116 5 (69 ) 52 Advances to affiliates — (611 ) (2,636 ) 3,247 — Repayment of advances to affiliates — 2,167 1,592 (3,759 ) — Capital contributions to affiliates — (2,927 ) — 2,927 — Change in restricted cash and cash equivalents used to collateralize letters of credit — 411 — — 411 Other — 2 (2 ) — — Cash used in investing activities — (1,658 ) (1,507 ) 2,415 (750 ) Financing activities Dividends paid (244 ) (182 ) (166 ) 348 (244 ) Issuance of share capital — — 2,927 (2,927 ) — Issuance of CP Common Shares 62 — — — 62 Purchase of CP Common Shares (2,050 ) — — — (2,050 ) Repayment of long-term debt, excluding commercial paper — (174 ) (9 ) — (183 ) Net issuance of commercial paper — 771 — — 771 Settlement of foreign exchange forward on long-term debt — 17 — — 17 Advances from affiliates 2,049 1,198 — (3,247 ) — Repayment of advances from affiliates — (1,592 ) (2,167 ) 3,759 — Other — — (3 ) — (3 ) Cash (used in) provided by financing activities (183 ) 38 582 (2,067 ) (1,630 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (3 ) 10 — 7 Cash position Increase (decrease) in cash and cash equivalents — 61 (311 ) — (250 ) Cash and cash equivalents at beginning of year — 91 385 — 476 Cash and cash equivalents at end of year $ — $ 152 $ 74 $ — $ 226 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 123 $ 1,327 $ 707 $ (207 ) $ 1,950 Investing activities Additions to properties — (882 ) (470 ) 116 (1,236 ) Proceeds from sale of properties and other assets — 65 124 (116 ) 73 Advances to affiliates — — (137 ) 137 — Repayment of advances to affiliates — — 84 (84 ) — Capital contributions to affiliates — (100 ) — 100 — Change in restricted cash and cash equivalents used to collateralize letters of credit — (411 ) — — (411 ) Other — (21 ) (2 ) — (23 ) Cash used in investing activities — (1,349 ) (401 ) 153 (1,597 ) Financing activities Dividends paid (244 ) (123 ) (84 ) 207 (244 ) Issuance of share capital — — 100 (100 ) — Issuance of CP Common Shares 83 — — — 83 Issuance of long-term debt, excluding commercial paper — 60 (60 ) — — Repayment of long-term debt, excluding commercial paper — (48 ) (8 ) — (56 ) Advances from affiliates 38 99 — (137 ) — Repayment of advances from affiliates — (84 ) — 84 — Other — (3 ) — — (3 ) Cash used in financing activities (123 ) (99 ) (52 ) 54 (220 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 1 9 — 10 Cash position (Decrease) increase in cash and cash equivalents — (120 ) 263 — 143 Cash and cash equivalents at beginning of year — 211 122 — 333 Cash and cash equivalents at end of year $ — $ 91 $ 385 $ — $ 476

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
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 legal, personal injury and casualty-related claims (1) 2013 $ 172 $ 62 $ (84 ) $ 3 $ 153 2014 $ 153 $ 32 $ (38 ) $ 3 $ 150 2015 $ 150 $ 79 $ (102 ) $ 6 $ 133 Environmental liabilities 2013 $ 89 $ 6 $ (9 ) $ 4 $ 90 2014 $ 90 $ 4 $ (9 ) $ 6 $ 91 2015 $ 91 $ 7 $ (17 ) $ 12 $ 93 (1) Includes WCB, FELA, occupational, foreign car damage and property & lading damage claims.

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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. All intercompany accounts and transactions have been eliminated.
Use of estimates	The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year, the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements. Management regularly reviews its estimates, including those related to environmental liabilities, pensions and other benefits, depreciable lives of properties, goodwill, 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	Railway freight revenues are recognized based on the percentage of completed service method. The allocation of revenue between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Volume rebates to customers are accrued as a reduction of freight revenues based on estimated volume and contract terms as freight service is provided. Other revenues, including passenger revenue, revenue from leasing certain assets, switching fees, and revenue from logistics services, are recognized as service is performed or contractual obligations are met. Revenues are presented net of taxes collected from customers and remitted to government authorities.
Cash and cash equivalents	Cash and cash equivalents include highly liquid short-term investments that are readily convertible to cash with original maturities of three months or less, but exclude cash and cash equivalents subject to restrictions.
Restricted cash and cash equivalents	Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific agreements, are presented as restricted cash and cash equivalents on the balance sheets when applicable.
Foreign currency translation	Assets and liabilities denominated in foreign currencies, other than those held through foreign subsidiaries, are translated into Canadian dollars at the year-end exchange rate for monetary items and at the historical exchange rates for non-monetary items. Foreign currency revenues and expenses are translated at the exchange rates in effect on the dates of the related transactions. Foreign exchange ("FX") gains and losses, other than those arising from the translation of the Company’s net investment in foreign subsidiaries, are included in income. The accounts of the Company’s foreign subsidiaries are translated into Canadian dollars using the year-end exchange rate for assets and liabilities and the average exchange rates during the year for revenues, expenses, gains and losses. FX gains and losses arising from the translation of these foreign subsidiaries’ accounts are included in “Other comprehensive income (loss)”. A portion of U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. As a result, unrealized FX gains and losses on U.S. dollar-denominated long-term debt, designated as a hedge, are offset against FX gains and losses arising from the translation of foreign subsidiaries’ accounts in “Other comprehensive income (loss)”.
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 f ive-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 and infrastructure securities, subject to the market-related asset value not being greater than 120% of the market value nor being less than 80% of the market value. The discount rate used to determine the projected benefit obligation is based on blended market interest rates on high-quality corporate debt instruments with matching cash flows. Unrecognized actuarial gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan (approximately 10 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 in income as “Compensation and benefits”.
Materials and supplies	Materials and supplies are carried at the lower of average cost or market and consist primarily of fuel and parts used in the repair and maintenance of track structures, equipment, locomotives and freight cars.
Properties	Fixed asset additions and major renewals are recorded at cost, including direct costs, attributable indirect costs and carrying costs, less accumulated depreciation and any impairment. When there is a legal obligation associated with the retirement of property, a liability is initially recognized at its fair value and a corresponding asset retirement cost is added to the gross book value of the related asset and amortized to expense over the estimated term to retirement. The Company reviews the carrying amounts of its properties whenever changes in circumstances indicate that such carrying amounts may not be recoverable based on future undiscounted cash flows. When such properties are determined to be impaired, recorded asset values are revised to their fair value. The Company recognizes expenditures as additions to properties or operating expenses based on whether the expenditures increase the output or service capacity, lower the associated operating costs or extend the useful life of the properties and whether the expenditures exceed minimum physical and financial thresholds. Much of the additions to properties, both new and replacement properties, are self-constructed. These are initially recorded at cost, including direct costs and attributable indirect costs, overheads and carrying costs. Direct costs include, among other things, labour costs, purchased services, equipment costs and material costs. Attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. Indirect costs include largely local crew facilities, highway vehicles, work trains and area management costs. Overheads primarily include a portion of the cost of the Company’s engineering department, 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 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 studies of historical retirements of properties in the group and engineering estimates of changes in current operations and of technological advances. Actual use and retirement of assets may vary from current estimates, which would impact the amount of depreciation expense recognized in future periods. Rail and other track material in the U.S. are depreciated based directly on usage. 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 the sale or retirement of larger groups of depreciable assets that are unusual and were not considered in depreciation studies, CP records a gain or loss for the difference between net proceeds and net book value of the assets sold or retired. Equipment under capital lease is included in Properties and depreciated over the period of expected use.
Assets held for sale	Assets to be disposed that meet the held for sale criteria are reported at the lower of their carrying amount and fair value, less costs to sell, and are no longer depreciated.
Goodwill and intangible assets	Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. Goodwill is assigned to the reporting units that are expected to benefit from the business acquisition which, after integration of operations with the railway network, may be different than the acquired business. The carrying value of goodwill, which is not amortized, is assessed for impairment annually in the fourth quarter of each year, or more frequently as economic events dictate. The fair value of the reporting unit is compared to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying value goodwill is potentially impaired. The impairment charge that would be recognized is the excess of the carrying value of the goodwill over the fair value of the goodwill, determined in the same manner as in a business combination. Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives of the respective assets. Favourable leases, customer relationships and interline contracts have amortization periods ranging from 15 to 20 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively.
Financial instruments	Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Subsequent measurement depends on how the financial instruments have been classified. Accounts receivable and investments, classified as loans and receivables, are measured at amortized cost, using the effective interest method. Certain equity investments, classified as available for sale, are recognized at cost as fair value cannot be reliably established. Cash and cash equivalents are classified as held for trading and are measured at fair value. Accounts payable, accrued liabilities, short-term borrowings, dividends payable, other long-term liabilities and long-term debt, classified as other liabilities, are also measured at amortized cost.
Derivative financial instruments	Derivative financial and commodity instruments may be used from time to time by the Company to manage its exposure to risks relating to foreign currency exchange rates, stock-based compensation, interest rates and fuel prices. When CP utilizes derivative instruments in hedging relationships, CP identifies, designates and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. All derivative instruments are classified as held for trading and recorded at fair value. Any change in the fair value of derivatives not designated as hedges is recognized in the period in which the change occurs in the Consolidated Statements of Income in the line item to which the derivative instrument is related. On the Consolidated Balance Sheets they are classified in “Other assets”, “Other long-term liabilities”, “Other current assets” or “Accounts payable and accrued liabilities” as applicable. Gains and losses arising from derivative instruments may affect the following lines on the Consolidated Statements of Income: “Revenues”, “Compensation and benefits”, “Fuel”, “Other income and charges”, and “Net interest expense”. For fair value hedges, the periodic changes in values are recognized in income, on the same line as the changes in values of the hedged items are also recorded. For a cash flow hedge, the change in value of the effective portion is recognized in “Other comprehensive income (loss)”. Any ineffectiveness within an effective cash flow hedge is recognized in income as it arises in the same income account as the hedged item. Should a cash flow hedging relationship become ineffective, previously unrealized gains and losses remain within “Accumulated other comprehensive loss” until the hedged item is settled and, prospectively, future changes in value of the derivative are recognized in income. The change in value of the effective portion of a cash flow hedge remains in “Accumulated other comprehensive loss” until the related hedged item settles, at which time amounts recognized in “Accumulated other comprehensive loss” are reclassified to the same income or balance sheet account that records the hedged item. In the Consolidated Statements of Cash Flows, cash flows relating to derivative instruments designated as hedges are included in the same line as the related hedged items. The Company may from time to time enter into FX forward contracts to hedge anticipated sales in U.S. dollars, the related accounts receivable and future capital acquisitions. FX translation gains and losses on foreign currency-denominated derivative financial instruments used to hedge anticipated U.S. dollar-denominated sales are recognized as an adjustment of the revenues when the sale is recorded. Those used to hedge future capital acquisitions are recognized as an adjustment of the property amount when the acquisition is recorded. The Company may from time to time enter into FX forward contracts as part of its short-term cash management strategy. These contracts would not be designated as hedges due to their short-term nature and are carried on the Consolidated Balance Sheets at fair value. Changes in fair value are recognized in income in the period in which the changes occur. The Company may from time to time enter into interest rate swaps to manage the risk related to interest rate fluctuations. These swap agreements require the periodic exchange of payments without the exchange of the principal amount on which the payments are based. Interest expense on the debt is adjusted to include the payments owing or receivable under the interest rate swaps. These agreements are usually accounted for as cash flow hedges with gains and losses recorded in “Accumulated other comprehensive loss” and amortized to “Net interest expense” in the period that interest on the related debt is charged. The Company may from time to time enter into forward rate agreements to fix interest rates for anticipated issuances of debt. These agreements are usually accounted for as cash flow hedges with gains and losses recorded in “Accumulated other comprehensive loss” and amortized to “Net interest expense” in the period that interest on the related debt is charged.
Restructuring accrual	Restructuring liabilities are recorded at their present value. The discount related to liabilities is amortized to “Compensation and benefits” over the payment period. Provisions for labour restructuring are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”.
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 a risk free-rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”.
Income taxes	The Company follows the liability method of accounting for income taxes. Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period during which the change occurs. When appropriate, the Company records a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, CP considers whether it is more likely than not that all or some portion of CP’s deferred tax assets will not be realized, based on management’s judgment using available evidence about future events. At times, tax benefit claims may be challenged by a tax authority. Tax benefits are recognized only for tax positions that are more likely than not sustainable upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in CP’s tax returns that do not meet these recognition and measurement standards. Investment and other similar tax credits are deferred on the Consolidated Balance Sheets and amortized to “Income tax expense” as the related asset is recognized in income.
Earnings per share	Basic earnings per share are calculated using the weighted average number of common shares outstanding during the year. Diluted earnings per share are calculated using the treasury stock method for determining the dilutive effect of options.
Stock-based compensation	CP follows the fair value based approach to account for stock options. Compensation expense and an increase in “Additional paid-in capital” are recognized for stock options over their vesting period, or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period, based on their estimated fair values on the grant date, as determined using the Black-Scholes option-pricing model. Any consideration paid by employees on exercise of stock options is credited to “Share capital” when the option is exercised and the recorded fair value of the option is removed from “Additional paid-in capital“ and credited to “Share capital”. Compensation expense is also recognized for deferred share units (“DSUs”), performance share units (“PSUs”) and restricted share units (“RSUs”) using the fair value method. Compensation expense is recognized over the vesting period, or for PSUs and DSUs only, over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period. Forfeitures of DSUs, PSUs and RSUs are estimated at issuance and subsequently at the balance sheet date. The employee share purchase plan (“ESPP”) gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period or over the period from the grant date to the date employees become eligible to retire when this is shorter than the vesting period.
Accounting changes	Implemented in 2015 Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) under FASB Accounting Standards Codification (“ASC”) Topic 820 Fair Value Measurement. The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and certain disclosures related to those investments. This ASU was effective retrospectively for public entities for fiscal years, and interim periods within those years, beginning on or after December 15, 2015. Early adoption of this ASU is permitted. The Company adopted the provisions of this ASU during the fourth quarter of 2015. As a result of the adoption of ASU 2015-07, $2,426 million and $2,069 million as of December 31, 2015 and 2014, respectively, of net asset value investments in the defined benefit pension plan assets are no longer included in Level 2 and Level 3 within the fair value hierarchy in Note 24. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, an amendment to FASB ASC Topic 740 Income Taxes. The amendments remove the requirement to separate deferred income tax liabilities and assets into current and non-current amounts in the balance sheet. The recognition and measurement guidance for deferred tax assets and liabilities are not affected by the amendments. This ASU can be applied prospectively or retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company retrospectively adopted the provisions of this ASU during the fourth quarter of 2015. As a result of the adoption of ASU 2015-17, the comparative period has been adjusted for the retrospective change in accounting principle with a reclassification of $56 million of current "Deferred income tax assets" against long-term "Deferred income tax liabilities" as at December 31, 2014. The Company is able to net these amounts as deferred tax liabilities exceed deferred tax assets in all tax jurisdictions. There was no impact on the Consolidated Statements of Income as a result of the adoption of the provisions of this ASU during the year ended December 31, 2015 and comparative periods. Future changes Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis under FASB ASC Topic 810 Consolidation. The amendments require reporting entities to evaluate whether they should consolidate certain legal entities under the revised consolidation model. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. This ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2015. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the impact on the consolidated financial statements from the adoption of this ASU. Simplifying the Subsequent Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory under FASB ASC Topic 330 Inventory. The amendments require reporting entities to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using the first-in, first-out or average cost basis. This ASU will be effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2016, and will be applied prospectively. The Company has not, at this time, ascertained the full impact on the consolidated financial statements from the adoption of the guidance in this ASU but does not expect the impact to be material. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, a new FASB ASC Topic 606 Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605 Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. This new standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires enhanced disclosures about revenue to help users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date under FASB ASC Topic 606. The amendments defer the effective date of the guidance in ASU 2014-09 for public entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the ASU. The Company is currently evaluating the impact on the consolidated financial statements from the adoption of this ASU.

Summary of Significant Accoun42

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principal subsidiaries	The following list sets out CPRL’s principal railway operating subsidiaries, including the jurisdiction of incorporation. All of these subsidiaries are wholly owned, directly or indirectly, by CPRL as at December 31, 2015. Principal subsidiary Incorporated under the laws of Canadian Pacific Railway Company Canada Soo Line Railroad Company (“Soo Line”) Minnesota Delaware and Hudson Railway Company, Inc. (“D&H”) Delaware Dakota, Minnesota & Eastern Railroad Corporation (“DM&E”) Delaware Mount Stephen Properties Inc. (“MSP”) Canada

Asset Impairments (Tables)

Asset Impairments (Tables)	12 Months Ended
	Dec. 31, 2015
Dakota, Minnesota & Eastern Railroad - West [Member]
Details of Impairment of Long-Lived Assets Held and Used by Asset	The components of the asset impairment charge and charge for the accruals that were recorded against income as “Asset impairments” are as follows: (in millions of Canadian dollars) 2013 Property, plant and equipment $ 426 Intangible assets 2 Goodwill (Note 15) 6 Total asset impairment charge 434 Accruals for future costs 1 Total charge $ 435

Other Income and Charges (Table

Other Income and Charges (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Income and Charges	(in millions of Canadian dollars) 2015 2014 2013 Foreign exchange loss on long-term debt $ 297 $ 11 $ 2 Other foreign exchange (gains) losses (24 ) — 2 Early redemption premium on notes (Note 19) 47 — — Other 15 8 13 Total other income and charges $ 335 $ 19 $ 17

Net Interest Expense (Tables)

Net Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2015
Banking and Thrift, Interest [Abstract]
Net Interest Expense	(in millions of Canadian dollars) 2015 2014 2013 Interest cost $ 409 $ 301 $ 296 Interest capitalized to Properties (14 ) (15 ) (13 ) Interest expense 395 286 283 Interest income (1 ) (4 ) (5 ) Net interest expense $ 394 $ 282 $ 278

