Canadian Pacific Railway Limited (CP) 10-K27 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover

Cover - CAD ($)	12 Months Ended
Cover - CAD ($)	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-01342
Entity Registrant Name	CANADIAN PACIFIC KANSAS CITY LTD/CN
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0355078
Entity Address, Address Line One	7550 Ogden Dale Road S.E.
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2C 4X9
City Area Code	(403)
Local Phone Number	319-7000
Entity Address, City or Town	Calgary
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 75,204,483,138
Entity Common Stock, Shares Outstanding		932,428,454
Documents Incorporated by Reference	Not applicable.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000016875
Common Shares, without par value, of Canadian Pacific Railway Limited
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, without par value, of Canadian Pacific Kansas City Limited
Trading Symbol	CP
Common Shares, without par value, of Canadian Pacific Railway Limited \| NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, without par value, of Canadian Pacific Kansas City Limited
Trading Symbol	CP
Security Exchange Name	NYSE
Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company \| NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company
Trading Symbol	CP/40
Security Exchange Name	NYSE
Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company \| LONDON STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company
Trading Symbol	BC87

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP	Ernst & Young LLP	Deloitte LLP
Auditor Location	Calgary, Canada	Calgary, Canada	Calgary, Canada
Auditor Firm ID	1263	1263	1208

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues (Note 4)
Total revenues	$ 12,555	$ 8,814	$ 7,995
Operating expenses
Compensation and benefits (Note 11, 23, 24)	2,332	1,570	1,570
Fuel	1,681	1,400	854
Materials (Note 11)	346	260	215
Equipment rents	277	140	121
Depreciation and amortization (Note 11, 13, 15)	1,543	853	811
Purchased services and other (Note 10, 11, 26)	1,988	1,262	1,218
Total operating expenses	8,167	5,485	4,789
Operating income	4,388	3,329	3,206
Less:
Equity (earnings) loss of Kansas City Southern (Note 11, 12)	(230)	(1,074)	141
Other expense (Note 5, 11)	52	17	237
Merger termination fee (Note 11)	0	0	(845)
Other components of net periodic benefit recovery (Note 23)	(327)	(411)	(387)
Net interest expense (Note 11)	771	652	440
Remeasurement loss of Kansas City Southern (Note 11)	7,175	0	0
(Loss) income before income tax (recovery) expense	(3,053)	4,145	3,620
Current income tax expense (Note 6)	909	492	526
Deferred income tax (recovery) expense (Note 6)	(7,885)	136	242
Total income tax (recovery) expense	(6,976)	628	768
Net income	3,923	3,517	2,852
Less: Net loss attributable to non-controlling interest (Note 11)	(4)	0	0
Net income attributable to controlling shareholders	$ 3,927	$ 3,517	$ 2,852
Earnings per share (Note 7)
Basic earnings per share (cad per share)	$ 4.22	$ 3.78	$ 4.20
Diluted earnings per share (cad per share)	$ 4.21	$ 3.77	$ 4.18
Weighted-average number of shares (millions) (Note 7)
Basic (in shares)	931.3	930	679.7
Diluted (in shares)	933.7	932.9	682.8
Freight
Revenues (Note 4)
Total revenues	$ 12,281	$ 8,627	$ 7,816
Non-freight
Revenues (Note 4)
Total revenues	$ 274	$ 187	$ 179

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,923	$ 3,517	$ 2,852
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(655)	1,628	(291)
Change in derivatives designated as cash flow hedges	7	6	48
Change in pension and post-retirement defined benefit plans	(73)	680	1,286
Other comprehensive income (loss) from equity investees	7	(5)	9
Other comprehensive (loss) income before income taxes	(714)	2,309	1,052
Income tax expense on above items	(4)	(115)	(341)
Net other comprehensive income (loss)	(718)	2,194	711
Comprehensive income	3,205	5,711	3,563
Comprehensive loss attributable to the non-controlling interest	(13)	0	0
Comprehensive income attributable to controlling shareholders	$ 3,218	$ 5,711	$ 3,563

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 464	$ 451
Accounts receivable, net (Note 9)	1,887	1,016
Materials and supplies	400	284
Other current assets	251	138
Total current assets	3,002	1,889
Investment in Kansas City Southern (Note 12)	0	45,091
Investments	533	223
Properties	51,744	22,385
Goodwill (Note 11, 14)	17,729	344
Intangible assets (Note 11, 15)	2,974	42
Pension asset (Note 23)	3,338	3,101
Other assets (Note 20)	582	420
Total assets	79,902	73,495
Current liabilities
Accounts payable and accrued liabilities (Note 16, 20)	2,567	1,703
Long-term debt maturing within one year (Note 17, 18, 20)	3,143	1,510
Total current liabilities	5,710	3,213
Pension and other benefit liabilities (Note 23)	581	538
Other long-term liabilities (Note 19, 20)	797	520
Long-term debt (Note 17, 18, 20)	19,351	18,141
Deferred income taxes (Note 6)	11,052	12,197
Total liabilities	37,491	34,609
Shareholders’ equity
Share capital (Note 21) Authorized unlimited Common Shares without par value. Issued and outstanding are 932.1 million and 930.5 million as at December 31, 2023 and 2022, respectively.	25,602	25,516
Additional paid-in capital	88	78
Accumulated other comprehensive (loss) income (Note 8)	(618)	91
Retained earnings	16,420	13,201
Total shareholders' equity	41,492	38,886
Non-controlling interest (Note 11)	919	0
Total equity	42,411	38,886
Total liabilities and equity	$ 79,902	$ 73,495

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, issued (in shares)	932,100,000	930,500,000
Common stock, outstanding (in shares)	932,100,000	930,500,000
First preferred stock, shares outstanding (in shares)	0	0
Second preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)		Dec. 31, 2021 CAD ($)
Operating activities
Net income (loss)		$ 3,923	$ 3,517		$ 2,852
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization (Note 11, 13, 15)		1,543	853		811
Deferred income tax (recovery) expense (Note 6)		(7,885)	136		242
Pension recovery and funding (Note 23)		(306)	(288)		(249)
Equity (earnings) loss of Kansas City Southern (Note 11, 12)		(230)	(1,074)		141
Foreign exchange gain on debt and lease liabilities		0	0		(7)
Remeasurement loss of Kansas City Southern (Note 11)		7,175	0		0
Dividends from Kansas City Southern (Note 12)		300	1,157		0
Settlement of Mexican tax audits (Note 6)		(135)	0		0
Other operating activities, net		60	(67)		(36)
Change in non-cash working capital balances related to operations (Note 22)		(308)	(92)		(66)
Cash provided by operating activities		4,137	4,142		3,688
Investing activities
Additions to properties		(2,468)	(1,557)		(1,532)
Additions to Meridian Speedway properties		(31)	0		0
Investment in Kansas City Southern (Note 11)		0	0		(12,299)
Proceeds from sale of properties and other assets		57	58		96
Cash acquired on control of Kansas City Southern (Note 11)		298	0		0
Investment in government securities (Note 17)		(267)	0		0
Proceeds from settlement of government securities (Note 17)		274	0		0
Other		(25)	3		5
Cash used in investing activities		(2,162)	(1,496)		(13,730)
Financing activities
Dividends paid		(707)	(707)		(507)
Issuance of Common Shares (Note 21)		69	32		25
Issuance of long-term debt, excluding commercial paper (Note 17)		0	0		10,673
Repayment of long-term debt, excluding commercial paper (Note 17)		(2,395)	(571)		(359)
Proceeds from term loan (Note 17)		0	0		633
Repayment of term loan (Note 17)		0	(636)		0
Net issuance (repayment) of commercial paper (Note 17)		1,095	(415)		(454)
Acquisition-related financing fees (Note 11)		(17)	0		(51)
Other		0	0		(24)
Cash (used in) provided by financing activities		(1,955)	(2,297)		9,936
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents		(7)	20		41
Cash position
Increase (decrease) in cash and cash equivalents		13	369		(65)
Cash and cash equivalents at beginning of period(1)	[1]	451	82		147
Cash and cash equivalents at end of year		464	451	[1]	82	[1]
Supplemental disclosures of cash flow information:
Income taxes paid		906	408		552
Interest paid		$ 825	$ 641		$ 426

[1] As at January 1, 2022, cash and cash equivalents of $82 million includes $13 million of restricted cash.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Dec. 31, 2021 CAD ($)
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 82	[1]
Restricted cash	$ 13