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 2013 Current income tax expense $ 373 $ 208 $ 38 Deferred income tax expense Origination and reversal of temporary differences 105 317 183 Effect of tax rate increases 23 — 7 Effect of hedge of net investment in foreign subsidiaries 100 42 29 Other 6 (5 ) (7 ) Total deferred income tax expense 234 354 212 Total income taxes $ 607 $ 562 $ 250 Income before income tax expense Canada $ 1,099 $ 1,269 $ 1,019 Foreign 860 769 106 Total income before income tax expense $ 1,959 $ 2,038 $ 1,125 Income tax expense Current Canada $ 173 $ 50 $ 4 Foreign 200 158 34 Total current income tax expense 373 208 38 Deferred Canada 163 292 256 Foreign 71 62 (44 ) Total deferred income tax expense 234 354 212 Total income taxes $ 607 $ 562 $ 250
Components of Deferred Income Tax Assets and Liabilities	The items comprising the deferred income tax assets and liabilities are as follows: (in millions of Canadian dollars) 2015 2014 Deferred income tax assets Restructuring liability $ 3 $ 7 Amount related to tax losses carried forward 16 28 Liabilities carrying value in excess of tax basis 89 214 Future environmental remediation costs 33 32 Tax credits carried forward including minimum tax — 20 Other 69 69 Total deferred income tax assets 210 370 Deferred income tax liabilities Properties carrying value in excess of tax basis 3,553 3,052 Other 48 35 Total deferred income tax liabilities 3,601 3,087 Total net deferred income tax liabilities $ 3,391 $ 2,717
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) 2015 2014 2013 Statutory federal and provincial income tax rate (Canada) 26.47 % 26.31 % 26.32 % Expected income tax expense at Canadian enacted statutory tax rates $ 519 $ 536 $ 296 Increase (decrease) in taxes resulting from: (Gains) / losses not subject to tax 28 (5 ) (6 ) Canadian tax rate differentials 1 (1 ) (1 ) Foreign tax rate differentials 39 36 (36 ) Effect of tax rate increases 23 — 7 Other (3 ) (4 ) (10 ) Income tax expense $ 607 $ 562 $ 250
Reconciliation of Uncertain Tax Positions In Relation To Unrecognized Tax Benefits for Canada and the United States	The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada and the United States for the year ended December 31, 2015: (in millions of Canadian dollars) 2015 2014 2013 Unrecognized tax benefits at January 1 $ 17 $ 16 $ 19 Increase in unrecognized: Tax benefits related to the current year 4 2 4 Dispositions: Gross uncertain tax benefits related to prior years (6 ) (1 ) (7 ) Unrecognized tax benefits at December 31 $ 15 $ 17 $ 16

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Number Of Shares Used In the Earnings Per Share Calculations	The number of shares used and the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars except per share data) 2015 2014 2013 Net income $ 1,352 $ 1,476 $ 875 Weighted average basic shares outstanding 159.7 172.8 174.9 Dilutive effect of weighted average number of stock options 1.3 1.6 1.6 Weighted average diluted shares outstanding 161.0 174.4 176.5 Earnings per share - basic $ 8.47 $ 8.54 $ 5.00 Earnings per share - diluted $ 8.40 $ 8.46 $ 4.96

Other Comprehensive Income (L48

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
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) 2015 2014 Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries $ 870 $ 199 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 (741 ) (84 ) Deferred losses on settled hedge instruments (11 ) (16 ) Unrealized effective losses on cash flow hedges (89 ) (34 ) Amounts for defined benefit pension and other post-retirement plans not recognized in income (1,504 ) (2,282 ) Equity accounted investments (2 ) (2 ) Accumulated other comprehensive loss $ (1,477 ) $ (2,219 )
Components of Other Comprehensive (Loss) Income and Related Tax Effects	Components of Other comprehensive income (loss) and the related tax effects are as follows: (in millions of Canadian dollars) Before tax amount Income tax recovery (expense) Net of tax amount For the year ended December 31, 2015 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 671 $ — $ 671 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (757 ) 100 (657 ) Change in derivatives designated as cash flow hedges: Realized loss on cash flow hedges recognized in income 7 (2 ) 5 Unrealized loss on cash flow hedges (76 ) 21 (55 ) Change in pension and other benefits actuarial gains and losses 1,058 (281 ) 777 Change in prior service pension and other benefit costs 1 — 1 Other comprehensive income $ 904 $ (162 ) $ 742 For the year ended December 31, 2014 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 287 $ — $ 287 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (319 ) 42 (277 ) Change in derivatives designated as cash flow hedges: Realized gain on cash flow hedges recognized in income (3 ) — (3 ) Unrealized loss on cash flow hedges (46 ) 12 (34 ) Change in pension and other benefits actuarial gains and losses (873 ) 234 (639 ) Change in prior service pension and other benefit costs (68 ) 18 (50 ) Other comprehensive loss $ (1,022 ) $ 306 $ (716 ) For the year ended December 31, 2013 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries $ 220 $ — $ 220 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 20) (217 ) 28 (189 ) Change in derivatives designated as cash flow hedges: Realized gain on cash flow hedges recognized in income (19 ) — (19 ) Unrealized gain on cash flow hedges 18 — 18 Change in pension and other benefits actuarial gains and losses 1,603 (427 ) 1,176 Change in prior service pension and other benefit costs 78 (19 ) 59 Other comprehensive income $ 1,683 $ (418 ) $ 1,265
Changes in Accumulated Other Comprehensive Loss (AOCL) by Component	Changes in accumulated other comprehensive loss by component: (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and other (1) Pension and post- retirement defined benefit plans (1) Total (1) Opening balance, 2015 $ 115 $ (52 ) $ (2,282 ) $ (2,219 ) Other comprehensive income (loss) before reclassifications 14 (55 ) 585 544 Amounts reclassified from accumulated other comprehensive loss — 5 193 198 Net current-period other comprehensive income (loss) 14 (50 ) 778 742 Closing balance, 2015 $ 129 $ (102 ) $ (1,504 ) $ (1,477 ) Opening balance, 2014 $ 105 $ (15 ) $ (1,593 ) $ (1,503 ) Other comprehensive income (loss) before reclassifications 10 (34 ) (781 ) (805 ) Amounts reclassified from accumulated other comprehensive loss — (3 ) 92 89 Net current-period other comprehensive income (loss) 10 (37 ) (689 ) (716 ) Closing balance, 2014 $ 115 $ (52 ) $ (2,282 ) $ (2,219 )
Summary of Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from Accumulated Other Comprehensive Loss	Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss 2015 2014 Amortization of prior service costs (1) $ (5 ) $ (68 ) Recognition of net actuarial loss (1) 269 192 Total before income tax $ 264 $ 124 Income tax recovery (71 ) (32 ) Net of income tax $ 193 $ 92 (1) Impacts Compensation and benefits on the Consolidated Statements of Income.

Change in Non-Cash Working Ca49

Change in Non-Cash Working Capital Balances Related to Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Changes In Non-cash Working Capital Balances Related To Operations	(in millions of Canadian dollars) 2015 2014 2013 Source (use) of cash: Accounts receivable, net $ 80 $ (112 ) $ (29 ) Materials and supplies 15 7 (19 ) Other current assets 55 (75 ) 5 Accounts payable and accrued liabilities 125 56 41 Change in non-cash working capital $ 275 $ (124 ) $ (2 )

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Accounts Receivable, Net	(in millions of Canadian dollars) 2015 2014 Freight $ 491 $ 535 Non-freight 185 189 676 724 Allowance for doubtful accounts (31 ) (22 ) Total accounts receivable, net $ 645 $ 702

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	(in millions of Canadian dollars) 2015 2014 Rail investments accounted for on an equity basis $ 115 $ 82 Other investments 37 30 Total investments $ 152 $ 112

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Net Properties	(in millions of Canadian dollars except percentages) 2015 2015 2014 Average annual depreciation rate Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Track and roadway 2.6 % $ 16,303 $ 4,427 $ 11,876 $ 14,515 $ 4,126 $ 10,389 Buildings 3.2 % 642 165 477 571 150 421 Rolling stock 2.3 % 4,041 1,524 2,517 3,737 1,414 2,323 Information systems (1) 12.2 % 599 291 308 631 297 334 Other 3.5 % 1,640 545 1,095 1,489 518 971 Total $ 23,225 $ 6,952 $ 16,273 $ 20,943 $ 6,505 $ 14,438 (1) During 2015, CP capitalized costs attributable to the design and development of internal-use software in the amount of $42 million (2014 – $69 million ; 2013 – $85 million ). Current year depreciation expense related to internal use software was $69 million (2014 – $70 million ; 2013 – $84 million ).
Capital Leases Included In Net Properties	(in millions of Canadian dollars) 2015 2014 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Buildings $ 1 $ 1 $ — $ 1 $ 1 $ — Rolling stock 311 96 215 311 87 224 Total assets held under capital lease $ 312 $ 97 $ 215 $ 312 $ 88 $ 224

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Intangible assets (in millions of Canadian dollars) Goodwill Cost Accumulated amortization Net carrying amount Total goodwill and intangible assets Balance at December 31, 2013 $ 150 $ 22 $ (10 ) $ 12 $ 162 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 14 — 1 1 15 Balance at December 31, 2014 $ 164 $ 22 $ (10 ) $ 12 $ 176 Amortization — — (1 ) (1 ) (1 ) Foreign exchange impact 31 — 2 2 33 Additions 3 — — — 3 Balance at December 31, 2015 $ 198 $ 22 $ (9 ) $ 13 $ 211

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	(in millions of Canadian dollars) 2015 2014 Long-term materials $ 20 $ 30 Prepaid leases 9 9 Unamortized fees on credit facility 6 9 Contracted customer incentives 5 9 Long-term receivables 2 28 Other 21 32 Total other assets $ 63 $ 117

Accounts Payable and Accrued 55

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	(in millions of Canadian dollars) 2015 2014 Trade payables $ 339 $ 407 Accrued charges 353 324 Income and other taxes payable 218 95 Accrued interest 147 75 Payroll-related accruals 88 72 Accrued vacation 69 66 Dividends payable 53 58 Personal injury and other claims provision 30 45 Purchase of CP Common Shares — 39 Provision for environmental remediation (Note 21) 13 16 Stock-based compensation liabilities 48 14 Provision for restructuring (Note 18) 6 11 Other 53 55 Total accounts payable and accrued liabilities $ 1,417 $ 1,277

Labour Restructuring (Tables)

Labour Restructuring (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Reconciliation of CP's Liabilities Associated with Restructuring Accrual	Set out below is a reconciliation of CP’s liabilities associated with its restructuring accrual: (in millions of Canadian dollars) 2015 2014 2013 Opening balance, January 1 $ 24 $ 50 $ 89 Accrued (2 ) (7 ) (8 ) Payments (11 ) (21 ) (33 ) Amortization of discount (1) 1 2 2 Closing balance, December 31 $ 12 $ 24 $ 50 (1) Amortization of discount is charged to income as “Compensation and benefits”.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Components of Long-term Debt	(in millions of Canadian dollars) Maturity Currency in which payable 2015 2014 6.500% 10-year Notes (A) 2018-05 U.S.$ $ 380 $ 319 6.250% 10-year Medium Term Notes (A) 2018-06 CDN$ 374 374 7.250% 10-year Notes (A) 2019-05 U.S.$ 484 405 9.450% 30-year Debentures (A) 2021-08 U.S.$ 346 290 5.100% 10-year Medium Term Notes (A) 2022-01 CDN$ 125 125 4.500% 10-year Notes (A) 2022-01 U.S.$ 343 287 4.450% 12.5-year Notes (A) 2023-03 U.S.$ 483 405 7.125% 30-year Debentures (A) 2031-10 U.S.$ 484 406 5.750% 30-year Debentures (A) 2033-03 U.S.$ 339 282 5.950% 30-year Notes (A) 2037-05 U.S.$ 615 515 6.450% 30-year Notes (A) 2039-11 CDN$ 400 400 5.750% 30-year Notes (A) 2042-01 U.S.$ 340 284 2.900% 10-year Notes (A) 2025-02 U.S.$ 968 — 3.700% 10.5-year Notes (A) 2026-02 U.S.$ 345 — 4.800% 30-year Notes (A) 2045-08 U.S.$ 759 — 4.800% 20-year Notes (A) 2035-09 U.S.$ 413 — 6.125% 100-year Notes (A) 2115-09 U.S.$ 1,246 — Secured Equipment Loan (B) 2015-08 CDN$ — 62 5.41% Senior Secured Notes (C) 2024-03 U.S.$ 138 121 6.91% Secured Equipment Notes (D) 2024-10 CDN$ 145 156 5.57% Senior Secured Notes (E) 2024-12 U.S.$ — 65 7.49% Equipment Trust Certificates (F) 2021-01 U.S.$ 64 96 3.88% Senior Secured Notes Series A & B (G) 2026-10/2026-12 U.S.$ — 148 4.28% Senior Secured Notes (H) 2027-03 U.S.$ — 77 Other long-term loans (nil% – 5.50%) 2016 - 2025 U.S.$ / CDN$ 10 2 Obligations under capital leases (6.313% – 6.99%) (I) 2022 - 2026 U.S.$ 172 147 (12.77%) (I) 2031-01 CDN$ 3 3 Commercial paper (J) U.S.$ — 783 8,976 5,752 Perpetual 4% Consolidated Debenture Stock (K) U.S.$ 42 35 Perpetual 4% Consolidated Debenture Stock (K) G.B.£ 7 6 9,025 5,793 Less: Unamortized fees on long-term debt 68 34 8,957 5,759 Less: Long-term debt maturing within one year 30 134 $ 8,927 $ 5,625
Schedule of Capital Lease Obligations Included in Long-Term Debt	At December 31, 2015, capital lease obligations included in long-term debt were as follows: (in millions of Canadian dollars) Year Capital leases Minimum lease payments in: 2016 $ 16 2017 16 2018 16 2019 16 2020 16 Thereafter 174 Total minimum lease payments 254 Less: Imputed interest (79 ) Present value of minimum lease payments 175 Less: Current portion (4 ) Long-term portion of capital lease obligations $ 171

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	(in millions of Canadian dollars) 2015 2014 Provision for environmental remediation, net of current portion (1) $ 80 $ 75 Stock-based compensation liabilities, net of current portion 73 145 Deferred revenue on rights-of-way licence agreements, net of current portion 33 33 Deferred retirement compensation 28 24 Deferred gains on sale leaseback transactions 22 25 Asset retirement obligations (Note 22) 22 23 Provision for restructuring, net of current portion (2) (Note 18) 6 13 Deferred hedging losses (Note 20) — 25 Other, net of current portion 54 69 Total other long-term liabilities $ 318 $ 432 (1) As at December 31, 2015, the aggregate provision for environmental remediation, including the current portion was $93 million (2014 – $91 million ). (2) As at December 31, 2015, the aggregate provision for restructuring, including the current portion was $12 million (2014 – $24 million ).

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	The majority of these liabilities are discounted at 6.25% . Accretion expense is included in “Depreciation and amortization” on the Consolidated Statements of Income. (in millions of Canadian dollars) 2015 2014 Opening balance, January 1 $ 23 $ 24 Accretion 1 1 Liabilities settled (1 ) (1 ) Revision to estimated cash flows (1 ) (1 ) Closing balance, December 31 $ 22 $ 23

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Analysis of Common Share Balances	An analysis of Common Share balances is as follows: (number of shares in millions) 2015 2014 2013 Share capital, January 1 166.1 175.4 173.9 CP Common Shares repurchased (13.7 ) (10.3 ) — Shares issued under stock option plan 0.6 1.0 1.5 Share capital, December 31 153.0 166.1 175.4
Activities Under Shares Repurchase Program	The following table provides the activities under the share repurchase program: 2015 Number of Common Shares repurchased (1) 13,549,977 Weighted-average price per share $ 202.79 Amount of repurchase (in millions) (2) $ 2,748 (1) Excludes shares repurchased and not yet cancelled in the prior year. (2) Includes brokerage fees.

Pensions and Other Benefits (Ta

Pensions and Other Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Net Periodic Benefit Cost for DB Pension Plans and Other Benefits	The elements of net periodic benefit cost for DB pension plans and other benefits recognized in the year, including the recognition of an $11 million gain related to legacy pension plans, included the following components: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2013 2015 2014 2013 Current service cost (benefits earned by employees in the year) $ 126 $ 106 $ 135 $ 12 $ 14 $ 16 Interest cost on benefit obligation 463 477 445 21 23 21 Expected return on fund assets (816 ) (757 ) (746 ) — — — Recognized net actuarial loss (gain) 265 190 267 2 (2 ) (11 ) Amortization of prior service costs (6 ) (68 ) (58 ) 1 — — Net periodic benefit cost (recovery) $ 32 $ (52 ) $ 43 $ 36 $ 35 $ 26
Information About DB Pension Plans and Other Benefits	Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Change in projected benefit obligation: Benefit obligation at January 1 $ 11,360 $ 9,921 $ 517 $ 483 Current service cost 126 106 12 14 Interest cost 463 477 21 23 Employee contributions 43 51 1 — Benefits paid (608 ) (579 ) (34 ) (27 ) Foreign currency changes 42 15 4 2 Plan amendments and other (6 ) — — — Actuarial loss (gain) (226 ) 1,369 (8 ) 22 Projected benefit obligation at December 31 $ 11,194 $ 11,360 $ 513 $ 517 Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Change in fund assets: Fair value of fund assets at January 1 $ 11,376 $ 10,722 $ 7 $ 8 Actual return on fund assets 1,374 1,088 (1 ) — Employer contributions 81 80 33 26 Employee contributions 43 51 1 — Benefits paid (608 ) (579 ) (34 ) (27 ) Foreign currency changes 34 14 — — Fair value of fund assets at December 31 $ 12,300 $ 11,376 $ 6 $ 7 Funded status – plan surplus (deficit) $ 1,106 $ 16 $ (507 ) $ (510 )
Pension Plan Asset	2015 2014 Pension plans in surplus Pension plans in deficit Pension plans in surplus Pension plans in deficit Projected benefit obligation at December 31 $ (10,681 ) $ (513 ) $ (10,878 ) $ (482 ) Fair value of fund assets at December 31 12,082 218 11,182 194 Funded Status $ 1,401 $ (295 ) $ 304 $ (288 )
Amounts Recognized in the Company's Consolidated Balance Sheets	Amounts recognized in the Company’s Consolidated Balance Sheets are as follows: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Pension asset $ 1,401 $ 304 $ — $ — Accounts payable and accrued liabilities (10 ) (9 ) (34 ) (34 ) Pension and other benefit liabilities (285 ) (279 ) (473 ) (476 ) Total amount recognized $ 1,106 $ 16 $ (507 ) $ (510 )
Amounts Recognized in Accumulated Other Comprehensive Losses	Amounts recognized in accumulated other comprehensive losses are as follows: Pensions Other benefits (in millions of Canadian dollars) 2015 2014 2015 2014 Net actuarial loss: Other than deferred investment gains $ 3,144 $ 3,895 $ 77 $ 86 Deferred investment gains (1,101 ) (803 ) — — Prior service cost (20 ) (20 ) 4 5 Deferred income tax (580 ) (858 ) (20 ) (23 ) Total (Note 8) $ 1,443 $ 2,214 $ 61 $ 68
Actuarial Assumptions Used Were Approximately	Weighted-average actuarial assumptions used were approximately: (percentages) 2015 2014 2013 Benefit obligation at December 31: Discount rate 4.22 4.09 4.90 Projected future salary increases 3.00 3.00 3.00 Health care cost trend rate 7.00 (1) 7.00 (1) 8.00 (2) Benefit cost for year ended December 31: Discount rate 4.09 4.90 4.28 Expected rate of return on fund assets 7.75 7.75 7.75 Projected future salary increases 3.00 3.00 3.00 Health care cost trend rate 7.00 (1) 7.50 (2) 8.00 (2) (1) The health care cost trend rate is assumed to be 7.00% in 2016 ( 7.00% in 2015), and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2020 and thereafter. (2) The health care cost trend rate was previously assumed to be 6.50% in 2016 ( 7.00% in 2015, 7.50% in 2014), and then decreasing by 0.50% per year to an ultimate rate of 5.00% per year in 2019 and thereafter.
Summary of Impact of One-percentage Point Change in Assumed Health Care Cost Trend Rates	A one-percentage-point change in the assumed health care cost trend rate would have the following effects: (in millions of Canadian dollars) One percentage point increase One percentage point decrease Increase (decrease) in the total of service and interest costs $ — $ — Increase (decrease) in post-retirement benefit obligation 6 (6 )
Summary of Pension Plan Asset Allocation and Current Weighted Average Policy Range	The Company’s pension plan asset allocation, the current weighted average asset allocation targets and the current weighted average policy range for each major asset class, were as follows: Current asset allocation target Current policy range Percentage of plan assets at December 31 Asset allocation (percentage) 2015 2014 Cash and cash equivalents 0.5 0 – 5 1.1 1.7 Fixed income 29.5 20 – 40 21.0 21.9 Public equity 46.0 35 – 55 54.5 52.5 Real estate and infrastructure 12.0 4 – 20 5.8 7.6 Absolute return 12.0 0 – 18 17.6 16.3 Total 100.0 100.0 100.0
Summary of Defined Benefit Pension Plan Assets at Fair Value	The following is a summary of the assets of the Company’s DB pension plans at fair values at December 31, 2015 and 2014: (in millions of Canadian dollars) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs Level (2) Significant unobservable inputs (Level 3) Investments measured at NAV (1) Total December 31, 2015 Cash and cash equivalents $ 129 $ 11 $ — $ — $ 140 Fixed income • Government bonds (2) — 1,276 — — 1,276 • Corporate bonds (2) — 1,228 — — 1,228 • Mortgages (3) — 81 — — 81 Public equities • Canada 1,449 46 — — 1,495 • U.S. and international 5,169 34 — — 5,203 Real estate (4) — — 451 — 451 Derivative assets (5) — — — — — Absolute return (6) • Funds of hedge funds — — — 781 781 • Multi-strategy funds — — — 517 517 • Credit funds — — — 555 555 • Equity funds — — — 311 311 Infrastructure (7) — — — 262 262 $ 6,747 $ 2,676 $ 451 $ 2,426 $ 12,300 December 31, 2014 Cash and cash equivalents $ 106 $ 83 $ — $ — $ 189 Fixed income • Government bonds (2) — 1,180 — — 1,180 • Corporate bonds (2) — 1,229 — — 1,229 • Mortgages (3) — 77 — — 77 Public equities • Canada 1,448 48 — — 1,496 • U.S. and international 4,454 27 — — 4,481 Real estate (4) — — 654 — 654 Derivative assets (5) — 1 — — 1 Absolute return (6) • Funds of hedge funds — — — 652 652 • Multi-strategy funds — — — 473 473 • Credit funds — — — 490 490 • Equity funds — — — 246 246 Infrastructure (7) — — — 208 208 $ 6,008 $ 2,645 $ 654 $ 2,069 $ 11,376 (1) Investments measured at net asset value ("NAV"): Amounts are compromised of certain investments measured at fair value 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 value of mortgages of $81 million (2014 – $77 million ) is based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Real estate: The fair value of real estate investments of $451 million (2014 – $654 million ) is based on property appraisals which use a number of approaches that typically include a discounted cash flow analysis, a direct capitalization income method and/or a direct comparison approach. Appraisals of real estate investments are generally performed semi-annually by qualified external accredited appraisers. There are $278 million of unfunded commitments for real estate investments as at December 31, 2015 (2014 – nil ). (5) The Company’s pension funds 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). (6) Absolute return: The fair value of absolute return fund investments of $2,164 million (2014 – $1,861 million ) is based on the NAV reported by the fund administrators. The funds have different redemption policies and periods. There are no unfunded commitments for absolute return investments as at December 31, 2015 (2014 – nil ). - Fund of hedge funds invest in a portfolio of hedge funds that allocate capital across a broad array of funds and/or investment managers, with monthly redemptions upon 95 days' notice. - Multi-strategy funds include funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments with quarterly redemptions upon 60 days' notice. - Credit funds invest in an array of fixed income securities with quarterly redemptions upon 60 days' notice. - Equity funds invest primarily in U.S. and global equity securities. Redemptions range from quarterly upon 60 days notice to tri-annually upon 45 days' notice. (7) Infrastructure: Infrastructure fund values of $262 million (2014 – $208 million ) are based on the NAV of the funds that invest directly in infrastructure investments. The fair values of the investments have been estimated using the capital accounts representing the plans ownership interest in the funds. The investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments. It was estimated that the investments in these funds will be liquidated over the weighted-average period of approximately two years. As at December 31, 2015, unfunded commitments for infrastructure investments were negligible (2014 – negligible ).
Summary of Defined Benefit Pension Plan Assets Measured at Fair Value Using Unobservable Inputs	During 2014 and 2015 the portion of the assets of the Company’s DB pension plans measured at fair value using unobservable inputs (Level 3) changed as follows (1) : (in millions of Canadian dollars) Real Estate As at January 1, 2014 $ 847 Disbursements (236 ) Net realized gains 67 Decrease in net unrealized gains (24 ) As at December 31, 2014 $ 654 Disbursements (223 ) Net realized gains 64 Decrease in net unrealized gains (44 ) As at December 31, 2015 $ 451 (1) Upon adoption of ASU 2015-07, investments measured at NAV are no longer required to be categorized within the fair value hierarchy.
Summary of Estimated Future Pension and Other Post-retirement Benefit Payments	The estimated future defined benefit 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 2016 $ 595 $ 36 2017 609 35 2018 621 35 2019 632 34 2020 642 33 2021 – 2025 3,318 158

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plan	The following table summarizes the Company’s stock option plan as at December 31: Options outstanding Nonvested options Number of options Weighted average exercise price Number of options Weighted average grant date fair value Outstanding, January 1, 2015 2,738,689 $ 94.35 1,423,962 $ 32.35 New options granted 317,202 230.91 317,202 55.28 Exercised (542,816 ) 77.19 — — Vested — — (654,283 ) 26.69 Forfeited (101,963 ) 171.34 (101,463 ) 48.06 Expired (3,139 ) 49.08 (439 ) 26.02 Outstanding at December 31, 2015 2,407,973 $ 113.01 984,979 $ 41.88 Vested or expected to vest at December 31, 2015 (1) 2,399,076 $ 112.71 N/A N/A Exercisable at December 31, 2015 1,422,994 $ 80.55 N/A N/A (1) As at December 31, 2015, the weighted average remaining term of vested or expected to vest options was 5.2 years with an aggregate intrinsic value of $171 million .
Stock Options Outstanding and Exercisable	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, 2015 at the Company’s closing stock price of $176.73 . Options outstanding Options exercisable Range of exercise prices Number of options Weighted average years to expiration Weighted average exercise price Aggregate intrinsic value (millions) Number of options Weighted average exercise price Aggregate intrinsic value (millions) $36.29 – $72.54 464,345 2.8 $ 60.48 $ 54 464,345 $ 60.48 $ 54 $72.55 – $74.55 650,000 6.5 73.39 67 487,500 73.39 50 $74.56 – $129.15 644,608 6.5 103.32 47 394,104 96.21 32 $129.16 – $244.54 649,020 8.6 199.89 (15 ) 77,045 166.73 1 Total (1) 2,407,973 6.3 $ 113.01 $ 153 1,422,994 $ 80.55 $ 137 (1) As at December 31, 2015, the total number of in-the-money stock options outstanding was 2,049,968 with a weighted-average exercise price of $93.81 . The weighted-average years to expiration of exercisable stock options is 5.3 years .
Weighted-Average Fair Value Assumptions	The weighted average fair value assumptions were approximately: 2015 2014 2013 Expected option life (years) (1) 5.25 5.98 6.25 Risk-free interest rate (2) 1.10 % 1.66 % 1.60 % Expected stock price volatility (3) 26 % 29 % 30 % Expected annual dividends per share (4) $ 1.40 $ 1.40 $ 1.40 Estimated forfeiture rate (5) 1.2 % 1.2 % 1.2 % Weighted average grant date fair value of options granted during the year $ 55.28 $ 48.88 $ 35.40 (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 remaining term at the time of the grant. (3) Based on the historical stock price volatility of the Company’s stock 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 estimated forfeitures based on past experience. The rate is monitored on a periodic basis.
Information Related to All Options Exercised in the Stock Option Plan	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) 2015 2014 2013 Total intrinsic value $ 72 $ 115 $ 103 Cash received by the Company upon exercise of options 43 62 83
Summary of Performance Share Units Plan	The following table summarizes information related to the Company’s PSUs as at December 31: 2015 2014 Outstanding, January 1 460,783 349,925 Granted 137,958 165,500 Units, in lieu of dividends 3,570 3,296 Settled (217,179 ) — Forfeited (36,856 ) (57,938 ) Outstanding, December 31 348,276 460,783
Summary of Deferred Share Units Plan	The following table summarizes information related to the DSUs as at December 31: 2015 2014 Outstanding, January 1 308,447 332,221 Granted 21,690 58,460 Units, in lieu of dividends 2,015 2,572 Forfeited (2,192 ) (711 ) Settled (11,784 ) (84,095 ) Outstanding, December 31 318,176 308,447
Summary of Restricted Share Units Plan	The following table summarizes information related to the Company’s RSUs as at December 31: 2015 2014 Outstanding, January 1 47,520 92,333 Granted 2,614 16,325 Units, in lieu of dividends 207 700 Settled (31,193 ) (53,964 ) Forfeited (46 ) (7,874 ) Outstanding, December 31 19,102 47,520
Summary of Total 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) 2015 2014 2013 Plan DSUs $ 3 $ 17 $ 17 PSUs 79 — — RSUs 8 12 9 Total $ 90 $ 29 $ 26

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Minimum Future Lease Payments Under Operating Leases	As at December 31, 2015, the Company’s commitments under operating leases were estimated at $553 million in aggregate, with minimum annual payments in each of the next five years and thereafter as follows: (in millions of Canadian dollars) Operating leases 2016 $ 107 2017 90 2018 62 2019 52 2020 45 Thereafter 197 Total minimum lease payments $ 553

Segmented and Geographic Info64

Segmented and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Geographic Information	Geographic information (in millions of Canadian dollars) Canada United States Total 2015 Revenues $ 4,662 $ 2,050 $ 6,712 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 10,630 $ 6,068 $ 16,698 2014 Revenues $ 4,655 $ 1,965 $ 6,620 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 10,114 $ 4,733 $ 14,847 2013 Revenues $ 4,330 $ 1,803 $ 6,133 Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets $ 9,842 $ 4,237 $ 14,079

Selected Quarterly Data (Unau65

Selected Quarterly Data (Unaudited) Selected Quarterly Data (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Selected quarterly data (unaudited) For the quarter ended 2015 2014 (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 $ 1,687 $ 1,709 $ 1,651 $ 1,665 $ 1,760 $ 1,670 $ 1,681 $ 1,509 Operating income 677 753 646 612 708 621 587 423 Net income 319 323 390 320 451 400 371 254 Basic earnings per share (1) $ 2.09 $ 2.05 $ 2.38 $ 1.94 $ 2.66 $ 2.33 $ 2.13 $ 1.45 Diluted earnings per share 2.08 2.04 2.36 1.92 2.63 2.31 2.11 1.44 (1) Per share net income for the four quarters combined may not equal the per share net income for the year due to rounding.

Condensed Consolidating Finan66

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statements of Income	CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,532 $ 2,020 $ — $ 6,552 Non-freight — 128 363 (331 ) 160 Total revenues — 4,660 2,383 (331 ) 6,712 Operating expenses Compensation and benefits — 943 428 — 1,371 Fuel — 549 159 — 708 Materials — 148 36 — 184 Equipment rents — 181 (7 ) — 174 Depreciation and amortization — 411 184 — 595 Purchased services and other — 711 680 (331 ) 1,060 Gain on sale of Delaware & Hudson South — — (68 ) — (68 ) Total operating expenses — 2,943 1,412 (331 ) 4,024 Operating income — 1,717 971 — 2,688 Less: Other income and charges 84 322 (71 ) — 335 Net interest (income) expense (5 ) 447 (48 ) — 394 (Loss) income before income tax expense and equity in net earnings of subsidiaries (79 ) 948 1,090 — 1,959 Less: Income tax (recovery) expense (21 ) 303 325 — 607 Add: Equity in net earnings of subsidiaries 1,410 765 — (2,175 ) — Net income $ 1,352 $ 1,410 $ 765 $ (2,175 ) $ 1,352 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,524 $ 1,940 $ — $ 6,464 Non-freight — 130 357 (331 ) 156 Total revenues — 4,654 2,297 (331 ) 6,620 Operating expenses Compensation and benefits — 945 403 — 1,348 Fuel — 779 269 — 1,048 Materials — 156 37 — 193 Equipment rents — 137 18 — 155 Depreciation and amortization — 396 156 — 552 Purchased services and other — 706 610 (331 ) 985 Total operating expenses — 3,119 1,493 (331 ) 4,281 Operating income — 1,535 804 — 2,339 Less: Other income and charges 3 46 (30 ) — 19 Net interest expense — 250 32 — 282 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 1,239 802 — 2,038 Less: Income tax (recovery) expense (1 ) 320 243 — 562 Add: Equity in net earnings of subsidiaries 1,478 559 — (2,037 ) — Net income $ 1,476 $ 1,478 $ 559 $ (2,037 ) $ 1,476 CONDENSED CONSOLIDATING STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,201 $ 1,781 $ — $ 5,982 Non-freight — 128 364 (341 ) 151 Total revenues — 4,329 2,145 (341 ) 6,133 Operating expenses Compensation and benefits — 1,021 357 — 1,378 Fuel — 751 253 — 1,004 Materials — 125 35 — 160 Equipment rents — 150 23 — 173 Depreciation and amortization — 416 149 — 565 Purchased services and other — 690 649 (341 ) 998 Asset impairment — — 435 — 435 Total operating expenses — 3,153 1,901 (341 ) 4,713 Operating income — 1,176 244 — 1,420 Less: Other income and charges 1 28 (12 ) — 17 Net interest (income) expense (1 ) 211 68 — 278 Income before income tax expense and equity in net earnings of subsidiaries — 937 188 — 1,125 Less: Income tax expense — 243 7 — 250 Add: Equity in net earnings of subsidiaries 875 181 — (1,056 ) — Net income $ 875 $ 875 $ 181 $ (1,056 ) $ 875
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,352 $ 1,410 $ 765 $ (2,175 ) $ 1,352 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (757 ) 671 — (86 ) Change in derivatives designated as cash flow hedges — (69 ) — — (69 ) Change in pension and post-retirement defined benefit plans — 1,061 (2 ) — 1,059 Other comprehensive income before income taxes — 235 669 — 904 Income tax (expense) recovery on above items — (163 ) 1 — (162 ) Equity accounted investments 742 670 — (1,412 ) — Other comprehensive income 742 742 670 (1,412 ) 742 Comprehensive income $ 2,094 $ 2,152 $ 1,435 $ (3,587 ) $ 2,094 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,476 $ 1,478 $ 559 $ (2,037 ) $ 1,476 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (316 ) 284 — (32 ) Change in derivatives designated as cash flow hedges — (49 ) — — (49 ) Change in pension and post-retirement defined benefit plans — (908 ) (33 ) — (941 ) Other comprehensive (loss) income before income taxes — (1,273 ) 251 — (1,022 ) Income tax recovery on above items — 293 13 — 306 Equity accounted investments (716 ) 264 — 452 — Other comprehensive (loss) income (716 ) (716 ) 264 452 (716 ) Comprehensive income $ 760 $ 762 $ 823 $ (1,585 ) $ 760 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 875 $ 875 $ 181 $ (1,056 ) $ 875 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (219 ) 222 — 3 Change in derivatives designated as cash flow hedges — (1 ) — — (1 ) Change in pension and post-retirement defined benefit plans — 1,631 50 — 1,681 Other comprehensive income before income taxes — 1,411 272 — 1,683 Income tax recovery on above items — (400 ) (18 ) — (418 ) Equity accounted investments 1,265 254 — (1,519 ) — Other comprehensive income 1,265 1,265 254 (1,519 ) 1,265 Comprehensive income $ 2,140 $ 2,140 $ 435 $ (2,575 ) $ 2,140
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS AS AT DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 502 $ 148 $ — $ 650 Accounts receivable, net — 452 193 — 645 Accounts receivable, inter-company 59 105 265 (429 ) — Short-term advances to affiliates — 75 3,483 (3,558 ) — Materials and supplies — 154 34 — 188 Other current assets — 37 17 — 54 59 1,325 4,140 (3,987 ) 1,537 Long-term advances to affiliates 501 207 376 (1,084 ) — Investments — 22 130 — 152 Investments in subsidiaries 7,518 9,832 — (17,350 ) — Properties — 8,481 7,792 — 16,273 Goodwill and intangible assets — 3 208 — 211 Pension asset — 1,401 — — 1,401 Other assets — 55 8 — 63 Deferred income taxes 25 — — (25 ) — Total assets $ 8,103 $ 21,326 $ 12,654 $ (22,446 ) $ 19,637 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 54 $ 1,122 $ 241 $ — $ 1,417 Accounts payable, inter-company — 325 104 (429 ) — Short-term advances from affiliates 3,253 230 75 (3,558 ) — Long-term debt maturing within one year — 24 6 — 30 3,307 1,701 426 (3,987 ) 1,447 Pension and other benefit liabilities — 676 82 — 758 Long-term advances from affiliates — 877 207 (1,084 ) — Other long-term liabilities — 186 132 — 318 Long-term debt — 8,863 64 — 8,927 Deferred income taxes — 1,505 1,911 (25 ) 3,391 Total liabilities 3,307 13,808 2,822 (5,096 ) 14,841 Shareholders’ equity Share capital 2,058 1,037 5,465 (6,502 ) 2,058 Additional paid-in capital 43 1,568 613 (2,181 ) 43 Accumulated other comprehensive (loss) income (1,477 ) (1,477 ) 840 637 (1,477 ) Retained earnings 4,172 6,390 2,914 (9,304 ) 4,172 4,796 7,518 9,832 (17,350 ) 4,796 Total liabilities and shareholders’ equity $ 8,103 $ 21,326 $ 12,654 $ (22,446 ) $ 19,637 CONDENSED CONSOLIDATING BALANCE SHEETS AS AT DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 152 $ 74 $ — $ 226 Accounts receivable, net — 490 212 — 702 Accounts receivable, inter-company 58 147 230 (435 ) — Short-term advances to affiliates — 170 1,974 (2,144 ) — Materials and supplies — 137 40 — 177 Other current assets — 27 89 — 116 58 1,123 2,619 (2,579 ) 1,221 Long-term advances to affiliates 1 207 1,316 (1,524 ) — Investments — 15 97 — 112 Investments in subsidiaries 7,618 8,231 — (15,849 ) — Properties — 7,976 6,462 — 14,438 Assets held for sale — 8 174 — 182 Goodwill and intangible assets — — 176 — 176 Pension asset — 304 — — 304 Other assets — 94 23 — 117 Deferred income taxes 4 15 37 (56 ) — Total assets $ 7,681 $ 17,973 $ 10,904 $ (20,008 ) $ 16,550 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 97 $ 896 $ 284 $ — $ 1,277 Accounts payable, inter-company — 288 147 (435 ) — Short-term advances from affiliates 1,974 — 170 (2,144 ) — Long-term debt maturing within one year — 91 43 — 134 2,071 1,275 644 (2,579 ) 1,411 Pension and other benefit liabilities — 692 63 — 755 Long-term advances from affiliates — 1,316 208 (1,524 ) — Other long-term liabilities — 286 146 — 432 Long-term debt — 5,570 55 — 5,625 Deferred income taxes — 1,216 1,557 (56 ) 2,717 Total liabilities 2,071 10,355 2,673 (4,159 ) 10,940 Shareholders’ equity Share capital 2,185 1,037 5,122 (6,159 ) 2,185 Additional paid-in capital 36 1,547 569 (2,116 ) 36 Accumulated other comprehensive loss (2,219 ) (2,219 ) 170 2,049 (2,219 ) Retained earnings 5,608 7,253 2,370 (9,623 ) 5,608 5,610 7,618 8,231 (15,849 ) 5,610 Total liabilities and shareholders’ equity $ 7,681 $ 17,973 $ 10,904 $ (20,008 ) $ 16,550
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 2,283 $ 1,650 $ 1,074 $ (2,548 ) $ 2,459 Investing activities Additions to properties — (766 ) (756 ) — (1,522 ) Proceeds from the sale of Delaware & Hudson South — — 281 — 281 Proceeds from sale of properties and other assets — 103 11 — 114 Advances to affiliates (1,133 ) (311 ) (1,820 ) 3,264 — Repayment of advances to affiliates — 804 1,000 (1,804 ) — Capital contributions to affiliates — (1,655 ) — 1,655 — Repurchase of share capital from affiliates — 1,210 — (1,210 ) — Other — 6 (2 ) — 4 Cash used in investing activities (1,133 ) (609 ) (1,286 ) 1,905 (1,123 ) Financing activities Dividends paid (226 ) (2,272 ) (276 ) 2,548 (226 ) Issuance of share capital — — 1,655 (1,655 ) — Return of share capital to affiliates — — (1,210 ) 1,210 — Issuance of CP Common Shares 43 — — — 43 Purchase of CP Common Shares (2,787 ) — — — (2,787 ) Issuance of long-term debt, excluding commercial paper — 3,411 — — 3,411 Repayment of long-term debt, excluding commercial paper — (461 ) (44 ) — (505 ) Net repayment of commercial paper — (893 ) — — (893 ) Advances from affiliates 1,820 500 944 (3,264 ) — Repayment of advances from affiliates — (1,000 ) (804 ) 1,804 — Cash (used in) provided by financing activities (1,150 ) (715 ) 265 643 (957 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 24 21 — 45 Cash position Increase in cash and cash equivalents — 350 74 — 424 Cash and cash equivalents at beginning of year — 152 74 — 226 Cash and cash equivalents at end of year $ — $ 502 $ 148 $ — $ 650 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 183 $ 1,684 $ 604 $ (348 ) $ 2,123 Investing activities Additions to properties — (816 ) (702 ) 69 (1,449 ) Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad — — 236 — 236 Proceeds from sale of properties and other assets — 116 5 (69 ) 52 Advances to affiliates — (611 ) (2,636 ) 3,247 — Repayment of advances to affiliates — 2,167 1,592 (3,759 ) — Capital contributions to affiliates — (2,927 ) — 2,927 — Change in restricted cash and cash equivalents used to collateralize letters of credit — 411 — — 411 Other — 2 (2 ) — — Cash used in investing activities — (1,658 ) (1,507 ) 2,415 (750 ) Financing activities Dividends paid (244 ) (182 ) (166 ) 348 (244 ) Issuance of share capital — — 2,927 (2,927 ) — Issuance of CP Common Shares 62 — — — 62 Purchase of CP Common Shares (2,050 ) — — — (2,050 ) Repayment of long-term debt, excluding commercial paper — (174 ) (9 ) — (183 ) Net issuance of commercial paper — 771 — — 771 Settlement of foreign exchange forward on long-term debt — 17 — — 17 Advances from affiliates 2,049 1,198 — (3,247 ) — Repayment of advances from affiliates — (1,592 ) (2,167 ) 3,759 — Other — — (3 ) — (3 ) Cash (used in) provided by financing activities (183 ) 38 582 (2,067 ) (1,630 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (3 ) 10 — 7 Cash position Increase (decrease) in cash and cash equivalents — 61 (311 ) — (250 ) Cash and cash equivalents at beginning of year — 91 385 — 476 Cash and cash equivalents at end of year $ — $ 152 $ 74 $ — $ 226 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 123 $ 1,327 $ 707 $ (207 ) $ 1,950 Investing activities Additions to properties — (882 ) (470 ) 116 (1,236 ) Proceeds from sale of properties and other assets — 65 124 (116 ) 73 Advances to affiliates — — (137 ) 137 — Repayment of advances to affiliates — — 84 (84 ) — Capital contributions to affiliates — (100 ) — 100 — Change in restricted cash and cash equivalents used to collateralize letters of credit — (411 ) — — (411 ) Other — (21 ) (2 ) — (23 ) Cash used in investing activities — (1,349 ) (401 ) 153 (1,597 ) Financing activities Dividends paid (244 ) (123 ) (84 ) 207 (244 ) Issuance of share capital — — 100 (100 ) — Issuance of CP Common Shares 83 — — — 83 Issuance of long-term debt, excluding commercial paper — 60 (60 ) — — Repayment of long-term debt, excluding commercial paper — (48 ) (8 ) — (56 ) Advances from affiliates 38 99 — (137 ) — Repayment of advances from affiliates — (84 ) — 84 — Other — (3 ) — — (3 ) Cash used in financing activities (123 ) (99 ) (52 ) 54 (220 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 1 9 — 10 Cash position (Decrease) increase in cash and cash equivalents — (120 ) 263 — 143 Cash and cash equivalents at beginning of year — 211 122 — 333 Cash and cash equivalents at end of year $ — $ 91 $ 385 $ — $ 476