[1] As at January 1, 2022, cash and cash equivalents of $82 million includes $13 million of restricted cash.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Millions	Total	Total shareholders’ equity	Share capital	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings	Non-controlling interest
Beginning balance at Dec. 31, 2020	$ 7,319	$ 7,319	$ 1,983	$ 55	$ (2,814)	$ 8,095	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,852	2,852				2,852
Other Comprehensive Income (Loss), Net of Tax	711	711			711
Dividends declared ($0.76 per share)	(556)	(556)				(556)
Effect of stock-based compensation expense	23	23		23
Shares issued for Kansas City Southern acquisition (Note 21)	23,456	23,456	23,461	(5)
Shares issued under stock option plan (Note 21)	24	24	31	(7)
Ending balance at Dec. 31, 2021	$ 33,829	33,829	25,475	66	(2,103)	10,391	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (CAD per share)	$ 0.76
Net income (loss)	$ 3,517	3,517				3,517
Other Comprehensive Income (Loss), Net of Tax	2,194	2,194			2,194
Dividends declared ($0.76 per share)	(707)	(707)				(707)
Effect of stock-based compensation expense	23	23		23
Shares issued for Kansas City Southern acquisition (Note 21)	(2)	(2)		(2)
Shares issued under stock option plan (Note 21)	32	32	41	(9)
Ending balance at Dec. 31, 2022	$ 38,886	38,886	25,516	78	91	13,201	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (CAD per share)	$ 0.76
Net income (loss)	$ 3,923	3,927				3,927	(4)
Other Comprehensive Income (Loss), Net of Tax	(718)	(709)			(709)		(9)
Dividends declared ($0.76 per share)	(708)	(708)				(708)
Effect of stock-based compensation expense	27	27		27
Shares issued under stock option plan (Note 21)	69	69	86	(17)
Non-controlling interest in connection with business acquisition (Note 11)	932						932
Ending balance at Dec. 31, 2023	$ 42,411	$ 41,492	$ 25,602	$ 88	$ (618)	$ 16,420	$ 919
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (CAD per share)	$ 0.76

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (CAD per share)	$ 0.76	$ 0.76	$ 0.76

Description of the business

Description of the business	12 Months Ended
Description of the business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the business	Description of the business The terms "CPKC", “the Company”, “our”, or “us” in these Consolidated Financial Statements refer to Canadian Pacific Kansas City Limited and its subsidiaries unless the context suggests otherwise. CPKC owns and operates a transcontinental freight railway spanning Canada, the United States ("U.S."), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S. and Mexico. The Company transports bulk commodities, merchandise and intermodal freight. CPKC's Common Shares trade on the Toronto Stock Exchange and New York Stock Exchange under the symbol “CP”. Acquisition of Kansas City Southern On April 14, 2023, Canadian Pacific Railway Limited (“CPRL") assumed control of Kansas City Southern ("KCS") through an indirect wholly-owned subsidiary, and filed articles of amendment to change CPRL's name to Canadian Pacific Kansas City Limited ("CPKC"). These Consolidated Financial Statements include KCS as a consolidated subsidiary from April 14, 2023. For the period beginning on December 14, 2021 and ending on April 13, 2023 the Company's 100% interest in KCS was accounted for and reported as an equity-method investment (see Notes 11 and 12).