Summary of Significant Accoun67

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2015mi
Summary Of Significant Accounting Policies [Line Items]
Number of railway miles in network	12,500
Cash and cash equivalents maturity period, maximum	3 months
Expected return on fund assets calculated using market-related asset values developed	five-year average of market values
The maximum market related asset value as a percentage of market value used to calculate net periodic benefit cost	120.00%
The minimum market related asset value as a percentage of market value used to calculate net periodic benefit cost	80.00%
Unrecognized actuarial gains and losses as a percentage in excess of the greater of the benefit obligation and the market-related plan assets	10.00%
Expected average remaining service period of active employees expected to receive benefits under the plan	10 years
Probability threshold for recognizing income tax benefits to be realized upon settlement	50.00%
Favourable leases, customer relationships and interline contracts [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets with finite lives	15 years
Favourable leases, customer relationships and interline contracts [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of intangible assets with finite lives	20 years

Accounting Changes - Narrative

Accounting Changes - Narrative (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Change in Accounting Estimate [Line Items]
Deferred income taxes	CAD 0	CAD 0
New Accounting Pronouncement, Early Adoption, Effect [Member]
Change in Accounting Estimate [Line Items]
Deferred income taxes		56
Accounting Standards Update 2015-07 [Member]
Change in Accounting Estimate [Line Items]
Net asset value investments no longer included in Level 2 and Level 3 fair value hierarchy	CAD 2,426	CAD 2,069

Asset Impairments - Details of

Asset Impairments - Details of Impairment of Long-Lived Assets Held and Used by Asset (Detail) CAD in Millions, $ in Millions	May. 30, 2014CAD	May. 30, 2014USD ($)	Dec. 31, 2015CAD	Dec. 31, 2014CAD	Dec. 31, 2013CAD
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment			CAD 0	CAD 0	CAD 435
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad			CAD 0	CAD 236	0
Dakota, Minnesota & Eastern Railroad - West [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Estimated fair value less estimated selling costs					222
Asset impairment					435
Asset impairment charges, net of tax					CAD 257
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad	CAD 236	$ 218

Asset Impairments - Components

Asset Impairments - Components of Asset Impairment Charge (Detail) CAD in Millions	12 Months Ended
	Dec. 31, 2013CAD
Impaired Long-Lived Assets Held and Used [Line Items]
Total asset impairment charge	CAD 435
Dakota, Minnesota & Eastern Railroad - West [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Property, plant and equipment	426
Intangible assets	2
Goodwill	6
Total asset impairment charge	434
Accruals for future costs	CAD 1

Other Income and Charges (Detai

Other Income and Charges (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income and Expenses [Abstract]
Foreign exchange loss on long-term debt	CAD 297	CAD 11	CAD 2
Other foreign exchange (gains) losses	(24)	0	2
Early redemption premium on notes	47	0	0
Other	15	8	13
Total other income and charges	CAD 335	CAD 19	CAD 17

Net Interest Expense (Details)

Net Interest Expense (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Banking and Thrift, Interest [Abstract]
Interest cost	CAD 409	CAD 301	CAD 296
Interest capitalized to Properties	(14)	(15)	(13)
Interest expense	395	286	283
Interest income	(1)	(4)	(5)
Net interest expense	CAD 394	CAD 282	CAD 278

Net Interest Expense - Narrativ

Net Interest Expense - Narrative (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Banking and Thrift, Interest [Abstract]
Interest on capital leases included in interest expense	CAD 11	CAD 12	CAD 19

Income Taxes - Summary of Major

Income Taxes - Summary of Major Components of Company's Income Tax Expense (Details) - CAD CAD in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current income tax expense			CAD 373	CAD 208	CAD 38
Origination and reversal of temporary differences			105	317	183
Effect of tax rate increases			23	0	7
Effect of hedge of net investment in foreign subsidiaries			100	42	29
Other			6	(5)	(7)
Total deferred income tax expense			234	354	212
Income tax expense	CAD 23	CAD 7	607	562	250
Income before income tax expense
Canada			1,099	1,269	1,019
Foreign			860	769	106
Income before income tax expense			1,959	2,038	1,125
Current
Canada			173	50	4
Foreign			200	158	34
Total current income tax expense			373	208	38
Deferred
Canada			163	292	256
Foreign			71	62	(44)
Total deferred income tax expense			234	354	212
Income tax expense	CAD 23	CAD 7	CAD 607	CAD 562	CAD 250

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred income tax assets
Restructuring liability	CAD 3	CAD 7
Amount related to tax losses carried forward	16	28
Liabilities carrying value in excess of tax basis	89	214
Future environmental remediation costs	33	32
Tax credits carried forward including minimum tax	0	20
Other	69	69
Total deferred income tax assets	210	370
Deferred income tax liabilities
Properties carrying value in excess of tax basis	3,553	3,052
Other	48	35
Total deferred income tax liabilities	3,601	3,087
Total net deferred income tax liabilities	CAD 3,391	CAD 2,717

Income Taxes - Expected Income

Income Taxes - Expected Income Tax Expense at Canadian Statutory Rates Reconciled to Income Tax Expense (Details) - CAD CAD in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory federal and provincial income tax rate (Canada)			26.47%	26.31%	26.32%
Expected income tax expense at Canadian enacted statutory tax rates			CAD 519	CAD 536	CAD 296
Increase (decrease) in taxes resulting from:
(Gains) / losses not subject to tax			28	(5)	(6)
Canadian tax rate differentials			1	(1)	(1)
Foreign tax rate differentials			39	36	(36)
Effect of tax rate increases			23	0	7
Other			(3)	(4)	(10)
Income tax expense	CAD 23	CAD 7	CAD 607	CAD 562	CAD 250

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Unrecognized tax benefits from capital losses			CAD 0	CAD 0
Less: Income tax (recovery) expense	CAD 23,000,000	CAD 7,000,000	607,000,000	562,000,000	CAD 250,000,000
Income tax operating losses carried forward			35,000,000
Minimum tax credits			1,000,000
Total amount of accrued interest and penalties			(4,000,000)	(1,000,000)	1,000,000
The total amount of accrued interest and penalties associated with unrecognized tax benefit			CAD 9,000,000	CAD 5,000,000	CAD 4,000,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Uncertain Tax Positions Related to Unrecognized Tax Benefits (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Uncertain Tax Positions to Unrecognized Tax Benefits [Roll Forward]
Beginning balance	CAD 17	CAD 16	CAD 19
Increase in unrecognized:
Tax benefits related to the current year	4	2	4
Dispositions:
Gross uncertain tax benefits related to prior years	(6)	(1)	(7)
Ending balance	CAD 15	CAD 17	CAD 16

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Line Items]
Dilutive options outstanding	2.5	3.1	3.2
Stock Option [Member]
Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share	0.2	0.1	0

Earnings Per Share - Number Of

Earnings Per Share - Number Of Shares Used In the Earnings Per Share Calculations (Details) - CAD CAD / shares in Units, shares in Millions, CAD in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254	CAD 1,352	CAD 1,476	CAD 875
Weighted average basic shares outstanding									159.7	172.8	174.9
Dilutive effect of weighted average number of stock options									1.3	1.6	1.6
Weighted average diluted shares outstanding									161	174.4	176.5
Earnings per share - basic (in CAD per share)	CAD 2.09	CAD 2.05	CAD 2.38	CAD 1.94	CAD 2.66	CAD 2.33	CAD 2.13	CAD 1.45	CAD 8.47	CAD 8.54	CAD 5
Earnings per share - diluted (in CAD per share)	CAD 2.08	CAD 2.04	CAD 2.36	CAD 1.92	CAD 2.63	CAD 2.31	CAD 2.11	CAD 1.44	CAD 8.40	CAD 8.46	CAD 4.96

Other Comprehensive Income (L81

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred losses on settled hedge instruments	CAD (11)	CAD (16)
Unrealized effective losses on cash flow hedges	(89)	(34)
Amounts for defined benefit pension and other post-retirement plans not recognized in income	(1,504)	(2,282)
Equity accounted investments	(2)	(2)
Accumulated other comprehensive loss	(1,477)	(2,219)
Net Investment in U.S. Subsidiaries [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss)	870	199
Long-term Debt Designated as Hedge of Net Investment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized foreign exchange gain (loss)	CAD (741)	CAD (84)

Other Comprehensive Income (L82

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized foreign exchange (loss) gain on: Before tax amount
Translation of the net investment in U.S. subsidiaries	CAD 671	CAD 287	CAD 220
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries	(757)	(319)	(217)
Change in derivatives designated as cash flow hedges: Before tax amount
Realized gain on cash flow hedges recognized in income	7	(3)	(19)
Unrealized loss on cash flow hedges	(76)	(46)	18
Change in pension and other benefits actuarial gains and losses	1,058	(873)	1,603
Change in prior service pension and other benefit costs	1	(68)	78
Other comprehensive income (loss)	904	(1,022)	1,683
Unrealized foreign exchange (loss) gain on: Income tax recovery (expense)
Translation of the net investment in U.S. subsidiaries	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	100	42	28
Change in derivatives designated as cash flow hedges: Income tax recovery (expense)
Realized gain on cash flow hedges recognized in income	(2)	0	0
Unrealized loss on cash flow hedges	21	12	0
Change in pension and other benefits actuarial gains and losses	(281)	234	(427)
Change in prior service pension and other benefit costs	0	18	(19)
Other comprehensive income (loss)	(162)	306	(418)
Unrealized foreign exchange (loss) gain on: Net of tax amount
Translation of the net investment in U.S. subsidiaries	671	287	220
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries	(657)	(277)	(189)
Change in derivatives designated as cash flow hedges: Net of tax amount
Realized gain on cash flow hedges recognized in income	5	(3)	(19)
Unrealized loss on cash flow hedges	(55)	(34)	18
Change in pension and other benefits actuarial gains and losses	777	(639)	1,176
Change in prior service pension and other benefit costs	1	(50)	59
Other comprehensive (loss) income	CAD 742	CAD (716)	CAD 1,265

Other Comprehensive Income (L83

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	CAD (2,219)	CAD (1,503)
Other comprehensive income (loss) before reclassifications	544	(805)
Amounts reclassified from accumulated other comprehensive loss	198	89
Net current-period other comprehensive income (loss)	742	(716)	CAD 1,265
Closing balance	(1,477)	(2,219)	(1,503)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	115	105
Other comprehensive income (loss) before reclassifications	14	10
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	14	10
Closing balance	129	115	105
Derivatives and Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	(52)	(15)
Other comprehensive income (loss) before reclassifications	(55)	(34)
Amounts reclassified from accumulated other comprehensive loss	5	(3)
Net current-period other comprehensive income (loss)	(50)	(37)
Closing balance	(102)	(52)	(15)
Pension and Post-retirement Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	(2,282)	(1,593)
Other comprehensive income (loss) before reclassifications	585	(781)
Amounts reclassified from accumulated other comprehensive loss	193	92
Net current-period other comprehensive income (loss)	778	(689)
Closing balance	CAD (1,504)	CAD (2,282)	CAD (1,593)

Other Comprehensive Income (L84

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Amounts in Pension and Post-Retirement Defined Benefit Plans Reclassification from AOCL (Detail) - CAD CAD in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Accumulated Other Comprehensive Income (Loss) [Line Items]

Income tax recovery

CAD (23)

CAD (7)

CAD (607)

CAD (562)

CAD (250)

Net income

CAD 319

CAD 323

CAD 390

CAD 320

CAD 451

CAD 400

CAD 371

CAD 254

1,352

1,476

CAD 875

Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amortization of prior service costs

(5)

(68)

Recognition of net actuarial loss

269

192

Total before income tax

264

124

Income tax recovery

(71)

(32)

Net income

CAD 193

CAD 92

Change in Non-Cash Working Ca85

Change in Non-Cash Working Capital Balances Related to Operations - Change in Non-Cash Working Capital Balances Related to Operations (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	CAD 80	CAD (112)	CAD (29)
Materials and supplies	15	7	(19)
Other current assets	55	(75)	5
Accounts payable and accrued liabilities	(125)	(56)	(41)
Change in non-cash working capital	CAD 275	CAD (124)	CAD (2)

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-freight accounts receivable	CAD 185	CAD 189
Accounts receivable, Gross	676	724
Allowance for doubtful accounts	(31)	(22)
Total accounts receivable, net	645	702
Freight [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, Gross	CAD 491	CAD 535

Accounts Receivable Net - Narra

Accounts Receivable Net - Narrative (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Receivables [Abstract]
Allowances recorded in Accounts receivable, net	CAD 31	CAD 22
Provisions of accounts receivable within Purchased services and other	CAD 7	CAD 2	CAD 3

Gain on Settlement of Legal P88

Gain on Settlement of Legal Proceedings Related to the Purchase and Sale of a Building (Details) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Amount of interest free loan		CAD 20
Carrying value of purchase option		CAD 8
Proceeds from sale of building	CAD 59
Gain on sale of building, before tax	31
Gain on sale of building, after tax	CAD 27