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation These Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Amounts are expressed in Canadian dollars, unless otherwise noted. Certain comparative figures in these Consolidated Financial Statements have been reclassified to conform to the current year's presentation. Use of estimates and judgements The preparation of financial statements in conformity with GAAP requires management to exercise its judgement in applying the Company's accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. Critical estimates and judgements made by management relate to: • Deferred income taxes (Note 6); • Business acquisitions (Note 11); • Properties (Note 13); • Goodwill (Note 14); • Intangible assets (Note 15); • Provision for environmental remediation (Note 19); • Pension and other benefits (Note 23); and • Legal claims (Note 26). Principles of consolidation The financial statements of subsidiaries are included in these Consolidated Financial Statements from the date control commences until the date control ceases. Intercompany accounts and transactions are eliminated. Third party ownership interests in the Company's subsidiaries are presented in the Consolidated Financial Statements as activities and amounts attributable to non-controlling interests. Revenues Revenue is recognized when promised services are delivered and obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. In the normal course of business, the Company does not generate material revenues through acting as an agent for other entities. Revenues are presented net of taxes collected from customers and remitted to governmental authorities. The Company invoices customers when a bill of lading or service request is processed. Payment for services are due when performance obligations are satisfied. Amounts outstanding at the end of each reporting period are generally collected in the following reporting period. Performance obligations not fully satisfied at the end of a reporting period are also expected to be satisfied in the following reporting period. Freight revenues The Company provides freight transportation services to a wide variety of customers, transporting bulk commodities, merchandise freight and intermodal traffic. The Company enters into master service agreements with customers which establish pricing, terms and conditions for future freight services the Company will provide when service requests or bills of lading are received from those customers. Each bill of lading or service request is a distinct performance obligation that the Company must satisfy. The transaction price is generally a fixed fee determined when the bill of lading or service request is initiated. The transaction price is allocated to distinct performance obligations based on estimated standalone selling prices. Since every bill of lading or service request is a distinct performance obligation, estimated standalone selling prices are determined based on observable fair market values. The Company also provides services to customers at published rates established in public tariff agreements. In those arrangements a performance obligation is triggered when the customer orders a service that the Company must satisfy. Railway freight revenue is recognized over time as transportation services are provided and obligations under the terms of a contract with the customer are satisfied. Inputs are used to measure percentage of completion towards satisfaction of performance obligations. Progress is measured based on elapsed freight transit time relative to the total expected freight transit time from origination to destination. The short duration of freight delivery performance obligations results in generally immaterial services in progress at any given period end. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate the amount of variable consideration to allocate to performance obligations as they are satisfied. Volume rebates are accrued based on estimated volumes and contract terms, and recognized as a reduction of freight revenues as the related freight services are provided. Contracted customer incentives are amortized to income over the term of the related service contract. Non-freight revenues Non-freight revenues, including revenues from passenger service operators, switching fees, and logistics services, are recognized either at the point in time the services are provided or over time as the performance obligations are satisfied. Non-freight revenues also include revenues from leasing land and other property. Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, a deferred income tax asset or liability is determined based on the difference between the financial reporting and tax basis of the asset or liability, using enacted tax rates and laws that will be in effect when the difference is expected to reverse. The change in the net deferred income tax asset or liability is included in the computation of "Net income" and "Other comprehensive (loss) income". The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period that the change occurs. The Company records a valuation allowance to reduce deferred income tax assets if it is more likely than not, based on available evidence about future events, that some or all of the deferred income tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities based on the technical merits of the position. The tax benefit recognized is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not have a greater than 50% likelihood of being realized upon ultimate settlement. Investment and other similar tax credits are recorded as "Deferred income taxes" on the Company's Consolidated Balance Sheets and recognized as "Deferred income tax (recovery) expense" in the Consolidated Statements of Income as the related asset is recognized in income. Earnings per share Basic earnings per share is calculated using the weighted-average number of the Company's Common Shares outstanding during the year. Diluted earnings per share is calculated using the treasury stock method for determining the dilutive effect of Common Shares issuable upon exercise of outstanding stock options. Equity method investments The Company’s investments in entities over which it can exercise significant influence or has joint control are accounted for using the equity method. Equity-method investments are initially recognized at cost. Subsequently, and until the date significant control ceases, its carrying amount is presented in the Consolidated Balance Sheets, with adjustments to reflect: • the Company's share of income or losses and comprehensive income or losses, based on the Company's share of common stock and in-substance common stock; • depreciation, amortization or accretion related to any any basis differences that were identified as part of the initial accounting for the investment; • dividends received; • other-than-temporary impairments, if any; and • the effects of any intra-entity profit and losses and capital transactions. Distributions received from equity-method investments are classified in the Consolidated Statements of Cash Flows according to the nature of the activities generating distributions. If the Company acquires control of a business that it was previously able to exercise significant influence over, it stops accounting for the investment using the equity method. The investment is remeasured to fair value as of the date control was obtained, with any gain or loss from the remeasurement recognized in the Company's Consolidated Statements of Income. Any amounts in "Accumulated other comprehensive (loss) income" ("AOCI") in the Consolidated Balance Sheets related to the investment are reclassified and included in the calculation of the gain or loss. Any pre-existing relationship between the Company and the investment is settled with a corresponding gain or loss recorded in the Company's Consolidated Statements of Income, separately from the business acquisition. Business acquisitions Management makes estimates and assumptions to determine the fair values of assets acquired and liabilities and non-controlling interest assumed in a business combination at the acquisition date. Such estimates and assumptions are inherently uncertain and subject to refinement. During the measurement period the Company may adjust any provisional amounts reported on the acquisition date if additional information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected their measurement on that date. Adjustments to provisional amounts are recognized with corresponding adjustments to goodwill. If the acquisition-date fair value of an asset or liability arising from pre-acquisition contingencies cannot be determined as of the acquisition date or during the measurement period, the estimated amount of the asset or liability is recognized if it is probable that an asset existed or a liability had been incurred at the acquisition date based on information available prior to the end of the measurement period and the amount of the asset or liability can be reasonably estimated. The measurement period ends as soon as all necessary information about the facts and circumstances that existed as of the acquisition date for provisional amounts has been obtained, not to exceed one year. Changes that do not qualify as measurement period adjustments or that occur after the measurement period are recognized in the Consolidated Statements of Income. Foreign currency translation Foreign currency transactions Foreign currency transactions are denominated in currencies other than CPKC's functional currency, which is the Canadian dollar. Transactions denominated in foreign currencies are translated to the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency using the exchange rate in effect at the balance sheet date. Foreign exchange gains and losses resulting from the translation of monetary assets and liabilities are included in income in the period they arise. Foreign operations Foreign exchange gains and losses arising from the translation of the Company's foreign subsidiaries’ and equity-method investees' functional currencies to CPKC's Canadian dollar presentation are included in “Other comprehensive (loss) income” and recognized in income upon the sale of the foreign operation. Asset and liability accounts are translated at the exchange rates in effect as at the balance sheet date, and revenues and expenses are translated using monthly average exchange rates. U.S. dollar-denominated debt, finance lease obligations and operating lease liabilities are designated as hedges of the Company's net investment in foreign subsidiaries and foreign equity-method investees. Accordingly, unrealized gains and losses arising from the translation of the designated U.S. dollar-denominated debt, finance lease obligations and operating lease liabilities are offset against gains and losses arising from the translation of the Company's foreign operations' accounts in “Other comprehensive (loss) income”. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of less than three months. Accounts receivable, net Accounts receivable are recorded at cost net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on relevant information about historical credit loss experience of receivables with similar risk characteristics, current conditions, and forecasts of future conditions expected to affect collectability. Accounts receivable are written off against the allowance for credit losses when it is probable that the remaining contractual payments will not be collected. Subsequent recoveries of amounts previously written off are credited to income in the period recovered. Materials and supplies Materials and supplies, including fuel and parts used in the repair and maintenance of track structures, equipment, locomotives, and freight cars, are measured at the lower of average cost or net realizable value. Properties Properties are reported at historical cost, less accumulated depreciation or amortization and any impairment. The Company reviews properties for impairment when changes in circumstances indicate that its carrying amount may not be recoverable. If the estimated future undiscounted cash flows are less than the property's carrying amount, its carrying amount is reduced to the estimated fair value, measured using discounted cash flows, and a corresponding impairment loss is recognized in income. Additions to properties For property additions and betterments the Company capitalizes all costs necessary to make the assets ready for their intended use. A large amount of the Company's capital expenditures are for self-constructed properties, both new and the replacement of existing properties. Self-constructed assets are initially recorded at cost, including direct costs, attributable indirect costs, overheads, and carrying costs. • direct costs include labour, purchased services, materials and equipment, project supervision costs, and fringe benefits. • attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. • indirect costs mainly include costs associated with work trains, material distribution, highway vehicles, and work equipment. • overheads primarily relate to engineering department costs of planning, designing, and administering the capital projects, which are allocated to projects using a measure consistent with the nature of the cost, based on cost studies. The Company capitalizes costs incurred for replacements or betterments that enhance the service potential or extend the useful life of the properties, when the expenditures exceed minimum physical and financial thresholds. Costs to repair or maintain the service potential of properties are expensed. • the cost of ballast programs, including undercutting, shoulder ballasting, and renewal programs that form part of the annual track program are capitalized because the work and related added ballast material significantly improves drainage, which in turn extends the life of ties and other track materials. The cost of ballast programs are tracked separately from the underlying assets and depreciated over the estimated period to the next similar ballast program. Spot replacement of ballast is considered a repair, which is expensed as incurred. • significant freight car refurbishments, locomotive overhauls and other capital improvements that enhance service potential or extend useful life are capitalized. • replacement project costs are allocated to dismantling, which is expensed, and installation, which is capitalized, based on cost studies. The Company also capitalizes development costs for major new computer systems. Asset retirement obligations When there is a reliably measurable 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 carrying amount of property and depreciated over the estimated useful life of the property. Group depreciation The Company primarily uses the group method of depreciation, in which properties with similar characteristics, use and expected lives are allocated to asset groups: • the asset groups are depreciated on a straight-line basis reflecting their expected economic lives, using composite depreciation rates. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. • composite depreciation rates are established through depreciation studies, which are regular, detailed reviews, performed by asset group, of service lives, salvage values, accumulated depreciation, and other related matters. • the depreciation studies also estimate accumulated depreciation surpluses or deficiencies for each asset group, which are amortized over the remaining life of the respective asset group. • when depreciable property is retired or otherwise disposed in the normal course of business, its life generally approximates its expected useful life as determined in the depreciation studies. For this reason, under group depreciation, a gain or loss on disposal is not recognized. Instead, the asset's net book value, less net salvage proceeds, is charged to accumulated depreciation. • for certain asset groups, the historical cost of the asset is separately recorded in the Company's property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified, the asset's gross book value is estimated using an indexation methodology, whereby the retired property's current replacement cost is indexed to its estimated year of installation, or a first-in, first-out approach, or statistical analysis is used to determine its retired age. The Company uses indices that closely correlate to the principal costs of the assets. • when removal costs exceed the property's salvage value and removal is not a legal obligation, the removal costs are charged to income when the property is removed. • for disposals of larger groups of depreciable assets that were not factored into the Company’s depreciation studies, the Company records a gain or loss for the difference between the net proceeds and the net book value of the assets sold or retired. The accumulated depreciation that is derecognized includes asset-specific accumulated depreciation, when known, or an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Concession assets CPKC holds a concession from the Mexican government which authorizes the Company to provide freight transportation services over certain rail lines, including the use all related track and other assets necessary for the rail lines' operation (the "Concession"). The Concession term ends in June 2047, but is renewable under certain conditions, for additional periods, each up to 50 years. The underlying tangible assets that the Concession provides the Company with the right to use are capitalized in "Properties", and amortized using the group method. Amortization is recognized over the lesser of the expected concession term, including one renewal period of 50 years, or the estimated useful life of the underlying asset groups. The intangible rights granted under the Concession are amortized over the expected term of the Concession. Finance lease right-of-use ("ROU") assets Finance lease ROU assets included in "Properties" are amortized to the earlier of the end of the useful life of the ROU asset or the end of the lease term. Government assistance The Company records government assistance from various levels of governments and government agencies when there is reasonable assurance that the assistance will be received. Government assistance in connection with the acquisition or construction of properties sometimes includes conditions which, if not met within a certain period of time, may require repayment of some or all of the assistance received. It is the Company's intention to comply with all conditions imposed by the terms of government assistance accepted. Government assistance received or receivable related to property is recorded as a reduction of the cost of the property and amortized over the same period as the related assets. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. On the acquisition date goodwill is allocated to the reporting unit expected to benefit from the acquisition. The carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest goodwill may be impaired. The Company's annual review of goodwill is performed in the fourth quarter, on the October 1 balance. The Company first assesses qualitative factors, including, but not limited to economic, market, and industry conditions, the reporting unit's overall financial performance and events such as notable changes in management or customers. If the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative assessment is undertaken. The quantitative assessment is a comparison of the reporting unit's carrying value and fair value. The reporting unit's fair value is defined as the price expected to be received if it was sold in an orderly transaction between market participants. It is determined based on pre-tax discounted cash flows that reflect management's best estimates of the time value of money and risks specific to the reporting unit and its assets. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, an impairment is recognized, measured at the amount by which the reporting unit's carrying value exceeds its fair value. Intangible assets Intangible assets with finite lives, consisting primarily of customer contracts, customer relationships and favourable leases are amortized on a straight-line basis over their estimated useful lives of up to 22 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. An intangible asset with a finite life is assessed for impairment whenever events or circumstances indicate that its carrying amount may not be recoverable. Intangible assets with indefinite useful lives are primarily trackage rights that are expected to generate cash flows indefinitely. They are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate they may be impaired. When assessing an intangible asset for impairment, if the undiscounted cash flows indicate that its carrying amount may not be recoverable, an impairment loss will be recognized for the amount that its carrying amount exceeds its fair value, determined based on pre-tax discounted cash flows that reflect management's best estimates of the time value of money and risks specific to the asset. Assets held for sale Assets that meet the held-for-sale criteria are reported in "Other assets" at the lower of their carrying amount and fair value, less costs to sell, and are not depreciated. 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. Cash and cash equivalents are classified as amortized cost, which approximates fair value. Accounts receivable and investments consisting of loans and receivables are subsequently measured at amortized cost, using the effective interest method. Accounts payable and accrued liabilities, other long-term liabilities, and long-term debt are also subsequently measured at amortized cost. Derivative financial instruments Derivative financial instruments may are used from time to time to manage the Company's exposure to changes in foreign exchange rates, interest rates, fuel price and certain compensation tied to our common share price. When derivative instruments are used in hedging relationships, the Company identifies, designates, and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. The Company's derivative instruments are classified as held-for-trading and recorded at fair value in the Consolidated Balance Sheets as current or non-current assets or liabilities depending on the timing of settlements and the resulting cash flows associated with the instrument. Any changes in the fair value of derivatives that are not designated as hedges are recognized in income in the period the change occurs. For fair value hedges, changes in the fair value of the hedging instrument are recognized in income along with changes in the fair value of the hedged risk of the asset or liability that is designated as part of the hedging relationship. For designated cash flow hedges, changes in the fair value of the hedging instrument are recorded in “Other comprehensive (loss) income” and reclassified to income when the hedged item impacts income. If a derivative instrument designated as a cash flow hedge ceases to be effective or is terminated, hedge accounting is discontinued and the gain or loss at that date is deferred in "Other comprehensive (loss) income" and recognized in income concurrently with the related transaction. If an anticipated hedged transaction is no longer probable, the gain or loss is recognized immediately in income. Subsequent gains and losses from derivative instruments for which hedge accounting has been discontinued are recognized in income in the period in which they occur. Cash flows relating to derivative instruments designated as hedges are included in the same category as the related hedged items in the Consolidated Statements of Cash Flows. Leases The Company leases rolling stock, buildings, vehicles, railway equipment, roadway machines, and information systems hardware. Lease liabilities and ROU assets are recognized in the Consolidated Balance Sheets for finance leases and operating leases with fixed terms and in-substance fixed terms. • ROU assets and lease liabilities are recognized on the lease commencement date at the present value of the future lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the rate implicit in the lease is not readily determinable, the Company uses internal incremental secured borrowing rates for a comparable tenor and in the same currency at the lease commencement date to determine the present value of lease payments. • certain leases of rolling stock and roadway machines are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed-term, short-term and variable operating lease costs are recorded in "Equipment rents" and "Purchased services and other" in the Company's Consolidated Statements of Income. • components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" in the Company's Consolidated Statements of Income. • ROU assets are adjusted for lease prepayments, initial direct costs and lease incentives. • lease terms include periods associated with options to extend or exclude periods associated with termination options when the Company is reasonably certain of exercising such options. • non-lease components are accounted for separately from lease components of roadway machine, information systems hardware, and fleet vehicle lease contracts. Otherwise, lease and non-lease components are combined and accounted as a single lease component. Leases with terms of 12 months or less that do not contain an option to purchase the underlying asset at the end of the lease term that the Company intends to exercise are not recorded on the Consolidated Balance Sheets; lease payments are recognized as expenses in the Consolidated Statements of Income on a straight-line basis over the lease term. Provision for environmental remediation Environmental remediation accruals, covering site-specific remediation programs, are recorded on an undiscounted basis unless a reliably determinable estimate of the amount and timing of costs can be established. The accruals are recorded when the costs to remediate are probable and can be reasonably estimated. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”. Pensions and other benefits Obligations and net periodic benefit costs for the Company's defined benefit pension plans 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 actuarial assumptions, such as discount rates, salary and other cost escalations, employees' retirement ages and mortality. The discount rates are based on blended market interest rates on high-quality debt instruments with matching cash flows. Plan assets are measured at fair value. The expected return on plan assets is calculated using market-related asset values, developed from a five-year average of adjusted market values for the fund’s public equity securities and absolute return strategies, plus the market value of the fund’s other asset classes, subject to the market-related asset value not being greater than 120% nor less than 80% of the market value. Actuarial gains and losses arise from the difference between the actual and expected return on plan assets, and changes in the measurement of the benefit obligation. Periodic net actuarial gains and losses and prior service costs are accumulated and presented as a component of AOCI in the Consolidated Balance Sheets. Obligations and net periodic benefit costs for the Company's other post-retirement and post-employment benefits are actuarially determined on a similar basis. The status of over and under funded defined benefit pension and benefit plans, measured as the difference between the fair value of a plan's assets and benefit obligation, are reported in the Company's Consolidated Balance Sheets. Components of net periodic benefit cost included in Operating income in the Consolidated Statements of Income include: • current service costs for defined benefit pension and post-retirement benefits, and the Company's contributions to defined contribution pension plans are recorded in"Compensation and benefits"; and • current service costs for self-insured workers' compensation and long-term disability benefits, which are recorded in"Purchased services and other". Other components of net periodic benefit cost or recovery, recognized outside of Operating income in the Consolidated Statements of Income are: • interest cost on benefit obligation; • expected return on plan assets; • amortization of net actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation and the market-related value of plan assets, over the expected average remaining service period of the plan's active employee group (approximately 13 years); • amortization of prior service costs arising from collectively bargained amendments to pension plan benefit provisions (over the term of the applicable union agreement) and from all other sources (over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of the amendment); a

Accounting changes

Accounting changes	12 Months Ended
Accounting changes	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting changes	Accounting changes Adoption of new standards Accounting for contract assets and contract liabilities from contracts with customers Effective January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers on a prospective basis. Under this ASU contract assets and contract liabilities acquired in a business combination are measured in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers instead of at fair value. The Company's application of this ASU for the measurement of contract assets and contract liabilities acquired in the KCS acquisition (Note 11) did not have a material impact on the Company's financial position and results of operations. All other accounting pronouncements that became effective during the period covered by the Consolidated Financial Statements did not have a material impact on the Company's Consolidated Financial Statements and related disclosures. New pronouncements Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations.

Revenues

Revenues	12 Months Ended
Revenues	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table presents disaggregated information about the Company’s revenues from contracts with customers by major source: For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Grain $ 2,496 $ 1,776 $ 1,684 Coal 859 577 625 Potash 566 581 463 Fertilizers and sulphur 385 332 305 Forest products 696 403 348 Energy, chemicals and plastics 2,301 1,394 1,563 Metals, minerals and consumer products 1,579 884 728 Automotive 934 438 376 Intermodal 2,465 2,242 1,724 Total freight revenues 12,281 8,627 7,816 Non-freight excluding leasing revenues 161 103 100 Revenues from contracts with customers 12,442 8,730 7,916 Leasing revenues 113 84 79 Total revenues $ 12,555 $ 8,814 $ 7,995 Contract liabilities Contract liabilities represent payments received for performance obligations not yet satisfied. They are presented within "Accounts payable and accrued liabilities" and "Other long-term liabilities" on the Company's Consolidated Balance Sheets. The following table summarizes the changes in contract liabilities for the years ended December 31, 2023 and 2022: (in millions of Canadian dollars) 2023 2022 Opening balance, January 1 $ 64 $ 67 Contract liabilities assumed upon the acquisition of KCS (Note 11) 7 — Revenue recognized in the period that was included in the opening balance or liabilities assumed (36) (21) Increase due to consideration received, net of revenue recognized in the period 17 18 Closing balance, December 31 $ 52 $ 64

Other expense

Other expense	12 Months Ended
Other expense	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other expense	Other expense For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Foreign exchange gain on debt and lease liabilities $ — $ — $ (7) Foreign exchange loss on FX forward contracts (Note 18) 39 — — Other foreign exchange gains (12) — (4) Acquisition-related costs (Note 11) 6 — 247 Other 19 17 1 Other expense $ 52 $ 17 $ 237