Gain on Sale of Delaware & Hu89

Gain on Sale of Delaware & Hudson South (Details) CAD in Millions, $ in Millions	Sep. 18, 2015CAD	Sep. 18, 2015USD ($)	Sep. 30, 2015CAD	Dec. 31, 2015CAD	Dec. 31, 2014CAD	Dec. 31, 2013CAD	Nov. 17, 2014mi
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale				CAD 281	CAD 0	CAD 0
Gain on sale of Delaware & Hudson South				CAD 68	CAD 0	CAD 0
Norfolk Southern Corporation [Member] | Delaware and Hudson Railway Company [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of miles | mi							283
Proceeds from sale	CAD 281	$ 214
Gain on sale of Delaware & Hudson South			CAD 68
Gain on sale, after tax			CAD 42

Investments (Details)

Investments (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Rail investments accounted for on an equity basis	CAD 115	CAD 82
Other investments	37	30
Total investments	CAD 152	CAD 112

Properties - Net Properties (De

Properties - Net Properties (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Cost	CAD 23,225	CAD 20,943
Accumulated depreciation	6,952	6,505
Net book value	16,273	14,438
Depreciation expense	595	552	CAD 565
Software Development [Member]
Property, Plant and Equipment [Line Items]
Capitalized costs attributable to design and development	42	69	85
Depreciation expense	CAD 69	70	CAD 84
Track and railway [Member]
Property, Plant and Equipment [Line Items]
Average annual depreciation rate	2.60%
Cost	CAD 16,303	14,515
Accumulated depreciation	4,427	4,126
Net book value	CAD 11,876	10,389
Buildings [Member]
Property, Plant and Equipment [Line Items]
Average annual depreciation rate	3.20%
Cost	CAD 642	571
Accumulated depreciation	165	150
Net book value	CAD 477	421
Rolling stock [Member]
Property, Plant and Equipment [Line Items]
Average annual depreciation rate	2.30%
Cost	CAD 4,041	3,737
Accumulated depreciation	1,524	1,414
Net book value	CAD 2,517	2,323
Information systems [Member]
Property, Plant and Equipment [Line Items]
Average annual depreciation rate	12.20%
Cost	CAD 599	631
Accumulated depreciation	291	297
Net book value	CAD 308	334
Other [Member]
Property, Plant and Equipment [Line Items]
Average annual depreciation rate	3.50%
Cost	CAD 1,640	1,489
Accumulated depreciation	545	518
Net book value	CAD 1,095	CAD 971

Properties - Capital Leases Inc

Properties - Capital Leases Included in Properties (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Cost	CAD 312	CAD 312
Accumulated depreciation	97	88
Net book value	215	224
Buildings [Member]
Capital Leased Assets [Line Items]
Cost	1	1
Accumulated depreciation	1	1
Net book value	0	0
Rolling stock [Member]
Capital Leased Assets [Line Items]
Cost	311	311
Accumulated depreciation	96	87
Net book value	CAD 215	CAD 224

Goodwill and Intangible Asset93

Goodwill and Intangible Assets (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill
Beginning Balance	CAD 164	CAD 150
Amortization	0	0
Foreign exchange impact	31	14
Additions	3
Ending Balance	198	164
Intangible assets
Cost, Beginning Balance	22	22
Accumulated amortization, Beginning Balance	(10)	(10)
Net carrying amounts, Beginning balance	12	12
Amortization	(1)	(1)
Foreign exchange impact	2	1
Cost, Ending Balance	22	22
Accumulated amortization, Ending Balance	(9)	(10)
Net carrying amounts, Ending balance	13	12
Total goodwill and intangible assets
Beginning Balance	176	162
Amortization	(1)	(1)
Foreign exchange impact	33	15
Additions	3
Ending Balance	CAD 211	CAD 176

Goodwill and Intangible Asset94

Goodwill and Intangible Assets - Narrative (Details) CAD in Millions, $ in Millions	Dec. 31, 2015CAD	Dec. 31, 2014CAD	Dec. 31, 2013CAD	Dec. 31, 2007USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, purchase price allocation | $				$ 147
Intangible assets | CAD	CAD 13	CAD 12	CAD 12

Other Assets (Details)

Other Assets (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long-term materials	CAD 20	CAD 30
Prepaid leases	9	9
Unamortized fees on credit facility	6	9
Contracted customer incentives	5	9
Long-term receivables	2	28
Other	21	32
Total other assets	CAD 63	CAD 117

Accounts Payable and Accrued 96

Accounts Payable and Accrued Liabilities (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Trade payables	CAD 339	CAD 407
Accrued charges	353	324
Income and other taxes payable	218	95
Accrued interest	147	75
Payroll-related accruals	88	72
Accrued vacation	69	66
Dividends payable	53	58
Personal injury and other claims provision	30	45
Purchase of CP Common Shares	0	39
Provision for environmental remediation	13	16
Stock-based compensation liabilities	48	14
Provision for restructuring	6	11
Other	53	55
Total accounts payable and accrued liabilities	CAD 1,417	CAD 1,277

Labour Restructuring - Narrativ

Labour Restructuring - Narrative (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restructuring and Related Activities [Abstract]
Provision for labor restructuring	CAD 12	CAD 24	CAD 50	CAD 89
Labor restructuring, last payment	2,025

Labour Restructuring - Reconcil

Labour Restructuring - Reconciliation of Liabilities Associated With Restructuring Accrual (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Reserve [Roll Forward]
Beginning balance	CAD 24	CAD 50	CAD 89
Accrued	(2)	(7)	(8)
Payments	(11)	(21)	(33)
Amortization of discount	1	2	2
Ending balance	CAD 12	CAD 24	CAD 50

Debt - Components of Long-term

Debt - Components of Long-term Debt (Detail) CAD in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015CAD	Dec. 31, 2015USD ($)	Sep. 30, 2015	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	CAD 9,025	$ 5,788		CAD 5,793	$ 4,047
Less: Unamortized fees on long-term debt	68			34
Long-term debt, including current debt	8,957			5,759
Less: Long-term debt maturing within one year	30			134
Long-term debt	CAD 8,927			CAD 5,625
6.500% 10-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.50%	6.50%		6.50%	6.50%
Maturity	2018-05
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 380			CAD 319
6.250% 10-year Medium-term Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.25%	6.25%		6.25%	6.25%
Maturity	2018-06
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 374			CAD 374
7.250% 10-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	7.25%	7.25%		7.25%	7.25%
Maturity	2019-05
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 484			CAD 405
9.450% 30-year Debentures [Member]
Debt Instrument [Line Items]
Interest rate	9.45%	9.45%		9.45%	9.45%
Maturity	2021-08
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 346			CAD 290
5.100% 10-year Medium Term Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.10%	5.10%		5.10%	5.10%
Maturity	2022-01
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 125			CAD 125
4.500% 10-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.50%	4.50%		4.50%	4.50%
Maturity	2022-01
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 343			CAD 287
4.450% 12.5 year Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.45%	4.45%		4.45%	4.45%
Maturity	2023-03
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 483			CAD 405
7.125% 30-year Debentures [Member]
Debt Instrument [Line Items]
Interest rate	7.125%	7.125%		7.125%	7.125%
Maturity	2031-10
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 484			CAD 406
5.750% 30-year Debentures [Member]
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%		5.75%	5.75%
Maturity	2033-03
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 339			CAD 282
5.950% 30-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.95%	5.95%		5.95%	5.95%
Maturity	2037-05
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 615			CAD 515
6.450% 30-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.45%	6.45%		6.45%	6.45%
Maturity	2039-11
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 400			CAD 400
5.750% 30-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%		5.75%	5.75%
Maturity	2042-01
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 340			CAD 284
2.900% 10-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	2.90%	2.90%		2.90%	2.90%
Maturity	2025-02
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 968			CAD 0
3.700% 10.5-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	3.70%	3.70%		3.70%	3.70%
Maturity	2026-02
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 345			CAD 0
4.800% 30-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%		4.80%	4.80%
Maturity	2045-08
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 759			CAD 0
4.800% 20-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%		4.80%	4.80%
Maturity	2035-09
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 413			CAD 0
6.125% 100-year Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%		6.125%	6.125%
Maturity	2115-09
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 1,246			CAD 0
Secured Equipment Loan [Member]
Debt Instrument [Line Items]
Maturity	2015-08
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 0			CAD 62
5.41% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.41%	5.41%		5.41%	5.41%
Maturity	2024-03
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 138			CAD 121
Secured Equipment Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.91%	6.91%
6.91% Secured Equipment Notes [Member]
Debt Instrument [Line Items]
Interest rate	6.91%	6.91%		6.91%	6.91%
Maturity	2024-10
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 145			CAD 156
Senior Secured Notes Two [Member]
Debt Instrument [Line Items]
Interest rate			5.57%
5.57% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.57%	5.57%		5.57%	5.57%
Maturity	2024-12
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 0			CAD 65
Equipment Trust Certificate [Member]
Debt Instrument [Line Items]
Interest rate	7.49%	7.49%
7.49% Equipment Trust Certificates [Member]
Debt Instrument [Line Items]
Interest rate	7.49%	7.49%		7.49%	7.49%
Maturity	2021-01
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 64			CAD 96
3.88% Senior Secured Notes Series A & B [Member]
Debt Instrument [Line Items]
Interest rate	3.88%	3.88%		3.88%	3.88%
Maturity earliest	2026-10
Maturity latest	2026-12
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 0			CAD 148
4.28% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.28%	4.28%	4.28%	4.28%	4.28%
Maturity	2027-03
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 0			CAD 77
Other Long-term Loans (nil% - 5.50%) [Member]
Debt Instrument [Line Items]
Maturity earliest	2016-12
Maturity latest	2025-12
Currency in which payable	U.S.$ / CDN$
Long-term debt, including unamortized fees	CAD 10			CAD 2
Other Long-term Loans (nil% - 5.50%) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	0.00%	0.00%		0.00%	0.00%
Other Long-term Loans (nil% - 5.50%) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate	5.50%	5.50%		5.50%	5.50%
Obligations Under Capital Leases (6.313% - 6.99%) [Member]
Debt Instrument [Line Items]
Maturity earliest	2022-12
Maturity latest	2026-12
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 172			CAD 147
Obligations Under Capital Leases (6.313% - 6.99%) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	6.313%	6.313%		6.313%	6.313%
Obligations Under Capital Leases (6.313% - 6.99%) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate	6.99%	6.99%		6.99%	6.99%
Obligations Under Capital Leases (12.77%) [Member]
Debt Instrument [Line Items]
Interest rate	12.77%	12.77%		12.77%	12.77%
Maturity	2031-01
Currency in which payable	CDN$
Long-term debt, including unamortized fees	CAD 3			CAD 3
Commercial Paper [Member]
Debt Instrument [Line Items]
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 0			783
Total Long-term Debt Before Perpetual Consolidated Debenture Stock [Member]
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	CAD 8,976			CAD 5,752
Perpetual 4% Consolidated Debenture Stock (USD) [Member]
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%		4.00%	4.00%
Currency in which payable	U.S.$
Long-term debt, including unamortized fees	CAD 42			CAD 35
Perpetual 4% Consolidated Debenture Stock (GB) [Member]
Debt Instrument [Line Items]
Currency in which payable	G.B.£
Long-term debt, including unamortized fees	CAD 7			CAD 6

Debt - Narrative (Detail)

Debt - Narrative (Detail) CAD in Millions, $ in Millions	Dec. 31, 2015CAD	Dec. 31, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Debt Disclosure [Abstract]
Long-term debt and capital lease obligation current and non-current	CAD 9,025	$ 5,788	CAD 5,793	$ 4,047
Annual maturities and principal repayments in 2016	26
Annual maturities and principal repayments in 2017	29
Annual maturities and principal repayments in 2018	778
Annual maturities and principal repayments in 2019	508
Annual maturities and principal repayments in 2020	CAD 68

Debt - A (Narrative) (Details)

Debt - A (Narrative) (Details)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Mar. 31, 2015CAD	Mar. 31, 2015USD ($)	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2015	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Repayments of debt | CAD							CAD 8,000,000
Notes Payable to Banks [Member] | 2.900% 10-year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount										$ 700,000,000
Interest rate			2.90%							2.90%
Debt instrument term			10 years	10 years
Proceeds from issuance of debt instrument			CAD 873,000,000	$ 694,000,000
Notional amount	CAD 700,000,000		CAD 700,000,000		CAD 700,000,000				$ 700,000,000	$ 700,000,000
Notes Payable to Banks [Member] | 4.800% 30-year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 550,000,000
Interest rate	4.80%				4.80%				4.80%
Debt instrument term	30 years	30 years
Notes Payable to Banks [Member] | 3.700% 10.5-year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 250,000,000
Interest rate	3.70%				3.70%				3.70%
Debt instrument term	10 years 6 months	10 years 6 months
Notes Payable to Banks [Member] | 4.800% and 3.700% Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 800,000,000
Proceeds from issuance of debt instrument	CAD 1,032,000,000	$ 789,000,000
Notes Payable to Banks [Member] | 6.125% 100-year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 900,000,000
Interest rate	6.125%				6.125%			6.25%	6.125%
Debt instrument term	100 years	100 years
Notional amount									$ 700,000,000
Notes Payable to Banks [Member] | 4.800% 20-year Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 300,000,000
Interest rate	4.80%				4.80%				4.80%
Debt instrument term	20 years	20 years
Notes Payable to Banks [Member] | 6.25% and 4.800% Notes [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 1,200,000,000
Proceeds from issuance of debt instrument					CAD 1,569,000,000	$ 1,186,000,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt	CAD 47,000,000	$ 36,000,000
Interest rate, effective percentage			3.61%							3.61%
Interest Rate Swap [Member] | 2.900% 10-year Notes [Member]
Debt Instrument [Line Items]
Repayments of debt			CAD 63,000,000	$ 50,000,000

Debt - Components of Long-te102

Debt - Components of Long-term Debt - B (Narrative) (Detail) - Secured Equipment Loan [Member] - CAD CAD in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Floating interest rate		1.74%	1.89%	1.93%
Floating interest rate, margin rate		53.00%
Final repayment of principal amount	CAD 53
Maturity		2015-08

Debt - Components of Long-te103

Debt - Components of Long-term Debt - C (Narrative) (Detail) - 12 months ended Dec. 31, 2015 - 5.41% Senior Secured Notes [Member] CAD in Millions, $ in Millions	USD ($)	CAD
Debt Instrument [Line Items]
Interest rate		5.41%
Value of locomotive units and other rolling stock used as collateral | CAD		CAD 130
Final repayment of principal amount | $	$ 44

Debt - Components of Long-te104

Debt - Components of Long-term Debt - D (Narrative) (Detail) - 6.91% Secured Equipment Notes [Member] CAD in Millions	Dec. 31, 2015CAD
Debt Instrument [Line Items]
Interest rate	6.91%
Value of locomotive units and other rolling stock used as collateral	CAD 123

Debt - Components of Long-te105

Debt - Components of Long-term Debt - E (Narrative) (Detail) - 3 months ended Sep. 30, 2015 - 5.57% Senior Secured Notes [Member] CAD in Millions, $ in Millions	CAD	USD ($)	USD ($)
Debt Instrument [Line Items]
Interest rate	5.57%		5.57%
Debt extinguished	CAD 91	$ 68
Final repayment of principal amount	74	55
Early redemption premium	16	$ 12
Accrued interest	1		$ 1
Unamortized financing fees	CAD 1

Debt - Components of Long-te106

Debt - Components of Long-term Debt - F (Narrative) (Detail) - 12 months ended Dec. 31, 2015 - 7.49% Equipment Trust Certificate [Member] CAD in Millions, $ in Millions	USD ($)	CAD
Debt Instrument [Line Items]
Interest rate		7.49%
Value of locomotive units and other rolling stock used as collateral | CAD		CAD 126
Final repayment of principal amount | $	$ 11

Debt - Components of Long-te107

Debt - Components of Long-term Debt - G (Narrative) (Detail) - 3.88% Senior Secured Notes Series A & B [Member] CAD in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Dec. 31, 2015	Sep. 30, 2015USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Final repayment of principal amount	CAD 168	$ 126
Interest rate			3.88%		3.88%
Debt extinguished	187	141
Early redemption premium	17	$ 13
Accrued interest	2			$ 2
Unamortized financing fees	CAD 1

Debt - Components of Long-te108

Debt - Components of Long-term Debt - H (Narrative) (Detail) - 4.28% Senior Secured Notes [Member] CAD in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Dec. 31, 2015	Sep. 30, 2015USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Interest rate	4.28%		4.28%	4.28%	4.28%
Debt extinguished	CAD 101	$ 76
Final repayment of principal amount	87	66
Early redemption premium	12	$ 9
Accrued interest	CAD 2			$ 1

Debt - Components of Long-te109

Debt - Components of Long-term Debt - I (Detail) - CAD	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
2,016	CAD 16,000,000
2,017	16,000,000
2,018	16,000,000
2,019	16,000,000
2,020	16,000,000
Thereafter	174,000,000
Total minimum lease payments	254,000,000
Less: Imputed interest	(79,000,000)
Present value of minimum lease payments	175,000,000
Less: Current portion	(4,000,000)
Long-term portion of capital lease obligations	171,000,000
Addition to property, plant and equipment under capital lease obligations	0	CAD 0	CAD 0
Carrying value of assets collateralizing capital lease obligations	CAD 215,000,000	CAD 224,000,000

Debt - Components of Long-te110

Debt - Components of Long-term Debt - J (Narrative) (Detail) CAD in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015CAD	Dec. 31, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt | CAD	CAD 8,927		CAD 5,625
Weighted-average interest rate on borrowings	0.44%	0.44%
Debt Instrument maturity date	less than 90 days
Commercial Paper [Member]
Debt Instrument [Line Items]
Proceeds from issuance of commercial paper		$ 1,000
Line of credit facility		$ 1,000
Credit facility maturity date	Sep. 23, 2017
Long-term debt			CAD 783	$ 675

Debt - Credit Facility (Narrati

Debt - Credit Facility (Narrative) (Detail) CAD in Millions, $ in Billions	Dec. 31, 2015CAD	Sep. 17, 2015USD ($)	Dec. 31, 2014CAD	Sep. 26, 2014USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit total available amount | $				$ 2
Five Year Portion [Member]
Debt Instrument [Line Items]
Credit total available amount | $		$ 1		1
One Year Plus One Year Term Out Portion [Member]
Debt Instrument [Line Items]
Credit total available amount | $		$ 1		$ 1
Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of credit drawn | CAD	CAD 375		CAD 412
Maximum capacity under credit facility | CAD	CAD 600		600
Restricted cash and cash equivalents | CAD			CAD 0

Financial Instruments (Detail)