Income taxes

Income taxes	12 Months Ended
Income taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The following is a summary of the major components of the Company’s income tax (recovery) expense: For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Current income tax expense $ 909 $ 492 $ 526 Deferred income tax (recovery) expense Reversal of outside basis deferred tax (Note 11) (7,832) — — Origination and reversal of temporary differences 53 101 259 Effect of tax rate decrease (72) (25) (11) Effect of hedge of net investment in foreign subsidiaries and equity-method investees (Note 8) (22) 59 (3) Other (12) 1 (3) Total deferred income tax (recovery) expense (7,885) 136 242 Total income tax (recovery) expense $ (6,976) $ 628 $ 768 (Loss) income before income tax (recovery) expense Canada 2,359 2,236 2,899 Foreign (5,412) 1,909 721 Total (loss) income before income tax (recovery) expense (3,053) 4,145 3,620 Income tax (recovery) expense Current Canada 377 333 404 Foreign 532 159 122 Total current income tax expense 909 492 526 Deferred Canada 238 177 (179) Foreign (8,123) (41) 421 Total deferred income tax (recovery) expense (7,885) 136 242 Total income tax (recovery) expense $ (6,976) $ 628 $ 768 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 carryforwards. The items comprising the deferred income tax assets and liabilities are as follows: As at December 31 (in millions of Canadian dollars) 2023 2022 Deferred income tax assets Tax losses and other attributes carried forward $ 173 $ 70 Liabilities carrying value in excess of tax basis 276 108 Unrealized foreign exchange losses 18 50 Environmental remediation costs 50 22 Other 7 5 Total deferred income tax assets 524 255 Valuation allowance (36) (4) Total net deferred income tax assets $ 488 $ 251 Deferred income tax liabilities Investment in Kansas City Southern (Note 12) — 7,526 Properties carrying value in excess of tax basis 9,481 4,149 Pensions carrying value in excess of tax basis 751 691 Intangibles carrying value in excess of tax basis 789 — Investments carrying value in excess of tax basis (1) 473 38 Other (1) 46 44 Total deferred income tax liabilities 11,540 12,448 Total net deferred income tax liabilities $ 11,052 $ 12,197 (1) 2022 comparative figures have been reclassified to conform to the current year's presentation. The Company’s consolidated effective income tax rate differs from the expected Canadian statutory tax rates. Expected income tax (recovery) expense at statutory rates is reconciled to income tax (recovery) expense as follows: For the year ended December 31 (in millions of Canadian dollars, except percentage) 2023 2022 2021 Statutory federal and provincial income tax rate (Canada) 26.11 % 26.12 % 26.12 % Expected income tax (recovery) expense at Canadian enacted statutory tax rates $ (797) $ 1,083 $ 946 (Decrease) increase in taxes resulting from: Reversal of outside basis deferred tax (Note 11) (7,832) — — Remeasurement loss of Kansas City Southern 1,873 — — Losses (gains) not subject to tax 10 (9) (116) Canadian tax rate differentials (14) (12) (22) Foreign tax rate differentials (62) (94) (37) Effect of tax rate decrease (72) (25) (11) Deduction for dividends taxed on outside basis (68) (270) — Unrecognized tax benefits (10) (24) (2) Inflation in Mexico (31) — — Valuation allowance 1 — — Other 26 (21) 10 Income tax (recovery) expense $ (6,976) $ 628 $ 768 In 2023, the Company recorded a deferred tax recovery of $23 million (U.S. $17 million) on the outside basis difference of the change in the equity investment in KCS for the period January 1, 2023 to April 13, 2023, prior to acquiring control of KCS. In 2022 and 2021, deferred tax recoveries of $19 million (U.S. $15 million) and $33 million (U.S. $26 million), respectively, were recorded on the outside basis difference of the change in the equity investment in KCS. The outside basis difference is the excess of the carrying amount of the Company’s investment in KCS for financial reporting over the tax basis of this investment. In 2023, the Company recorded a deferred tax recovery of $7,832 million on the derecognition of the deferred tax liability on the outside basis difference of the investment in KCS upon acquiring control. In 2023, the Company revalued its deferred income tax balances as a result of decreases in the corporate income tax rates in the states of Iowa and Arkansas, resulting in a net recovery of $13 million. In 2022, the Company revalued its deferred income tax balances as a result of a corporate income tax rate decrease in the state of Iowa, resulting in a net recovery of $12 million. In 2021, the Company recorded a deferred tax liability of $7,178 million (U.S. $5,607 million) on the outside basis difference of its investment in KCS. This balance was held in a U.S. functional currency entity and subsequently revalued to $7,526 million at December 31, 2022 ($7,079 million at December 31, 2021) due to changes in FX. In 2023, upon acquisition of control in KCS, the entire outside basis deferred tax liability was reversed through "income tax (recovery) expense" as mentioned above. The Company has not provided a deferred liability for the income taxes which might become payable on any temporary difference associated with its foreign investments because the Company intends to indefinitely reinvest in its foreign investments and has no intention to realize this difference by a sale of its interest in foreign investments. It is not practical to calculate the amount of the deferred tax liability. It is more likely than not that the Company will realize the majority of its deferred income tax assets from the generation of future taxable income, as the payments for provisions, reserves, and accruals are made and losses and tax credits carried forward are utilized. As at December 31, 2023, the Company had tax effected operating losses carried forward of $52 million (2022 – $22 million), which have been recognized as a deferred tax asset. The losses carried forward will begin to expire in 2026. The Company expects to fully utilize these tax effected operating losses before their expiry. As at December 31, 2023, the Company had $2 million (2022 – $2 million) in tax effected capital losses carried forward recognized as a deferred tax asset. The Company has no unrecognized tax benefits from capital losses as at December 31, 2023 and 2022. As at December 31, 2023, the Company had $4 million in tax effected track maintenance credits carried forward recognized as a deferred tax asset, which will begin to expire in 2028. The Company did not have any minimum tax credits or investment tax credits carried forward. The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada, the U.S., and Mexico for the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Unrecognized tax benefits at January 1 $ 20 $ 49 $ 55 Increase in unrecognized: Tax benefits related to the current year 2 1 — Tax benefits related to prior years 10 — — Tax benefits acquired with KCS 2 — — Dispositions: Gross uncertain tax benefits related to prior years (6) (30) (6) Settlements with taxing authorities (6) — — Unrecognized tax benefits at December 31 $ 22 $ 20 $ 49 If these unrecognized tax benefits were recognized, $17 million of unrecognized tax benefits as at December 31, 2023 would impact the Company’s effective tax rate. During the fourth quarter of 2019, a tax authority proposed an adjustment for a prior tax year without assessing taxes. Although the Company had commenced action to have the proposal removed, an increase in uncertain tax position was recorded to deferred income tax liability and expense in the amount of $24 million. While the proposed adjustment was withdrawn during 2020, the ultimate resolution of this matter was not determinable until 2022. During the fourth quarter of 2022, the Company recorded a deferred tax recovery of $24 million to reverse this uncertain tax position as the amount was no longer expected to be realized. The Company recognizes accrued interest, inflation and penalties related to unrecognized tax benefits as a component of "Income tax (recovery) expense" in the Company’s Consolidated Statements of Income. The net amount of accrued interest, inflation and penalties in 2023 was a $3 million recovery (2022 – $5 million expense; 2021 – $4 million expense). The total amount of accrued interest, inflation and penalties associated with unrecognized tax benefits as at December 31, 2023 was $15 million (2022 – $18 million; 2021 – $13 million). The Company and its subsidiaries are subject to either Canadian federal and provincial income tax, U.S. federal, state and local income tax, Mexican 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 2018. The federal and provincial income tax returns filed for 2019 and subsequent years remain subject to examination by the Canadian taxation authorities. The Canadian international audit for 2017 and subsequent years is ongoing. The income tax returns for 2020 and subsequent years continue to remain subject to examination by the IRS and U.S. state tax jurisdictions. Kansas City Southern de México, S.A. de C.V. (also known as Canadian Pacific Kansas City Mexico) ("CPKCM") has closed audit examinations for Mexican income tax returns for the years through 2020, except for the 2014 year which is currently in litigation (see Note 26). The CPKCM Mexican income tax returns filed for 2021 and subsequent years remain subject to examination by the Servicio de Administración Tributaria ("SAT”) (Mexican tax authority). There are certain Mexican subsidiaries with ongoing audits for the years 2016-2018 and 2021. As at December 31, 2023, the Company believes that it has recorded sufficient income tax reserves with respect to these income tax examinations and open tax years. In December 2021, the Organization for Economic Co-operation and Development ("OECD") published model rules for a new global minimum tax framework ("Pillar Two"), and various governments around the world have issued, or are in the process of issuing, legislation regarding Pillar Two. The Company is in the process of assessing the full impact of this but does not expect it to have a material impact on the Company's future financial results. Mexican tax audits CPKCM closed audit examinations with the SAT for the tax years 2016-2020 in September 2023 and the tax years 2009-2010, 2013 and 2015 in November 2023. The audit examinations were for corporate income tax and value added tax (“VAT”). The settlement of these audits resulted in payments of $135 million and a $16 million reduction to the April 14, 2023 refundable VAT balance, which was classified within "Accounts receivable, net". The settlements primarily resulted in an increase of $90 million to "Goodwill" (see Note 11) and a current income tax expense to "Income tax (recovery) expense" of $13 million. In addition, a current income tax expense of $3 million for the year ended December 31, 2023 was recognized to reserve for potential future audit settlements. As a result, as at December 31, 2023, the estimated impact of potential future audit settlements for tax years after 2020 that were substantially reserved included a reduction to the April 14, 2023 refundable VAT balance of $9 million and an income tax reserve of $3 million, which was classified within "Accounts payable and accrued liabilities". Mexican value added tax

Earnings per share

Earnings per share	12 Months Ended
Earnings per share	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share For the year ended December 31 (in millions of Canadian dollars, except per share data) 2023 2022 2021 Net income attributable to controlling shareholders $ 3,927 $ 3,517 $ 2,852 Weighted-average basic shares outstanding (millions) 931.3 930.0 679.7 Dilutive effect of stock options (millions) 2.4 2.9 3.1 Weighted-average diluted shares outstanding (millions) 933.7 932.9 682.8 Earnings per share – basic $ 4.22 $ 3.78 $ 4.20 Earnings per share – diluted $ 4.21 $ 3.77 $ 4.18 In 2023, there were 0.6 million options excluded from the computation of diluted earnings per share because their effects were not dilutive (2022 – 0.3 million; 2021 – 0.1 million).

Other comprehensive (loss) inco

Other comprehensive (loss) income and accumulated other comprehensive (loss) income	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Other comprehensive (loss) income and accumulated other comprehensive (loss) income	Other comprehensive (loss) income and accumulated other comprehensive (loss) income The components of Other comprehensive (loss) income and the related tax effects attributable to controlling shareholders are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2023 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (840) $ — $ (840) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) 194 (22) 172 Realized loss on derivatives designated as cash flow hedges recognized in income 7 (2) 5 Change in pension and other benefits actuarial gains and losses (57) 16 (41) Change in prior service pension and other benefit costs (16) 4 (12) Equity accounted investments 7 — 7 Other comprehensive loss $ (705) $ (4) $ (709) For the year ended December 31, 2022 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries and equity method investees $ 2,099 $ — $ 2,099 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) (471) 59 (412) Realized loss on derivatives designated as cash flow hedges recognized in income 6 (2) 4 Change in pension and other benefits actuarial gains and losses 706 (182) 524 Change in prior service pension and other benefit costs (26) 7 (19) Equity accounted investments (5) 3 (2) Other comprehensive income $ 2,309 $ (115) $ 2,194 For the year ended December 31, 2021 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (316) $ — $ (316) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) 25 (3) 22 Change in derivatives designated as cash flow hedges: Realized loss on derivatives designated as cash flow hedges recognized in income 10 (3) 7 Unrealized gain on cash flow hedges 38 (9) 29 Change in pension and other benefits actuarial gains and losses 1,286 (323) 963 Equity accounted investments 9 (3) 6 Other comprehensive income $ 1,052 $ (341) $ 711 Changes in AOCI attributable to controlling shareholders, net of tax, by component are as follows: (in millions of Canadian dollars) Foreign currency net of hedging activities Derivatives Pension and post- retirement defined benefit plans Equity accounted investments Total Opening balance, January 1, 2023 $ 1,505 $ — $ (1,410) $ (4) $ 91 Other comprehensive (loss) income before reclassifications (668) — (79) 6 (741) Amounts reclassified from AOCI — 5 26 1 32 Net other comprehensive (loss) income (668) 5 (53) 7 (709) Closing balance, December 31, 2023 $ 837 $ 5 $ (1,463) $ 3 $ (618) Opening balance, January 1, 2022 $ (182) $ (4) $ (1,915) $ (2) $ (2,103) Other comprehensive income before reclassifications 1,687 — 387 164 2,238 Amounts reclassified from AOCI — 4 118 (166) (44) Net other comprehensive income (loss) 1,687 4 505 (2) 2,194 Closing balance, December 31, 2022 $ 1,505 $ — $ (1,410) $ (4) $ 91

Accounts receivable, net

Accounts receivable, net	12 Months Ended
Accounts receivable, net	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable, net	Accounts receivable, net As at December 31, 2023 As at December 31, 2022 (in millions of Canadian dollars) Freight Non-freight Total Freight Non-freight Total Total accounts receivable $ 1,559 $ 417 $ 1,976 $ 785 $ 272 $ 1,057 Allowance for credit losses (63) (26) (89) (27) (14) (41) Total accounts receivable, net $ 1,496 $ 391 $ 1,887 $ 758 $ 258 $ 1,016

Property sale

Property sale	12 Months Ended
Property sale	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Property sale	Property sale During 2021, the Company provided property to a government agency in exchange for property and property easements with fair values of $33 million and $9 million, respectively, and cash of $61 million. Fair values were determined based on comparable market transactions. The Company recorded a gain in "Purchased services and other" of $50 million from the transaction, and a deferred gain of $53 million, which is being recognized in income over the period of use of certain easements. The Company recognized $14 million of the deferred gain into income in 2023 (2022 - $14 million; 2021 - $13 million)).

Business acquisition

Business acquisition	12 Months Ended
Business acquisition	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business acquisition	Business acquisition KCS On September 15, 2021, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with KCS, a U.S. Class I railway, with the objective of creating the only single railroad link the U.S., Mexico and Canada. Previously, on March 21, 2021, the Company had entered a merger agreement (the “Original Merger Agreement”) with KCS. However, on May 21, 2021, KCS terminated the Original Merger Agreement with the Company in order to enter into a merger agreement with Canadian National Railway Company ("CN") (the "CN Merger Agreement"). Under the terms of the Original Merger Agreement, KCS concurrently paid a merger termination fee of $845 million (U.S. $700 million ) to the Company, recorded as "Merger termination fee" in the Company's 2021 Consolidated Statements of Income. On September 15, 2021, KCS terminated the CN Merger Agreement, paid U.S. $1,400 million in merger termination fees, and entered the Merger Agreement with the Company. In connection with the Merger Agreement the Company remitted $1,773 million (U.S. $1,400 million) to KCS to compensate KCS for payments it was required to make to CN. This payment to KCS was included as part of the cost of the acquisition of KCS within "Investment in Kansas City Southern" in the Company's Consolidated Balance Sheets and was included in "Investment in Kansas City Southern" in the Company's Consolidated Statements of Cash Flows. On December 14, 2021, the Company purchased 100% of the issued and outstanding stock of KCS which was deposited into a voting trust while the U.S. Surface Transportation Board (the "STB") reviewed the Company's proposed control of KCS. In exchange, the Company issued 262.6 million Common Shares to existing KCS common stockholders at the exchange ratio of 2.884 Common Shares per share of KCS common stock or $23,461 million (U.S. $18,282 million) and paid cash consideration of (i) U.S. $90 per share of KCS common stock and (ii) U.S. $37.50 per share of KCS preferred stock, totalling $10,526 million (U.S. $8,203 million). The total consideration paid to acquire KCS, including the payment made in connection with the CN merger termination described above was $35,760 million (U.S. $27,885 million). Cash consideration paid in connection with the acquisition was financed by issuances of long-term debt (see Note 17). On March 15, 2023, the STB approved the Company and KCS’s joint merger application, and the Company assumed control of KCS on April 14, 2023 (the "Control Date"). From December 14, 2021 to April 13, 2023 the Company recorded its investment in KCS using the equity method of accounting (Note 12). Accordingly, the Company commenced consolidation of KCS on the Control Date, accounting for the acquisition as a business combination achieved in stages. The results from operations and cash flows have been consolidated prospectively from the Control Date. The Company derecognized its previously held equity method investment in KCS of $44,402 million as of April 13, 2023 and remeasured the investment at its Control Date fair value of $37,227 million, which formed part of the purchase consideration, resulting in a net remeasurement loss of $7,175 million. In addition, a deferred income tax recovery of $7,832 million was recognized upon the derecognition of the deferred tax liability computed on the outside basis that the Company had recognized in relation to its investment in KCS while accounted for using the equity method. The fair value of the previously held equity interest in KCS was determined by a discounted cash flow approach, which incorporated the Company’s best estimates of long-term growth rates, tax rates, discount rates, and terminal multiples. The identifiable assets acquired, and liabilities and non-controlling interest assumed were measured at their provisional fair values at the Control Date, with certain exceptions, including income taxes, certain contingent liabilities and contract liabilities. The provisional fair values of the tangible assets were determined using valuation techniques including, but not limited to, the market approach and the cost approach. The significant assumptions used to determine the provisional fair value of the tangible assets included, but were not limited to, a selection of comparable assets and an appropriate inflation rate. Presented with the acquired Properties are concession and related assets held under the terms of a concession from the Mexican government. The Concession expires in June 2047 and is renewable under certain conditions for additional periods, each of up to 50 years. The provisional fair values of the intangible assets were determined using valuation techniques including, but not limited to, the multi-period excess earnings method, the replacement cost method, the relief from royalty method and the income approach. The significant assumptions used to determine the provisional fair values of the intangible assets included, but were not limited to, the renewal probability and term of the Mexican concession extension, discount rates, earnings before interest, tax, depreciation, and amortization ("EBITDA") margins and terminal growth rates. The fair value of the non-controlling interest was determined using a combination of the income and market approaches to determine the fair value of Meridian Speedway LLC in which Norfolk Southern Corporation ("NSC") owns a non-controlling interest, and this fair value was allocated proportionately between KCS and NSC. At December 31, 2023, the accounting for the acquisition of KCS remains incomplete as the Company continues to validate the provisional fair values assigned to acquired assets and assumed liabilities. This validation will be completed during the measurement period as additional information is obtained about facts and circumstances as of the Control Date that will assist in the determination of the fair values of these assets and liabilities. Measurement uncertainty exists at December 31, 2023 with respect to, but not limited to, working capital balances, “Investments”, “Properties”, “Intangible assets”, “Other assets”, “Pensions and other benefit liabilities”, “Other long-term liabilities”, and “Deferred income taxes”. The following table summarizes the preliminary purchase price allocation with the amounts recognized in respect of the identifiable assets acquired and liabilities and non-controlling interest assumed on the Control Date, as well as the fair value of the previously held equity interest in KCS and the measurement period adjustments recorded during the year: (in millions of Canadian dollars) Reported at Measurement period adjustments Reported at December 31, 2023 Net assets acquired: Cash and cash equivalents $ 298 $ — $ 298 Net working capital 51 (110) (59) Properties 28,748 1 28,749 Intangible assets 3,022 — 3,022 Other long-term assets 496 (5) 491 Debt including debt maturing within one year (4,545) — (4,545) Deferred income taxes (6,984) 42 (6,942) Other long-term liabilities (406) (2) (408) Total identifiable net assets $ 20,680 $ (74) $ 20,606 Goodwill 17,491 74 17,565 $ 38,171 $ — $ 38,171 Consideration: Fair value of previously held equity method investment $ 37,227 $ — $ 37,227 Intercompany payable balance, net acquired 12 — 12 Fair value of non-controlling interest 932 — 932 Total $ 38,171 $ — $ 38,171 During the year ended December 31, 2023, measurement period adjustments were recorded as a result of new information that was obtained about facts and circumstances of certain KCS assets and liabilities at the Control Date. The new information was primarily in relation to CPKCM’s VAT assets and liabilities, as well as income and other tax positions, discussed further in Note 6. Other adjustments recorded in relation to assets and liabilities were not significant in value. These adjustments to the Company's Consolidated Balance Sheet had a negligible impact to the Company's net income in 2023. Acquired cash and cash equivalents of $298 million are presented as an investing activity on the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2023 . The net working capital acquired included trade receivables of $704 million and accounts payable and accrued liabilities of $970 million. Intangible assets of $3,022 million consist of contracts and customer relationships with amortization periods of nine Net working capital and Other long-term liabilities included environmental liabilities of $15 million and $132 million, respectively, and legal and personal injury claims of $28 million and $40 million, respectively, which are contingent on the outcome of uncertain future events. The values are measured at estimated cost and evaluated for changes in facts at the end of the reporting period. The excess of the total consideration, over the amounts allocated to acquired assets and assumed liabilities and the non-controlling interest recognized, has been recognized as goodwill of $17,565 million. Goodwill represents future synergies and an acquired assembled workforce. All of the goodwill has been assigned to the rail transportation operating segment. None of the goodwill is expected to be deductible for income tax purposes. The Consolidated Statement of Income for the year ended December 31, 2023 included revenue of $3,467 million and net income attributable to controlling shareholders of $682 million from KCS, from the period of April 14, 2023 to December 31, 2023 . On a pro forma basis, if the Company had consolidated KCS starting January 1, 2022, the revenue and net income attributable to controlling shareholders of the combined entity would be as follows for the years ended December 31, 2023 and December 31, 2022: For the year ended December 31, 2023 For the year ended December 31, 2022 (in millions of Canadian dollars) KCS Historical (1) Pro Forma CPKC KCS Historical (1) Pro Forma CPKC Revenue $ 1,351 $ 13,909 $ 4,390 $ 13,217 Net income attributable to controlling shareholders 280 3,174 1,287 4,153 (1) KCS's results were translated into Canadian dollars at the Bank of Canada daily exchange rate for the period from January 1 to April 13, 2023 and year ended December 31, 2022 with effective exchange rates of $1.35 and $1.30, respectively. For the years ended December 31, 2023 and December 31, 2022, the supplemental pro forma Net income attributable to controlling shareholders for the combined entity were adjusted for: • the removal of the remeasurement loss of $7,175 million upon the derecognition of CPRL's previously held equity method investment in KCS from the year ended December 31, 2023, which included the reclassification of associated AOCI to retained earnings; and recognition of this remeasurement loss in the year ended December 31, 2022; • depreciation and amortization of differences between the historic carrying value and the preliminary fair value of tangible and intangible assets and investments prior to the Control Date; • amortization of differences between the carrying amount and the fair value of debt through net interest expense prior to the Control Date; • the elimination of intercompany transactions prior to the Control Date between the Company and KCS; • miscellaneous amounts have been reclassified across revenue, operating expenses, and non-operating income or expense, consistent with CPKC's financial statement captions; • the removal of equity earnings from KCS, previously held as an equity method investment prior to the Control Date, of $230 million and $1,074 million for the years ended December 31, 2023 and December 31, 2022, respectively; • transaction costs incurred by the Company; and • income tax adjustments including: ◦ the derecognition of a deferred tax recovery of $7,832 million for the year ended December 31, 2023 related to the elimination of the deferred income tax liability on the outside basis difference of the investment in KCS; and recognition of this deferred income tax recovery in the year ended December 31, 2022; ◦ the derecognition of a deferred tax recovery for the year ended December 31, 2023 on CPKC unitary state apportionment changes; and recognition of these CPKC unitary state apportionment changes in the year ended December 31, 2022; ◦ a deferred tax recovery prior to the Control Date on amortization of fair value adjustments to investments, properties, intangible assets and debt; and ◦ a current tax recovery on transaction costs expected to be incurred by CPKC. During the year ended December 31, 2023, the Company incurred $190 million in acquisition-related costs, of which: • $71 million were recognized in "Compensation and benefits" primarily related to restructuring costs, retention and synergy related incentive compensation costs; • $2 million were recognized in "Materials"; • $111 million were recognized in "Purchased services and other" including third party purchased services, and payments made to certain communities across the combined network to address the environmental and social impacts of increased traffic as required by voluntary agreements with communities and conditions imposed by the STB pursuant to the STB's final decision approving the Company and KCS's joint merger application, including, but not limited to, payments related to new crossings, closure of existing crossings and other infrastructure projects; and • $6 million were recognized in "Other expense". KCS incurred acquisition-related costs of $11 million between January 1, 2023 and April 13, 2023, which were included within "Equity (earnings) loss of Kansas City Southern". During the year ended December 31, 2022, the Company incurred $74 million in acquisition-related costs recognized within "Purchased services and other". Acquisition-related costs of $49 million incurred by KCS during the year ended December 31, 2022, were included in "Equity (earnings) loss of Kansas City Southern". During the year ended December 31, 2021 , the Company incurred $599 million in acquisition-related costs associated with the KCS acquisition, of which $183 million were recognized in "Purchased services and other"and $247 million were recognized in "Other expense". Acquisition-related costs of $169 million, incurred by KCS during the 18 days from the date the acquisition closed into the voting trust, were included in "Equity (earnings) loss of Kansas City Southern". The acquisition-related costs recognized in "Other expense" included the changes in fair value and realized gain from settlement of the FX forward contracts, changes in fair value and realized loss of the bond locks and forward starting floating-to-fixed interest rate swaps associated with debt issuances (see Note 18), amortization of financing fees associated with credit facilities, and FX gains on U.S. dollar-denominated cash on hand from the issuances of long-term debt to fund the KCS acquisition. Total financing fees paid for a bridge facility associated with the KCS acquisition for the year ended December 31, 2021 were $51 million, presented under "Cash used in financing activities" in the Company's Consolidated Statements of Cash Flows. During the year ended December 31, 2023, the Company recognized $297 million ($228 million after deferred income tax recovery of $69 million) of KCS purchase accounting representing incremental depreciation and amortization in relation to fair value adjustments to depreciable property, plant and equipment, intangible assets with definite lives, and long-term debt, and amortized over the related assets' remaining useful lives, and the remaining terms to maturity of the debt instruments in "Net income attributable to controlling shareholders", including costs of: • $234 million recognized in "Depreciation and amortization"; • $1 million recognized in "Purchased services and others"; • $17 million recognized in "Net interest expense"; • $2 million recognized in "Other expense"; • $48 million recognized in "Equity (earnings) loss of Kansas City Southern"; and • a recovery of $5 million recognized in "Net loss attributable to non-controlling interest".