Financial Instruments (Detail)	3 Months Ended				12 Months Ended
	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Mar. 31, 2015CAD	Mar. 31, 2015USD ($)	Dec. 31, 2015CAD	Dec. 31, 2014CAD	Dec. 31, 2013CAD	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Investments [Line Items]
Fair Value of Long-term debt					CAD 9,750,000,000	CAD 6,939,000,000
Capital lease settlement						8,000,000
Loss on derivative	CAD 47,000,000	$ 36,000,000
Derivative losses amortized to net interest expense					CAD 5,000,000
Period to amortize AOCI					10 years
Gain on derivative	13,000,000
Combined realized and unrealized foreign exchange gain (loss )						3,000,000
Unrealized gain (loss) derived from foreign exchange forward contract					CAD (1,000,000)	CAD (3,000,000)	CAD (18,000,000)
6.500% 10-year Notes [Member]
Schedule of Investments [Line Items]
Interest rate					6.50%	6.50%		6.50%			6.50%
Maturity					2018-05
7.250% Notes due in May 2019 [Member]
Schedule of Investments [Line Items]
Interest rate						7.25%					7.25%
Maturity					2019-05
Capital Lease [Member]
Schedule of Investments [Line Items]
Capital lease settlement						CAD 17,000,000
Forward Starting Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Floating-to-fixed interest rate swap agreements | $								$ 1,400,000,000
Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Notional amount of interest rate swaps | $											$ 600,000,000
Treasury rate locks [Member]
Schedule of Investments [Line Items]
Unamortized losses related to interest rate locks accounted as cash flow hedges					CAD 21,000,000	21,000,000
Accounts Payable and Accrued Liabilities [Member]
Schedule of Investments [Line Items]
Loss on derivative	60,000,000
Accumulated Translation Adjustment [Member]
Schedule of Investments [Line Items]
Reclassification from AOCI					1,000,000
Accumulated Other Comprehensive Income (Loss) [Member] | Forward Starting Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Gain (loss) on effective portion of derivative instrument designated as hedge						46,000,000
Accumulated Other Comprehensive Income (Loss) [Member] | Accounts Payable and Accrued Liabilities [Member] | Forward Starting Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Gain (loss) on effective portion of derivative instrument designated as hedge						21,000,000
Accumulated Other Comprehensive Income (Loss) [Member] | Other Long-Term Liabilities [Member] | Forward Starting Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Gain (loss) on effective portion of derivative instrument designated as hedge						25,000,000
Foreign Exchange Forward [Member] | Retained Earnings [Member]
Schedule of Investments [Line Items]
Unrealized gain (loss) derived from foreign exchange forward contract						(14,000,000)
Net Investment Hedging [Member]
Schedule of Investments [Line Items]
Gain (loss) on effective portion of derivative instrument designated as hedge					757,000,000	319,000,000	217,000,000
Amount of ineffectiveness on net investment hedges							CAD 0
Carrying Value Disclosure [Member]
Schedule of Investments [Line Items]
Long-term debt					CAD 8,957,000,000	CAD 5,759,000,000
Swap [Member]
Schedule of Investments [Line Items]
Loss on derivative			CAD 63,000,000	$ 50,000,000
Effective portion of derivatives	47,000,000	$ 36,000,000	60,000,000	48,000,000
2.900% 10-year Notes [Member] | Notes Payable to Banks [Member]
Schedule of Investments [Line Items]
Notional amount of interest rate swaps	CAD 700,000,000		CAD 700,000,000						$ 700,000,000	$ 700,000,000
Interest rate			2.90%							2.90%
Debt instrument face amount | $										$ 700,000,000
6.125% 100-year Notes [Member] | Notes Payable to Banks [Member]
Schedule of Investments [Line Items]
Notional amount of interest rate swaps | $									$ 700,000,000
Interest rate	6.125%				6.25%			6.25%	6.125%
Debt instrument face amount | $									$ 900,000,000
Net Interest Expense [Member]
Schedule of Investments [Line Items]
Loss on derivative	CAD 1,000,000
Derivative losses amortized to net interest expense					CAD 6,000,000
Derivative ineffective portion			CAD 2,000,000	$ 2,000,000
Loss amortized to net interest expense					CAD 5,000,000

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Liabilities Disclosure [Abstract]
Provision for environmental remediation, net of current portion	CAD 80	CAD 75
Stock-based compensation liabilities, net of current portion	73	145
Deferred revenue on rights-of-way licence agreements, net of current portion	33	33
Deferred retirement compensation	28	24
Deferred gains on sale leaseback transactions	22	25
Asset retirement obligations	22	23	CAD 24
Provision for restructuring, net of current portion	6	13
Deferred hedging losses	0	25
Other, net of current portion	54	69
Total other long-term liabilities	318	432
Aggregate provision for environmental remediation, including current portion	93	91
Aggregate provision for restructuring, including current portion	CAD 12	CAD 24	CAD 50	CAD 89

Other Long-Term Liabilities - N

Other Long-Term Liabilities - Narrative (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Expected time period for payment of Provision for environmental remediation	10 years
Environmental remediation costs charged to income	CAD 7	CAD 4	CAD 6

Asset Retirement Obligations -

Asset Retirement Obligations - Narrative (Details) CAD in Millions	12 Months Ended
	Dec. 31, 2015CADCAD / mi	Dec. 31, 2014CAD	Dec. 31, 2013CAD
Asset Retirement Obligation [Line Items]
Asset retirement obligations discounted rate	6.25%
Fee payable per mile of abandoned track, levied under the Canada Transportation Act | CAD / mi	30,000
Asset retirement obligations	CAD 22	CAD 23	CAD 24
Grain-dependent branch lines Retirement Obligation Payments Time Period	2016 – 2044
Joint facility retirement obligation payments time period	30 years
Undiscounted [Member] | Grain-dependent branch lines [Member]
Asset Retirement Obligation [Line Items]
Asset retirement obligations	CAD 38	38
Undiscounted [Member] | Joint Facility [Member]
Asset Retirement Obligation [Line Items]
Asset retirement obligations	21	21
Discounted [Member] | Grain-dependent branch lines [Member]
Asset Retirement Obligation [Line Items]
Asset retirement obligations	19	20
Discounted [Member] | Joint Facility [Member]
Asset Retirement Obligation [Line Items]
Asset retirement obligations	CAD 3	CAD 3

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	CAD 23	CAD 24
Accretion	1	1
Liabilities settled	(1)	(1)
Revision to estimated cash flows	(1)	(1)
Ending balance	CAD 22	CAD 23

Shareholders Equity - Narrative

Shareholders Equity - Narrative (Details) - CAD CAD in Millions	Mar. 16, 2015	Mar. 11, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Sep. 29, 2014
Preferred shares issued (in shares)			0
Change in the share capital balances related to the cancellation of the liability on exercise of stock options			CAD 2	CAD 3	CAD 5
Stock-based compensation transferred from additional paid-in capital			CAD (44)	CAD (64)	CAD (89)
Common shares repurchased			13,549,977
Common Shares repurchased			13,700,000	10,300,000	0
Purchase of CP Common Shares			CAD 0	CAD 39
Normal Course Issuer Bid (NCIB) [Member]
Cancellation of outstanding Common Shares		5,300,000
Common shares repurchased						2,200,000
Common Shares repurchased				10,500,000
Purchase of CP Common Shares						CAD 490
Share repurchase expiration date			Mar. 16, 2015
Normal Course Issuer Bid (NCIB) [Member] | Minimum [Member]
Common shares repurchased							5,300,000
Normal Course Issuer Bid (NCIB) [Member] | Maximum [Member]
Common shares repurchased							12,700,000
Amended Normal Course Issuer Bid (NCIB) [Member]
Cancellation of outstanding Common Shares	9,100,000
Common Shares repurchased	11,300,000
Purchase of CP Common Shares	CAD 2,258
Amended Normal Course Issuer Bid (NCIB) [Member] | Minimum [Member]
Common shares repurchased	9,140,000
Amended Normal Course Issuer Bid (NCIB) [Member] | Maximum [Member]
Common shares repurchased	11,900,000
Additional Paid-in Capital [Member]
Stock-based compensation transferred from additional paid-in capital			CAD 10	CAD 17	CAD 24

Shareholders' Equity - Analysis

Shareholders' Equity - Analysis of Common Share Balances (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
CP Common Shares repurchased	(13.7)	(10.3)	0
Share capital, January 1	166.1	175.4	173.9
Shares issued under stock option plan	0.6	1	1.5
Share capital, December 31	153	166.1	175.4

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Shares Repurchase Program (Detail) CAD / shares in Units, CAD in Millions	12 Months Ended
	Dec. 31, 2015CADCAD / sharesshares
Statement of Stockholders' Equity [Abstract]
Number of Common Shares repurchased | shares	13,549,977
Weighted-average price per share (in dollars per share) | CAD / shares	CAD 202.79
Amount of repurchase | CAD	CAD 2,748

Pensions and Other Benefits - A

Pensions and Other Benefits - Additional Information (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Canadian pension plan as a percentage of combined plan assets	99.00%
Canadian pension plan as a percentage of combined plan obligations	98.00%
Percentage of combined plan obligations	96.00%
Basis of calculating market related value of net periodic benefit cost	5 year average of market values for plans' public equity + plans' fixed income, real estate and infrastructure securities
Period of average market values for calculating net periodic benefit cost	5 years
Measurement date used to determine the plan assets and the accrued benefit obligation	December 31
Increase (decrease) in pension and post-retirement benefit obligation	CAD 225
Target long term rate of return, net of all fees and expenses	7.75%
Maximum value of underlying assets represented by financial derivatives, excluding currency forwards	30.00%
Company's common shares in fund assets, Shares	188,276	184,392
Company's common shares in fund assets, Market Value	CAD 33	CAD 41
Contribution by the company	90	88	CAD 105
Payments to employees, their beneficiaries or estates or to third-party benefit administrators	33	26	32
Net cost of defined contribution plan	9	8	7
Multi-employer plan contributions	4	4	5
6.25% Unsecured Notes Par Value [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Company's common shares in fund assets, Market Value	3	2
6.25% Unsecured Notes Market Value [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Company's common shares in fund assets, Market Value	CAD 3	2
Notes Payable to Banks [Member] | 6.125% 100-year Notes [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Interest rate	6.25%			6.125%
US Dollar [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Plans exposure to foreign currency risk percentage	44.00%
European Currencies [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Plans exposure to foreign currency risk percentage	14.00%
Other Currencies [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Plans exposure to foreign currency risk percentage	5.00%
Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Gain related to legacy plans	CAD 11
Defined benefit pension plans' accumulated benefit obligation	10,893	10,975
Unamortized actuarial loss expected to be recognized in next fiscal year	191
Unamortized prior service cost expected to be recognized in next fiscal year	7
Contribution by the company	81	80
Other Postretirement Benefit Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Unamortized actuarial loss expected to be recognized in next fiscal year	3
Unamortized prior service cost expected to be recognized in next fiscal year	1
Contribution by the company	33	26
Pension Costs [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Contribution by the company	9	8	7
Canadian Registered and U.S. Qualified Defined Benefit Pension Plans [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Contribution by the company	69	67	86
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Contribution by the company	CAD 12	CAD 13	CAD 12

Pensions and Other Benefits - N

Pensions and Other Benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees in the year)	CAD 126	CAD 106	CAD 135
Interest cost on benefit obligation	463	477	445
Expected return on fund assets	(816)	(757)	(746)
Recognized net actuarial loss (gain)	265	190	267
Amortization of prior service costs	(6)	(68)	(58)
Net periodic benefit cost (recovery)	32	(52)	43
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees in the year)	12	14	16
Interest cost on benefit obligation	21	23	21
Expected return on fund assets	0	0	0
Recognized net actuarial loss (gain)	2	(2)	(11)
Amortization of prior service costs	1	0	0
Net periodic benefit cost (recovery)	CAD 36	CAD 35	CAD 26

Pensions and Other Benefits - I

Pensions and Other Benefits - Information About DB Pension Plans and Other Benefits (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of fund assets at January 1	CAD 11,376
Employer contributions	90	CAD 88	CAD 105
Fair value of fund assets at December 31	12,300	11,376
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at January 1	11,360	9,921
Current service cost	126	106	135
Interest cost	463	477	445
Employee contributions	43	51
Benefits paid	(608)	(579)
Foreign currency changes	42	15
Plan amendments and other	(6)	0
Actuarial loss (gain)	(226)	1,369
Projected benefit obligation at December 31	11,194	11,360	9,921
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of fund assets at January 1	11,376	10,722
Actual return on fund assets	1,374	1,088
Employer contributions	81	80
Employee contributions	43	51
Benefits paid	(608)	(579)
Foreign currency changes	34	14
Fair value of fund assets at December 31	12,300	11,376	10,722
Funded status - plan surplus (deficit)	1,106	16
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at January 1	517	483
Current service cost	12	14	16
Interest cost	21	23	21
Employee contributions	1	0
Benefits paid	(34)	(27)
Foreign currency changes	4	2
Plan amendments and other	0	0
Actuarial loss (gain)	(8)	22
Projected benefit obligation at December 31	513	517	483
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of fund assets at January 1	7	8
Actual return on fund assets	(1)	0
Employer contributions	33	26
Employee contributions	1	0
Benefits paid	(34)	(27)
Foreign currency changes	0	0
Fair value of fund assets at December 31	6	7	CAD 8
Funded status - plan surplus (deficit)	CAD (507)	CAD (510)

Pensions and Other Benefits - P

Pensions and Other Benefits - Pension Plan Asset (Detail) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Pension Plan Assets by Fair Value [Line Items]
Fair value of fund assets at December 31	CAD 12,300	CAD 11,376
Pension Plans, Defined Benefit [Member]
Schedule of Pension Plan Assets by Fair Value [Line Items]
Projected benefit obligation at December 31	(11,194)	(11,360)	CAD (9,921)
Fair value of fund assets at December 31	12,300	11,376	CAD 10,722
Funded Status	1,106	16
Pension Plans, Defined Benefit [Member] | Surplus [Member]
Schedule of Pension Plan Assets by Fair Value [Line Items]
Projected benefit obligation at December 31	(10,681)	(10,878)
Fair value of fund assets at December 31	12,082	11,182
Funded Status	1,401	304
Pension Plans, Defined Benefit [Member] | Accumulated Deficit [Member]
Schedule of Pension Plan Assets by Fair Value [Line Items]
Projected benefit obligation at December 31	(513)	(482)
Fair value of fund assets at December 31	218	194
Funded Status	CAD (295)	CAD (288)

Pensions and Other Benefits 124

Pensions and Other Benefits - Amounts Recognized in Company's Consolidated Balance Sheets (Detail) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Pension asset	CAD 1,401	CAD 304
Pension and other benefit liabilities	(758)	(755)
Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Pension asset	1,401	304
Accounts payable and accrued liabilities	(10)	(9)
Pension and other benefit liabilities	(285)	(279)
Total amount recognized	1,106	16
Other Postretirement Benefit Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Pension asset	0	0
Accounts payable and accrued liabilities	(34)	(34)
Pension and other benefit liabilities	(473)	(476)
Total amount recognized	CAD (507)	CAD (510)

Pensions and Other Benefits 125

Pensions and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Losses (Detail) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Amounts for defined benefit pension and other post-retirement plans not recognized in income	CAD (1,504)	CAD (2,282)
Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Other than deferred investment gains	3,144	3,895
Deferred investment gains	(1,101)	(803)
Prior service cost	(20)	(20)
Deferred income tax	(580)	(858)
Amounts for defined benefit pension and other post-retirement plans not recognized in income	1,443	2,214
Other Postretirement Benefit Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Other than deferred investment gains	77	86
Deferred investment gains	0	0
Prior service cost	4	5
Deferred income tax	(20)	(23)
Amounts for defined benefit pension and other post-retirement plans not recognized in income	CAD 61	CAD 68

Pensions and Other Benefits 126

Pensions and Other Benefits - Actuarial Assumptions Used Were Approximately (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Discount rate	4.22%	4.09%	4.90%
Projected future salary increases	3.00%	3.00%	3.00%
Health care cost trend rate	7.00%	7.00%	8.00%
Discount rate	4.09%	4.90%	4.28%
Expected rate of return on fund assets	7.75%	7.75%	7.75%
Projected future salary increases	3.00%	3.00%	3.00%
Health care cost trend rate	7.00%	7.50%	8.00%
Health care cost trend rate assumption	7.00%	7.00%
Current asset allocation target	100.00%
Ultimate rate	5.00%
Health care cost trend rate previously assumed	6.50%	7.00%	7.50%
Cash and Cash Equivalents [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	0.50%

Pensions and Other Benefits - S

Pensions and Other Benefits - Summary of Impact of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) CAD in Millions	12 Months Ended
	Dec. 31, 2015CAD
Compensation and Retirement Disclosure [Abstract]
Effect of one percentage point increase on the total of service and interest costs	CAD 0
Effect of one percentage point decrease on the total of service and interest costs	0
Effect of one percentage point increase on post-retirement benefit obligation	(6)
Effect of one percentage point decrease on post-retirement benefit obligation	CAD (6)

Pensions and Other Benefits 128

Pensions and Other Benefits - Summary of Pension Plan Asset Allocation and Current Weighted Average Policy Range (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	100.00%
Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Unamortized prior service cost expected to be recognized in next fiscal year	CAD 7
Other Postretirement Benefit Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation Percentage	100.00%	100.00%
Unamortized prior service cost expected to be recognized in next fiscal year	CAD 1
Cash and Cash Equivalents [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	0.50%
Cash and Cash Equivalents [Member] | Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation percentage, current policy lower range	0.00%
Asset allocation percentage, current policy upper range	5.00%
Asset allocation Percentage	1.10%	1.70%
Fixed Income Securities [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	29.50%
Fixed Income Securities [Member] | Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation percentage, current policy lower range	20.00%
Asset allocation percentage, current policy upper range	40.00%
Asset allocation Percentage	21.00%	21.90%
Public equity [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	46.00%
Public equity [Member] | Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation percentage, current policy lower range	35.00%
Asset allocation percentage, current policy upper range	55.00%
Asset allocation Percentage	54.50%	52.50%
Real estate and infrastructure [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	12.00%
Real estate and infrastructure [Member] | Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation percentage, current policy lower range	4.00%
Asset allocation percentage, current policy upper range	20.00%
Asset allocation Percentage	5.80%	7.60%
Absolute Return [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Current asset allocation target	12.00%
Absolute Return [Member] | Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation percentage, current policy lower range	0.00%
Asset allocation percentage, current policy upper range	18.00%
Asset allocation Percentage	17.60%	16.30%

Pensions and Other Benefits 129

Pensions and Other Benefits - Summary of Defined Benefit Pension Plan Assets at Fair Value (Detail) - CAD	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	CAD 12,300,000,000	CAD 11,376,000,000
Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Notice period	60 days
Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Notice period	95 days
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	CAD 140,000,000	189,000,000
Government bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,276,000,000	1,180,000,000
Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,228,000,000	1,229,000,000
Mortgages [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	81,000,000	77,000,000
Equity Securities, Other [Member] | Canada [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,495,000,000	1,496,000,000
Equity Securities, Other [Member] | U.S. and International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	5,203,000,000	4,481,000,000
Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	451,000,000	654,000,000
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	278,000,000	0
Derivative Financial Instruments, Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	1,000,000
Absolute Return [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	2,164,000,000	1,861,000,000
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	0	0
Absolute Return [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	781,000,000	652,000,000
Absolute Return [Member] | Hedge Funds, Multi-strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	517,000,000	473,000,000
Absolute Return [Member] | Credit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	555,000,000	490,000,000
Absolute Return [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	311,000,000	246,000,000
Infrastructure [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	CAD 262,000,000	208,000,000
Hedge Funds, Multi-strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Notice period	60 days
Equity Funds, Quarterly Redemption [Member]
Defined Benefit Plan Disclosure [Line Items]
Notice period	60 days
Equity Funds, Tri-annual Redemption [Member]
Defined Benefit Plan Disclosure [Line Items]
Notice period	45 days
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	CAD 6,747,000,000	6,008,000,000
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	129,000,000	106,000,000
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Other [Member] | Canada [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,449,000,000	1,448,000,000
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Other [Member] | U.S. and International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	5,169,000,000	4,454,000,000
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	2,676,000,000	2,645,000,000
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	11,000,000	83,000,000
Fair Value, Inputs, Level 2 [Member] | Government bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,276,000,000	1,180,000,000
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	1,228,000,000	1,229,000,000
Fair Value, Inputs, Level 2 [Member] | Mortgages [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	81,000,000	77,000,000
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Other [Member] | Canada [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	46,000,000	48,000,000
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Other [Member] | U.S. and International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	34,000,000	27,000,000
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | U.S. and International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values		1,000,000
Fair Value, Inputs, Level 2 [Member] | Absolute Return [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0
Fair Value, Inputs, Level 2 [Member] | Infrastructure [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	451,000,000	654,000,000
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	451,000,000	654,000,000
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Fair Value, Inputs, Level 3 [Member] | Absolute Return [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Fair Value, Inputs, Level 3 [Member] | Absolute Return [Member] | Hedge Funds, Multi-strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Fair Value, Inputs, Level 3 [Member] | Absolute Return [Member] | Credit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Fair Value, Inputs, Level 3 [Member] | Absolute Return [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	0	0
Portion at Other than Fair Value Measurement [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	2,426,000,000	2,069,000,000
Portion at Other than Fair Value Measurement [Member] | Absolute Return [Member] | Hedge Funds, Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	781,000,000	652,000,000
Portion at Other than Fair Value Measurement [Member] | Absolute Return [Member] | Hedge Funds, Multi-strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	517,000,000	473,000,000
Portion at Other than Fair Value Measurement [Member] | Absolute Return [Member] | Credit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	555,000,000	490,000,000
Portion at Other than Fair Value Measurement [Member] | Absolute Return [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	311,000,000	246,000,000
Portion at Other than Fair Value Measurement [Member] | Infrastructure [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans at fair values	CAD 262,000,000	CAD 208,000,000

Pensions and Other Benefits 130

Pensions and Other Benefits - Summary of Defined Benefit Pension Plan Assets Measured at Fair Value Using Unobservable Inputs (Detail) - Real Estate [Member] - Defined Benefit Plan - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning Balance	CAD 654	CAD 847
Disbursements	(223)	(236)
Net realized gains	64	67
Increase (decrease) in net unrealized gains	(44)	(24)
Ending Balance	CAD 451	CAD 654

Pensions and Other Benefits 131

Pensions and Other Benefits - Summary of Estimated Future Pension and Other Post-retirement Benefit Payments (Detail) CAD in Millions	Dec. 31, 2015CAD
Pension Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2,016	CAD 595
2,017	609
2,018	621
2,019	632
2,020	642
2021 - 2025	3,318
Other Postretirement Benefit Plans, Defined Benefit [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2,016	36
2,017	35
2,018	35
2,019	34
2,020	33
2021 - 2025	CAD 158

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plan (Detail) CAD / shares in Units, CAD in Millions	12 Months Ended
	Dec. 31, 2015CADCAD / sharesshares
Number of options, Options outstanding and Nonvested options
Outstanding, January 1, 2015 | shares	2,738,689
New options granted | shares	317,202
Exercised | shares	(542,816)
Vested | shares	0
Forfeited | shares	(101,963)
Expired | shares	(3,139)
Outstanding at December 31, 2015 | shares	2,407,973
Vested or expected to vest at December 31, 2015 | shares	2,399,076
Exercisable at December 31, 2015 | shares	1,422,994
Weighted average exercise price, Options outstanding
Outstanding, January 1, 2015 (in dollars per share) | CAD / shares	CAD 94.35
New options granted (in dollars per share) | CAD / shares	230.91
Exercised (in dollars per share) | CAD / shares	77.19
Vested (in dollars per share) | CAD / shares	0
Forfeited (in dollars per share) | CAD / shares	171.34
Expired (in dollars per share) | CAD / shares	49.08
Outstanding at December 31, 2015 (in dollar per share) | CAD / shares	113.01
Vested or expected to vest at December 31, 2015 (in dollars per share) | CAD / shares	112.71
Exercisable at December 31, 2015 (in dollars per share) | CAD / shares	CAD 80.55
Weighted average grant date fair value, Nonvested options
Weighted average remaining term of vested or expected to vest options	5 years 2 months 12 days
Aggregate intrinsic value of vested or expected to vest options | CAD	CAD 171
Nonvested Options [Member]
Number of options, Options outstanding and Nonvested options
Outstanding, January 1, 2015 | shares	1,423,962
New options granted | shares	317,202
Exercised | shares	0
Vested | shares	(654,283)
Forfeited | shares	(101,463)
Expired | shares	(439)
Outstanding at December 31, 2015 | shares	984,979
Weighted average grant date fair value, Nonvested options
Outstanding, January 1, 2015 (in dollars per share) | CAD / shares	CAD 32.35
New options granted (in dollars per share) | CAD / shares	55.28
Exercised (in dollars per share) | CAD / shares	0
Vested (in dollars per share) | CAD / shares	26.69
Forfeited (in dollars per share) | CAD / shares	48.06
Expired (in dollars per share) | CAD / shares	26.02
Outstanding at December 31, 2015 (in dollars per share) | CAD / shares	CAD 41.88

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) CAD / shares in Units, CAD in Millions	12 Months Ended
	Dec. 31, 2015CADdayCAD / sharesshares	Dec. 31, 2014CADshares	Dec. 31, 2013CADshares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	CAD 66	CAD 110	CAD 92
Company's closing stock price (in CAD per share) | CAD / shares	CAD 176.73
Fair value of options at grant date	CAD 18	21	20
Total fair value of shares vested for stock option plan	CAD 17	15	5
Matching no. of DSU's that may be granted to key employees to meet share ownership target when acquiring Common Shares and DSU's acquired	25.00%
Ownership target threshold	5 years
Regular and Performance Stock Options [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	CAD 15	18	17
Total unrecognized compensation related to share based compensation plans	CAD 13
Expected to be recognized over a weighted-average period	10 months 24 days
Performance Share Units [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	CAD 55	CAD 50	25
Total unrecognized compensation related to share based compensation plans	CAD 17
Expected to be recognized over a weighted-average period	1 year 4 months 24 days
Units issued (shares) | shares	137,958
Grant date fair value	CAD 30
Other than options vesting period	3 years
PSU payout threshold	200.00%
PSU meeting threshold requirements | shares	300,095
PSU payout	CAD 79
Number of PSUs\RSUs exercised | shares	217,179	0
Number of trading days | day	30
Deferred Share Units [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	CAD 10	CAD 28	32
Total unrecognized compensation related to share based compensation plans	CAD 1
Expected to be recognized over a weighted-average period	3 months 18 days
Other than options vesting period	48 months
Company granted DSUs | shares	21,690
Grant date fair value	CAD 5
Restricted Share Unit [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	2	9	10
Total unrecognized compensation related to share based compensation plans	CAD 2
Units issued (shares) | shares	2,614
Grant date fair value	CAD 1
Restricted Share Unit [Member] | Maximum [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Other than options vesting period	36 months
Restricted Share Unit [Member] | Maximum [Member] | Cash Settled Restricted Stock Units [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Expected to be recognized over a weighted-average period	1 year 8 months 18 days
Employee Share Purchase Plan [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock-based compensation expense	CAD 4	CAD 5	CAD 5
Period in which company's contribution are expensed	1 year
Employer contribution to employee share purchase plan	$1 for every $3 contributed by employees
The highest percentage of annual salary that an employee is permitted to utilize with respect to the plan	6.00%
Ratio employer matches per dollar contributed	0.3333
Total number of shares purchased on behalf of participants | shares	131,703	176,906	271,934
Employer contributions	CAD 5	CAD 5	CAD 5

Stock-Based Compensation - S134

Stock-Based Compensation - Stock Options Outstanding and Exercisable (Detail) - 12 months ended Dec. 31, 2015 $ / shares in Units, $ in Millions	CAD / shares	USD ($)$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number of options | shares		2,407,973
Options outstanding, Weighted average years to expiration	6 years 3 months 18 days
Options outstanding, Weighted average exercise price	CAD 113.01
Options outstanding, Aggregate intrinsic value | $		$ 153
Options exercisable, Number of options | shares		1,422,994
Options exercisable, Weighted average exercise price	CAD 80.55
Options outstanding, Aggregate intrinsic value | $		$ 137
Stock options in-the-money | shares		2,049,968
Stock options in-the-money weighted average exercise price | $ / shares		$ 93.81
Stock options weighted average contractual Term	5 years 3 months 18 days
Range of exercise prices from $36.29 - $72.54 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of option exercise prices, minimum	CAD 36.29
Range of option exercise prices, maximum	CAD 72.54
Options outstanding, Number of options | shares		464,345
Options outstanding, Weighted average years to expiration	2 years 9 months 22 days
Options outstanding, Weighted average exercise price	CAD 60.48
Options outstanding, Aggregate intrinsic value | $		$ 54
Options exercisable, Number of options | shares		464,345
Options exercisable, Weighted average exercise price	60.48
Options outstanding, Aggregate intrinsic value | $		$ 54
Range of exercise prices from $72.55 - $74.55 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of option exercise prices, minimum	72.55
Range of option exercise prices, maximum	CAD 74.55
Options outstanding, Number of options | shares		650,000
Options outstanding, Weighted average years to expiration	6 years 6 months 18 days
Options outstanding, Weighted average exercise price	CAD 73.39
Options outstanding, Aggregate intrinsic value | $		$ 67
Options exercisable, Number of options | shares		487,500
Options exercisable, Weighted average exercise price	73.39
Options outstanding, Aggregate intrinsic value | $		$ 50
Range of exercise prices from $74.56 - $129.15 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of option exercise prices, minimum	74.56
Range of option exercise prices, maximum	CAD 129.15
Options outstanding, Number of options | shares		644,608
Options outstanding, Weighted average years to expiration	6 years 6 months 18 days
Options outstanding, Weighted average exercise price	CAD 103.32
Options outstanding, Aggregate intrinsic value | $		$ 47
Options exercisable, Number of options | shares		394,104
Options exercisable, Weighted average exercise price	96.21
Options outstanding, Aggregate intrinsic value | $		$ 32
Range of exercise prices from $129.16 - $244.54 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of option exercise prices, minimum	129.16
Range of option exercise prices, maximum	CAD 244.54
Options outstanding, Number of options | shares		649,020
Options outstanding, Weighted average years to expiration	8 years 7 months 18 days
Options outstanding, Weighted average exercise price	CAD 199.89
Options outstanding, Aggregate intrinsic value | $		$ (15)
Options exercisable, Number of options | shares		77,045
Options exercisable, Weighted average exercise price	CAD 166.73
Options outstanding, Aggregate intrinsic value | $		$ 1

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Detail) - CAD / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected option life (years)	5 years 3 months	5 years 11 months 23 days	6 years 3 months
Risk-free interest rate	1.10%	1.66%	1.60%
Expected stock price volatility	26.00%	29.00%	30.00%
Expected annual dividends per share	CAD 1.40	CAD 1.40	CAD 1.40
Estimated forfeiture rate	1.20%	1.20%	1.20%
Weighted average grant date fair value of options granted during the year (in dollars per share)	CAD 55.28	CAD 48.88	CAD 35.40

Stock-Based Compensation - Info

Stock-Based Compensation - Information Related to All Options Exercised in Stock Option Plan (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total intrinsic value	CAD 72	CAD 115	CAD 103
Cash received by the Company upon exercise of options	CAD 43	CAD 62	CAD 83

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Performance Share Units Plan (Detail) - Performance Share Units [Member] - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, January 1	460,783	349,925
Granted	137,958	165,500
Units, in lieu of dividends	3,570	3,296
Settled	(217,179)	0
Forfeited	(36,856)	(57,938)
Outstanding, December 31	348,276	460,783

Stock-Based Compensation - S138

Stock-Based Compensation - Summary of Deferred Share Units Plan (Detail) - Deferred Share Units [Member] - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, January 1	308,447	332,221
Granted	21,690	58,460
Units, in lieu of dividends	2,015	2,572
Forfeited	(2,192)	(711)
Settled	(11,784)	(84,095)
Outstanding, December 31	318,176	308,447

Stock-Based Compensation - S139

Stock-Based Compensation - Summary of Restricted Share Units Plan (Detail) - Restricted Stock Units [Member] - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, January 1	47,520	92,333
Granted	2,614	16,325
Units, in lieu of dividends	207	700
Number of PSUs\RSUs exercised	(31,193)	(53,964)
Number of PSUs\RSUs forfeited	(46)	(7,874)
Outstanding, December 31	19,102	47,520

Stock-Based Compensation - S140

Stock-Based Compensation - Summary of Total Share Based Liabilities (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based liabilities paid	CAD 90	CAD 29	CAD 26
Deferred Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based liabilities paid	3	17	17
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based liabilities paid	79	0	0
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based liabilities paid	CAD 8	CAD 12	CAD 9

Variable Interest Entities (Det

Variable Interest Entities (Details) CAD in Millions	12 Months Ended
	Dec. 31, 2015CAD
Variable Interest Entity [Line Items]
Lease payments after tax	CAD 107
Future minimum lease payments before tax	553
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Lease payments after tax	11
Future minimum lease payments before tax	CAD 233
Period over which lease payments will be paid	15 years

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - CAD CAD in Millions	Jul. 06, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Line Items]
Period for which future capital and operating expenditures are committed, beginning year		2,016
Period for which future capital and operating expenditures are committed, end year		2,032
Estimated future purchase commitment		CAD 800
Total minimum lease payments		553
Expenses for operating leases		127	CAD 121	CAD 154
Claimed loss or damages as a result of derailment [Member]
Commitments and Contingencies Disclosure [Line Items]
Amount of fund distribution		440
Lac-Megantic Rail Accident [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought	CAD 409
Capital Expenditure [Member]
Commitments and Contingencies Disclosure [Line Items]
Total future committed expenditure		375
Operating Expenditures [Member]
Commitments and Contingencies Disclosure [Line Items]
Total future committed expenditure		CAD 1,500

Commitments and Contingencie143

Commitments and Contingencies - Minimum Future Lease Payments Under Operating Leases (Details) CAD in Millions	Dec. 31, 2015CAD
Commitments and Contingencies Disclosure [Abstract]
2,016	CAD 107
2,017	90
2,018	62
2,019	52
2,020	45
Thereafter	197
Total minimum lease payments	CAD 553

Guarantees (Details)

Guarantees (Details) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014
Guarantees [Abstract]
Residual value guarantees on operating lease commitments	CAD 28
Accrued guarantees recorded in accounts payable and accrued liabilities	CAD 4	CAD 3

Segmented and Geographic Inf145

Segmented and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2015customersegment	Dec. 31, 2014customer	Dec. 31, 2013customer
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of customers that comprised more than 10% of total revenues and accounts receivable | customer	0	0	0

Segmented and Geographic Inf146

Segmented and Geographic Information - Geographic Information (Details) - CAD CAD in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	CAD 1,687	CAD 1,709	CAD 1,651	CAD 1,665	CAD 1,760	CAD 1,670	CAD 1,681	CAD 1,509	CAD 6,712	CAD 6,620	CAD 6,133
Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets	16,698				14,847				16,698	14,847	14,079
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									4,662	4,655	4,330
Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets	10,630				10,114				10,630	10,114	9,842
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									2,050	1,965	1,803
Long-term assets excluding financial instruments, mortgages receivable, and deferred tax assets	CAD 6,068				CAD 4,733				CAD 6,068	CAD 4,733	CAD 4,237

Selected Quarterly Data (Una147

Selected Quarterly Data (Unaudited) (Details) - CAD CAD / shares in Units, CAD in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	CAD 1,687	CAD 1,709	CAD 1,651	CAD 1,665	CAD 1,760	CAD 1,670	CAD 1,681	CAD 1,509	CAD 6,712	CAD 6,620	CAD 6,133
Operating income	677	753	646	612	708	621	587	423	2,688	2,339	1,420
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254	CAD 1,352	CAD 1,476	CAD 875
Basic earnings per share (in CAD per share)	CAD 2.09	CAD 2.05	CAD 2.38	CAD 1.94	CAD 2.66	CAD 2.33	CAD 2.13	CAD 1.45	CAD 8.47	CAD 8.54	CAD 5
Diluted earnings per share (in CAD per share)	CAD 2.08	CAD 2.04	CAD 2.36	CAD 1.92	CAD 2.63	CAD 2.31	CAD 2.11	CAD 1.44	CAD 8.40	CAD 8.46	CAD 4.96

Condensed Consolidating Fina148

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Income (Detail) - CAD CAD in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Freight										CAD 6,552	CAD 6,464	CAD 5,982
Non-freight										160	156	151
Total revenues	CAD 1,687	CAD 1,709	CAD 1,651	CAD 1,665	CAD 1,760	CAD 1,670	CAD 1,681	CAD 1,509		6,712	6,620	6,133
Operating expenses
Compensation and benefits										1,371	1,348	1,378
Fuel										708	1,048	1,004
Materials										184	193	160
Equipment rents										174	155	173
Depreciation and amortization										595	552	565
Purchased services and other										1,060	985	998
Gain on sale of Delaware & Hudson South										(68)	0	0
Asset impairment										0	0	435
Total operating expenses										4,024	4,281	4,713
Operating income	677	753	646	612	708	621	587	423		2,688	2,339	1,420
Less:
Other income and charges										335	19	17
Net interest (income) expense										394	282	278
Income before income tax expense										1,959	2,038	1,125
Less: Income tax (recovery) expense			23						CAD 7	607	562	250
Add: Equity in net earnings of subsidiaries										0	0	0
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254		1,352	1,476	875
Consolidating Adjustments and Eliminations [Member]
Revenues
Freight										0	0	0
Non-freight										(331)	(331)	(341)
Total revenues										(331)	(331)	(341)
Operating expenses
Compensation and benefits										0	0	0
Fuel										0	0	0
Materials										0	0	0
Equipment rents										0	0	0
Depreciation and amortization										0	0	0
Purchased services and other										(331)	(331)	(341)
Gain on sale of Delaware & Hudson South										0
Asset impairment												0
Total operating expenses										(331)	(331)	(341)
Operating income										0	0	0
Less:
Other income and charges										0	0	0
Net interest (income) expense										0	0	0
Income before income tax expense										0	0	0
Less: Income tax (recovery) expense										0	0	0
Add: Equity in net earnings of subsidiaries										(2,175)	(2,037)	(1,056)
Net income										(2,175)	(2,037)	(1,056)
CPRL (Parent Guarantor) [Member]
Revenues
Freight										0	0	0
Non-freight										0	0	0
Total revenues										0	0	0
Operating expenses
Compensation and benefits										0	0	0
Fuel										0	0	0
Materials										0	0	0
Equipment rents										0	0	0
Depreciation and amortization										0	0	0
Purchased services and other										0	0	0
Gain on sale of Delaware & Hudson South										0
Asset impairment												0
Total operating expenses										0	0	0
Operating income										0	0	0
Less:
Other income and charges										84	3	1
Net interest (income) expense										(5)	0	(1)
Income before income tax expense										(79)	(3)	0
Less: Income tax (recovery) expense										(21)	(1)	0
Add: Equity in net earnings of subsidiaries										1,410	1,478	875
Net income										1,352	1,476	875
CPRC (Subsidiary Issuer) [Member]
Revenues
Freight										4,532	4,524	4,201
Non-freight										128	130	128
Total revenues										4,660	4,654	4,329
Operating expenses
Compensation and benefits										943	945	1,021
Fuel										549	779	751
Materials										148	156	125
Equipment rents										181	137	150
Depreciation and amortization										411	396	416
Purchased services and other										711	706	690
Gain on sale of Delaware & Hudson South										0
Asset impairment												0
Total operating expenses										2,943	3,119	3,153
Operating income										1,717	1,535	1,176
Less:
Other income and charges										322	46	28
Net interest (income) expense										447	250	211
Income before income tax expense										948	1,239	937
Less: Income tax (recovery) expense										303	320	243
Add: Equity in net earnings of subsidiaries										765	559	181
Net income										1,410	1,478	875
Non-Guarantor Subsidiaries [Member]
Revenues
Freight										2,020	1,940	1,781
Non-freight										363	357	364
Total revenues										2,383	2,297	2,145
Operating expenses
Compensation and benefits										428	403	357
Fuel										159	269	253
Materials										36	37	35
Equipment rents										(7)	18	23
Depreciation and amortization										184	156	149
Purchased services and other										680	610	649
Gain on sale of Delaware & Hudson South										(68)
Asset impairment												435
Total operating expenses										1,412	1,493	1,901
Operating income										971	804	244
Less:
Other income and charges										(71)	(30)	(12)
Net interest (income) expense										(48)	32	68
Income before income tax expense										1,090	802	188
Less: Income tax (recovery) expense										325	243	7
Add: Equity in net earnings of subsidiaries										0	0	0
Net income										CAD 765	CAD 559	CAD 181