Investment in Kansas City South

Investment in Kansas City Southern	12 Months Ended
Investment in Kansas City Southern	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Kansas City Southern	Investment in Kansas City Southern On April 14, 2023, the Company assumed control of KCS and subsequently derecognized its previously held equity method investment in KCS. The carrying amount of the Company's equity investment in KCS reported in the Consolidated Balance Sheets prior to derecognition reflected the total of the consideration paid to acquire KCS (see Note 11), the offsetting asset recorded on recognition of a deferred tax liability computed on an outside basis (see Note 6), the subsequent recognition of equity income recorded in "Equity (earnings) loss of Kansas City Southern" and "Other comprehensive Income (loss) from equity investees", the receipt of dividends from KCS, and foreign currency translation based on the period-end exchange rate. The Company estimated approximately $30.0 billion of basis differences between t he consideration paid to acquire KCS and the underlying carrying value of the net assets of KCS as at December 14, 2021. While the Company accounted for its investment in KCS using the equity method of accounting from December 14, 2021 until April 13, 2023, the basis difference was amortized and recorded as a reduction of the Company's equity earnings of KCS . The basis differences that related to depreciable property, plant and equipment, intangible assets with definite lives, and long-term debt were amortized over the related assets' remaining useful lives, and the remaining terms to maturity of the debt instruments. The remainder of the basis differences, relating to non-depreciable property, plant and equipment, intangible assets with indefinite lives, and equity method goodwill, were not amortized and carried at cost subject to an assessment for impairment. For the period from January 1 to April 13, 2023, the Company recognized $230 million of equity earnings of KCS (year ended December 31, 2022 - $1,074 million), and received dividends from KCS of $300 million (year ended December 31, 2022 - $1,157 million). The foreign currency translation of the investment in KCS totalled a FX loss of $578 million (year ended December 31, 2022 - an FX gain of $2,891 million). Included within the equity earnings of KCS recognized for the period from January 1 to April 13, 2023 was amortization (net of tax) of basis differences of $48 million (year ended December 31, 2022 - $163 million). Equity earnings of KCS recognized for the year ended December 31, 2022 also included KCS's gain on unwinding of interest rate hedges of $212 million, which is net of the Company's associated purchase accounting basis differences and tax. The following tables present summarized financial information for KCS, on its historical cost basis: Consolidated Statements of Income (in millions of Canadian dollars) (1) For the period January 1 to April 13, 2023 For the year ended December 31, 2022 (3) For the period December 14 to December 31, 2021 Total revenues $ 1,351 $ 4,390 $ 178 Total operating expenses 888 2,794 287 Operating income (loss) 463 1,596 (109) Less: Other (2) 83 (119) 12 Income (loss) before income taxes 380 1,715 (121) Net income (loss) $ 280 $ 1,287 $ (106) (1) Amounts translated at the average FX rate for the period from January 1 to April 13, 2023 of $1.00 USD = $1.35 CAD, for the year ended December 31, 2022 of $1.00 USD = $1.30 CAD, and for the period from December 14 to 31, 2021 of $1.00 USD = $1.28 CAD. (2) Includes Equity in net earnings of KCS's affiliates, Interest expense, FX loss, Gain on settlement of treasury lock agreements, and Other income, net. (3) Certain 2022 comparative figures have been revised to conform with current year's presentation regarding translation of KCS's historical results from U.S. dollars to Canadian dollars. Consolidated Balance Sheet (in millions of Canadian dollars) (1) As at December 31, 2022 Assets Current assets $ 1,441 Properties 12,680 Other non-current assets 340 Liabilities Current liabilities $ 1,748 Long-term debt 4,232 Other non-current liabilities 1,987 Non-controlling interest 448 (1) Amounts translated at the December 31, 2022 year-end at FX rate of $1.00 USD = $1.35 CAD.