Condensed Consolidating Fina149

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Detail) - CAD CAD in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Net income	CAD 319	CAD 323	CAD 390	CAD 320	CAD 451	CAD 400	CAD 371	CAD 254	CAD 1,352	CAD 1,476	CAD 875
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									(86)	(32)	3
Change in derivatives designated as cash flow hedges									(69)	(49)	(1)
Change in pension and post-retirement defined benefit plans									1,059	(941)	1,681
Other comprehensive (loss) income before income taxes									904	(1,022)	1,683
Income tax (expense) recovery on above items									(162)	306	(418)
Equity accounted investments									0	0	0
Other comprehensive (loss) income									742	(716)	1,265
Comprehensive income									2,094	760	2,140
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income									(2,175)	(2,037)	(1,056)
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									0	0	0
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									0	0	0
Other comprehensive (loss) income before income taxes									0	0	0
Income tax (expense) recovery on above items									0	0	0
Equity accounted investments									(1,412)	452	(1,519)
Other comprehensive (loss) income									(1,412)	452	(1,519)
Comprehensive income									(3,587)	(1,585)	(2,575)
CPRL (Parent Guarantor) [Member]
Condensed Financial Statements, Captions [Line Items]
Net income									1,352	1,476	875
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									0	0	0
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									0	0	0
Other comprehensive (loss) income before income taxes									0	0	0
Income tax (expense) recovery on above items									0	0	0
Equity accounted investments									742	(716)	1,265
Other comprehensive (loss) income									742	(716)	1,265
Comprehensive income									2,094	760	2,140
CPRC (Subsidiary Issuer) [Member]
Condensed Financial Statements, Captions [Line Items]
Net income									1,410	1,478	875
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									(757)	(316)	(219)
Change in derivatives designated as cash flow hedges									(69)	(49)	(1)
Change in pension and post-retirement defined benefit plans									1,061	(908)	1,631
Other comprehensive (loss) income before income taxes									235	(1,273)	1,411
Income tax (expense) recovery on above items									(163)	293	(400)
Equity accounted investments									670	264	254
Other comprehensive (loss) income									742	(716)	1,265
Comprehensive income									2,152	762	2,140
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income									765	559	181
Net (loss) gain in foreign currency translation adjustments, net of hedging activities									671	284	222
Change in derivatives designated as cash flow hedges									0	0	0
Change in pension and post-retirement defined benefit plans									(2)	(33)	50
Other comprehensive (loss) income before income taxes									669	251	272
Income tax (expense) recovery on above items									1	13	(18)
Equity accounted investments									0	0	0
Other comprehensive (loss) income									670	264	254
Comprehensive income									CAD 1,435	CAD 823	CAD 435

Condensed Consolidating Fina150

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) - CAD CAD in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	CAD 650	CAD 226	CAD 476	CAD 333
Accounts receivable, net	645	702
Accounts receivable, inter-company	0	0
Short-term advances to affiliates	0	0
Materials and supplies	188	177
Other current assets	54	116
Total current assets	1,537	1,221
Long-term advances to affiliates	0	0
Investments	152	112
Investments in subsidiaries	0	0
Properties	16,273	14,438
Assets held for sale	0	182
Goodwill and intangible assets	211	176	162
Pension asset	1,401	304
Other assets	63	117
Deferred income taxes	0	0
Total assets	19,637	16,550
Current liabilities
Accounts payable and accrued liabilities	1,417	1,277
Accounts payable, inter-company	0	0
Short-term advances from affiliates	0	0
Long-term debt maturing within one year	30	134
Total current liabilities	1,447	1,411
Pension and other benefit liabilities	758	755
Long-term advances from affiliates	0	0
Other long-term liabilities	318	432
Long-term debt	8,927	5,625
Deferred income taxes	3,391	2,717
Total liabilities	14,841	10,940
Shareholders’ equity
Share capital	2,058	2,185
Additional paid-in capital	43	36
Accumulated other comprehensive (loss) income	(1,477)	(2,219)
Retained earnings	4,172	5,608
Total Shareholders' equity	4,796	5,610	7,097	5,097
Total liabilities and shareholders’ equity	19,637	16,550
Consolidating Adjustments and Eliminations [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Accounts receivable, inter-company	(429)	(435)
Short-term advances to affiliates	(3,558)	(2,144)
Materials and supplies	0	0
Other current assets	0	0
Total current assets	(3,987)	(2,579)
Long-term advances to affiliates	(1,084)	(1,524)
Investments	0	0
Investments in subsidiaries	(17,350)	(15,849)
Properties	0	0
Assets held for sale		0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	0
Deferred income taxes	25	56
Total assets	(22,446)	(20,008)
Current liabilities
Accounts payable and accrued liabilities	0	0
Accounts payable, inter-company	(429)	(435)
Short-term advances from affiliates	(3,558)	(2,144)
Long-term debt maturing within one year	0	0
Total current liabilities	(3,987)	(2,579)
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	(1,084)	(1,524)
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	(25)	(56)
Total liabilities	(5,096)	(4,159)
Shareholders’ equity
Share capital	(6,502)	(6,159)
Additional paid-in capital	(2,181)	(2,116)
Accumulated other comprehensive (loss) income	637	2,049
Retained earnings	(9,304)	(9,623)
Total Shareholders' equity	(17,350)	(15,849)
Total liabilities and shareholders’ equity	(22,446)	(20,008)
CPRL (Parent Guarantor) [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Accounts receivable, inter-company	59	58
Short-term advances to affiliates	0	0
Materials and supplies	0	0
Other current assets	0	0
Total current assets	59	58
Long-term advances to affiliates	501	1
Investments	0	0
Investments in subsidiaries	7,518	7,618
Properties	0	0
Assets held for sale		0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	0
Deferred income taxes	(25)	(4)
Total assets	8,103	7,681
Current liabilities
Accounts payable and accrued liabilities	54	97
Accounts payable, inter-company	0	0
Short-term advances from affiliates	3,253	1,974
Long-term debt maturing within one year	0	0
Total current liabilities	3,307	2,071
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	0	0
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	0	0
Total liabilities	3,307	2,071
Shareholders’ equity
Share capital	2,058	2,185
Additional paid-in capital	43	36
Accumulated other comprehensive (loss) income	(1,477)	(2,219)
Retained earnings	4,172	5,608
Total Shareholders' equity	4,796	5,610
Total liabilities and shareholders’ equity	8,103	7,681
CPRC (Subsidiary Issuer) [Member]
Current assets
Cash and cash equivalents	502	152	91	211
Accounts receivable, net	452	490
Accounts receivable, inter-company	105	147
Short-term advances to affiliates	75	170
Materials and supplies	154	137
Other current assets	37	27
Total current assets	1,325	1,123
Long-term advances to affiliates	207	207
Investments	22	15
Investments in subsidiaries	9,832	8,231
Properties	8,481	7,976
Assets held for sale		8
Goodwill and intangible assets	3	0
Pension asset	1,401	304
Other assets	55	94
Deferred income taxes	0	(15)
Total assets	21,326	17,973
Current liabilities
Accounts payable and accrued liabilities	1,122	896
Accounts payable, inter-company	325	288
Short-term advances from affiliates	230	0
Long-term debt maturing within one year	24	91
Total current liabilities	1,701	1,275
Pension and other benefit liabilities	676	692
Long-term advances from affiliates	877	1,316
Other long-term liabilities	186	286
Long-term debt	8,863	5,570
Deferred income taxes	1,505	1,216
Total liabilities	13,808	10,355
Shareholders’ equity
Share capital	1,037	1,037
Additional paid-in capital	1,568	1,547
Accumulated other comprehensive (loss) income	(1,477)	(2,219)
Retained earnings	6,390	7,253
Total Shareholders' equity	7,518	7,618
Total liabilities and shareholders’ equity	21,326	17,973
Non-Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	148	74	CAD 385	CAD 122
Accounts receivable, net	193	212
Accounts receivable, inter-company	265	230
Short-term advances to affiliates	3,483	1,974
Materials and supplies	34	40
Other current assets	17	89
Total current assets	4,140	2,619
Long-term advances to affiliates	376	1,316
Investments	130	97
Investments in subsidiaries	0	0
Properties	7,792	6,462
Assets held for sale		174
Goodwill and intangible assets	208	176
Pension asset	0	0
Other assets	8	23
Deferred income taxes	0	(37)
Total assets	12,654	10,904
Current liabilities
Accounts payable and accrued liabilities	241	284
Accounts payable, inter-company	104	147
Short-term advances from affiliates	75	170
Long-term debt maturing within one year	6	43
Total current liabilities	426	644
Pension and other benefit liabilities	82	63
Long-term advances from affiliates	207	208
Other long-term liabilities	132	146
Long-term debt	64	55
Deferred income taxes	1,911	1,557
Total liabilities	2,822	2,673
Shareholders’ equity
Share capital	5,465	5,122
Additional paid-in capital	613	569
Accumulated other comprehensive (loss) income	840	170
Retained earnings	2,914	2,370
Total Shareholders' equity	9,832	8,231
Total liabilities and shareholders’ equity	CAD 12,654	CAD 10,904

Condensed Consolidating Fina151

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	CAD 2,459	CAD 2,123	CAD 1,950
Investing activities
Additions to properties	(1,522)	(1,449)	(1,236)
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad	0	236	0
Proceeds from the sale of Delaware & Hudson South	281	0	0
Proceeds from sale of properties and other assets	114	52	73
Advances to affiliates	0	0	0
Repayment of advances to affiliates	0	0	0
Capital contributions to affiliates	0	0	0
Change in restricted cash and cash equivalents used to collateralize letters of credit	0	411	(411)
Repurchase of share capital from affiliate	0
Other	4	0	(23)
Cash used in investing activities	(1,123)	(750)	(1,597)
Financing activities
Dividends paid	(226)	(244)	(244)
Issuance of share capital	0	0	0
Return of share capital to affiliates	0
Issuance of CP Common Shares	43	62	83
Purchase of CP common shares	(2,787)	(2,050)	0
Issuance of long-term debt, excluding commercial paper	3,411	0	0
Repayment of long-term debt, excluding commercial paper	(505)	(183)	(56)
Net issuance of commercial paper	(893)	771	0
Settlement of foreign exchange forward on long-term debt	0	17	0
Proceeds from Contributions from (Payments of Distributions to) Affiliates		0	0
Repayment of advances from affiliates	0	0	0
Other	0	(3)	(3)
Cash used in financing activities	(957)	(1,630)	(220)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	45	7	10
Cash position
Increase (decrease) in cash and cash equivalents	424	(250)	143
Cash and cash equivalents at beginning of year	226	476	333
Cash and cash equivalents at end of year	650	226	476
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(2,548)	(348)	(207)
Investing activities
Additions to properties	0	69	116
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad		0
Proceeds from the sale of Delaware & Hudson South	0
Proceeds from sale of properties and other assets	0	(69)	(116)
Advances to affiliates	3,264	3,247	137
Repayment of advances to affiliates	(1,804)	(3,759)	(84)
Capital contributions to affiliates	1,655	2,927	100
Change in restricted cash and cash equivalents used to collateralize letters of credit		0	0
Repurchase of share capital from affiliate	(1,210)
Other	0	0	0
Cash used in investing activities	1,905	2,415	153
Financing activities
Dividends paid	2,548	348	207
Issuance of share capital	(1,655)	(2,927)	(100)
Return of share capital to affiliates	1,210
Issuance of CP Common Shares	0	0	0
Purchase of CP common shares	0	0
Issuance of long-term debt, excluding commercial paper	0		0
Repayment of long-term debt, excluding commercial paper	0	0	0
Net issuance of commercial paper	0	0
Settlement of foreign exchange forward on long-term debt		0
Proceeds from Contributions from (Payments of Distributions to) Affiliates		(3,247)	(137)
Repayment of advances from affiliates	(3,264)	3,759	84
Other	1,804	0	0
Cash used in financing activities	643	(2,067)	54
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of year	0	0	0
Cash and cash equivalents at end of year	0	0	0
CPRL (Parent Guarantor) [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	2,283	183	123
Investing activities
Additions to properties	0	0	0
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad		0
Proceeds from the sale of Delaware & Hudson South	0
Proceeds from sale of properties and other assets	0	0	0
Advances to affiliates	(1,133)	0	0
Repayment of advances to affiliates	0	0	0
Capital contributions to affiliates	0	0	0
Change in restricted cash and cash equivalents used to collateralize letters of credit		0	0
Repurchase of share capital from affiliate	0
Other	0	0	0
Cash used in investing activities	(1,133)	0	0
Financing activities
Dividends paid	(226)	(244)	(244)
Issuance of share capital	0	0	0
Return of share capital to affiliates	0
Issuance of CP Common Shares	43	62	83
Purchase of CP common shares	(2,787)	(2,050)
Issuance of long-term debt, excluding commercial paper	0		0
Repayment of long-term debt, excluding commercial paper	0	0	0
Net issuance of commercial paper	0	0
Settlement of foreign exchange forward on long-term debt		0
Proceeds from Contributions from (Payments of Distributions to) Affiliates		2,049	38
Repayment of advances from affiliates	1,820	0	0
Other	0	0	0
Cash used in financing activities	(1,150)	(183)	(123)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of year	0	0	0
Cash and cash equivalents at end of year	0	0	0
CPRC (Subsidiary Issuer) [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	1,650	1,684	1,327
Investing activities
Additions to properties	(766)	(816)	(882)
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad		0
Proceeds from the sale of Delaware & Hudson South	0
Proceeds from sale of properties and other assets	103	116	65
Advances to affiliates	(311)	(611)	0
Repayment of advances to affiliates	804	2,167	0
Capital contributions to affiliates	(1,655)	(2,927)	(100)
Change in restricted cash and cash equivalents used to collateralize letters of credit		411	(411)
Repurchase of share capital from affiliate	1,210
Other	6	2	(21)
Cash used in investing activities	(609)	(1,658)	(1,349)
Financing activities
Dividends paid	(2,272)	(182)	(123)
Issuance of share capital	0	0	0
Return of share capital to affiliates	0
Issuance of CP Common Shares	0	0	0
Purchase of CP common shares	0	0
Issuance of long-term debt, excluding commercial paper	3,411		60
Repayment of long-term debt, excluding commercial paper	(461)	(174)	(48)
Net issuance of commercial paper	(893)	771
Settlement of foreign exchange forward on long-term debt		17
Proceeds from Contributions from (Payments of Distributions to) Affiliates		1,198	99
Repayment of advances from affiliates	500	(1,592)	(84)
Other	(1,000)	0	(3)
Cash used in financing activities	(715)	38	(99)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	24	(3)	1
Cash position
Increase (decrease) in cash and cash equivalents	350	61	(120)
Cash and cash equivalents at beginning of year	152	91	211
Cash and cash equivalents at end of year	502	152	91
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	1,074	604	707
Investing activities
Additions to properties	(756)	(702)	(470)
Proceeds from the sale of west end of Dakota, Minnesota and Eastern Railroad		236
Proceeds from the sale of Delaware & Hudson South	281
Proceeds from sale of properties and other assets	11	5	124
Advances to affiliates	(1,820)	(2,636)	(137)
Repayment of advances to affiliates	1,000	1,592	84
Capital contributions to affiliates	0	0	0
Change in restricted cash and cash equivalents used to collateralize letters of credit		0	0
Repurchase of share capital from affiliate	0
Other	(2)	(2)	(2)
Cash used in investing activities	(1,286)	(1,507)	(401)
Financing activities
Dividends paid	(276)	(166)	(84)
Issuance of share capital	1,655	2,927	100
Return of share capital to affiliates	(1,210)
Issuance of CP Common Shares	0	0	0
Purchase of CP common shares	0	0
Issuance of long-term debt, excluding commercial paper	0		(60)
Repayment of long-term debt, excluding commercial paper	(44)	(9)	(8)
Net issuance of commercial paper	0	0
Settlement of foreign exchange forward on long-term debt		0
Proceeds from Contributions from (Payments of Distributions to) Affiliates		0	0
Repayment of advances from affiliates	944	(2,167)	0
Other	(804)	(3)	0
Cash used in financing activities	265	582	(52)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	21	10	9
Cash position
Increase (decrease) in cash and cash equivalents	74	(311)	263
Cash and cash equivalents at beginning of year	74	385	122
Cash and cash equivalents at end of year	CAD 148	CAD 74	CAD 385

Schedule II - Valuation and 152

Schedule II - Valuation and Qualifying Accounts (Details) - CAD CAD in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accruals for legal, personal injury and casualty-related claims [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	CAD 150	CAD 153	CAD 172
Additions charged to expenses	79	32	62
Payments and other reductions	(102)	(38)	(84)
Impact of FX	6	3	3
Ending balance at December 31	133	150	153
Environmental liabilities [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	91	90	89
Additions charged to expenses	7	4	6
Payments and other reductions	(17)	(9)	(9)
Impact of FX	12	6	4
Ending balance at December 31	CAD 93	CAD 91	CAD 90