Properties

Properties	12 Months Ended
Properties	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Properties	Properties 2023 2023 2022 As at December 31 Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway (1) 2.8 % $ 42,597 $ 6,811 $ 35,786 $ 21,524 $ 6,308 $ 15,216 Rolling stock 3.6 % 8,125 1,629 6,496 5,085 1,523 3,562 Land (1) N/A 3,487 — 3,487 964 — 964 Concession land rights 1.4 % 1,779 17 1,762 — — — Buildings 3.0 % 1,732 281 1,451 1,069 254 815 Other 6.7 % 4,065 1,303 2,762 3,038 1,210 1,828 Total $ 61,785 $ 10,041 $ 51,744 $ 31,680 $ 9,295 $ 22,385 (1) 2022 comparative figures have been reclassified to confirm with current year's presentation. The breakdown of Concession assets included within each asset group of Properties shown above is as follows: As at December 31, 2023 (in millions of Canadian dollars) Cost Accumulated Net book Track and roadway $ 7,056 $ 99 $ 6,957 Concession land rights 1,779 17 1,762 Buildings 230 7 223 Other 141 4 137 Total $ 9,206 $ 127 $ 9,079 Finance lease ROU assets 2023 2022 As at December 31 (in millions of Canadian dollars) Cost Accumulated Net book Cost Accumulated Net book Rolling stock $ 182 $ 79 $ 103 $ 170 $ 75 $ 95 Other 14 6 8 10 3 7 Total ROU assets held under finance lease $ 196 $ 85 $ 111 $ 180 $ 78 $ 102 Government assistance During the year ended December 31, 2023, the Company received $25 million (2022 - $32 million) of government assistance towards the purchase and construction of properties As of December 31, 2023, the total Properties balance of $51,744 million includes $272 million (2022 - $285 million) of unamortized government assistance, primarily related to the enhancement of the Company's track and roadway infrastructure. Amortization expense related to government assistance for the year ended December 31, 2023, was $11 million (2022 - $11 million).

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill (in millions of Canadian dollars) Balance as at December 31, 2021 $ 328 Foreign exchange impact 16 Balance as at December 31, 2022 344 Addition (Note 11) 17,565 Foreign exchange impact (180) Balance as at December 31, 2023 $ 17,729 Addition to goodwill in 2023 represents the excess of the purchase price over the estimated fair value of the net assets acquired in the business acquisition of KCS. The goodwill represents synergies and an acquired assembled workforce .

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets (in millions of Canadian dollars) Cost (1) Accumulated Net carrying amount Balance as at December 31, 2021 $ 64 $ (21) $ 43 Amortization — (3) (3) Foreign exchange impact 2 — 2 Balance as at December 31, 2022 66 (24) 42 Additions (Note 11) 3,022 — 3,022 Amortization — (61) (61) Foreign exchange impact (27) (2) (29) Balance as at December 31, 2023 $ 3,061 $ (87) $ 2,974 (1) As at December 31, 2023, the Company held $1,798 million (2022 - $9 million) of Intangible assets not subject to amortization. Provided below is the estimated aggregate amortization expense for each of the five succeeding fiscal years, and thereafter: (in millions of Canadian dollars) 2024 $ 85 2025 85 2026 85 2027 85 2028 85 2029 and thereafter 751 Total $ 1,176

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
Accounts payable and accrued liabilities	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities As at December 31 (in millions of Canadian dollars) 2023 2022 Trade payables $ 680 $ 503 Accrued charges 667 284 Income and other taxes payable 255 177 Dividends payable 177 177 Accrued interest 162 143 Payroll-related accruals 115 79 Operating lease liabilities (Note 20) 102 68 Accrued vacation 99 62 Personal injury and other claims provision 81 53 Financial derivative liability (Note 18) 60 — Stock-based compensation liabilities 50 84 Other 119 73 Total accounts payable and accrued liabilities $ 2,567 $ 1,703

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table outlines the Company's outstanding long-term debt as at December 31, 2023: (in millions of Canadian dollars except percentages) Maturity Currency 2023 2022 4.45% 12.5-year Notes (A) Mar 2023 U.S.$ $ — $ 474 1.589% 2-year Notes (1) (A) Nov 2023 CDN$ — 1,000 1.35% 3-year Notes (1) (A) Dec 2024 U.S.$ 1,983 2,030 2.90% 10-year Notes (A) Feb 2025 U.S.$ 926 948 3.70% 10.5-year Notes (A) Feb 2026 U.S.$ 330 338 1.75% 5-year Notes (1) (A) Dec 2026 U.S.$ 1,321 1,353 2.54% 6.3-year Notes (1) (A) Feb 2028 CDN$ 1,200 1,200 4.00% 10-year Notes (A) Jun 2028 U.S.$ 661 677 3.15% 10-year Notes (A) Mar 2029 CDN$ 400 399 2.05% 10-year Notes (A) Mar 2030 U.S.$ 660 676 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 463 474 2.45% 10-year Notes (1) (A) Dec 2031 U.S.$ 1,851 1,896 5.75% 30-year Debentures (A) Mar 2033 U.S.$ 326 333 4.80% 20-year Notes (A) Sep 2035 U.S.$ 396 405 5.95% 30-year Notes (A) May 2037 U.S.$ 590 603 6.45% 30-year Notes (A) Nov 2039 CDN$ 400 400 3.00% 20-year Notes (1) (A) Dec 2041 U.S.$ 1,317 1,348 5.75% 30-year Notes (A) Jan 2042 U.S.$ 326 334 4.80% 30-year Notes (A) Aug 2045 U.S.$ 725 743 3.05% 30-year Notes (A) Mar 2050 CDN$ 298 298 3.10% 30-year Notes (1) (A) Dec 2051 U.S.$ 2,365 2,422 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,190 1,219 CPRC Notes issued under Debt Exchange 3.125% 10-year Notes (B) Jun 2026 U.S.$ 291 — 2.875% 10-year Notes (B) Nov 2029 U.S.$ 499 — 4.30% 30-year Notes (B) May 2043 U.S.$ 515 — 4.95% 30-year Notes (B) Aug 2045 U.S.$ 574 — 4.70% 30-year Notes (B) May 2048 U.S.$ 599 — 3.50% 30-year Notes (B) May 2050 U.S.$ 540 — 4.20% 50-year Notes (B) Nov 2069 U.S.$ 444 — 2.875% - 7.00% Other Senior Notes (B) up to Nov 2069 U.S.$ 104 — 5.41% Senior Secured Notes (C) Mar 2024 U.S.$ 64 76 6.91% Secured Equipment Notes (D) Oct 2024 CDN$ 21 40 2.96% - 4.29% RRIF Loans (E) up to Feb 2037 U.S.$ 70 — Obligations under finance leases Various (F) Various CDN$/U.S.$ 8 2 2.32% (F) Sep 2026 U.S.$ 8 — 6.57% (F) Dec 2026 U.S.$ 22 29 12.77% (F) Jan 2031 CDN$ 3 3 1.93% (F) Feb 2041 U.S.$ 4 4 Commercial Paper up to Jan 2024 U.S.$ 1,058 — 22,552 19,724 Perpetual 4% Consolidated Debenture Stock (G) U.S.$ 40 41 Perpetual 4% Consolidated Debenture Stock (G) G.B.£ 6 6 22,598 19,771 Unamortized fees on long-term debt (104) (120) 22,494 19,651 Less: Long-term debt maturing within one year 3,143 1,510 Total long-term debt $ 19,351 $ 18,141 (1) Notes issued to fund the cash consideration component of the KCS acquisition (Note 11). As at December 31, 2023, the gross amount of long-term debt denominated in U.S. dollars was U.S. $15,764 million (December 31, 2022 – U.S. $12,161 million). Annual maturities and principal repayment requirements, excluding those pertaining to finance leases, for each of the five years following 2023 are (in millions): 2024 – $3,133 ; 2025 – $933; 2026 – $1,990; 2027 – $7; 2028 – $1,868; thereafter – $15,202. Fees on long-term debt are amortized to income over the term of the related debt. A. These debentures and notes are presented net of unamortized discounts, require interest payments semi-annually, and are unsecured but carry a negative pledge. In 2023, the Company repaid $1,000 million 1.589% 2-year Notes, and U.S. $350 million ($479 million) 4.45% 12.5-year In 2022, the Company repaid $125 million 5.10% 10-year Medium Term Notes, and U.S. $250 million ($313 million) 4.50% 10-year Notes. B. On March 20, 2023, the Company announced the commencement of offers to exchange any and all validly tendered (and not validly withdrawn notes) and accepted notes of seven series, each previously issued by KCS (the "Old Notes") for notes issued by Canadian Pacific Railway Company ("CPRC") (the "CPRC Notes"), a wholly-owned subsidiary of CPKC, and unconditionally guaranteed on an unsecured basis by CPKC. Each series of CPRC Notes has the same interest rates, interest payment dates, maturity dates, and substantively the same optional redemption provisions as the corresponding series of Old Notes. In exchange for each U.S. $1,000 principal amount of Old Notes that was validly tendered prior to March 31, 2023 (the "Early Participation Date") and not validly withdrawn, holders of Old Notes received consideration consisting of U.S. $1,000 principal amount of CPRC Notes and a cash amount of U.S. $1.00. This total consideration included an early participation premium, consisting of U.S. $30 principal amount of CPRC Notes per U.S. $1,000 principal amount of Old Notes. In exchange for each U.S. $1,000 principal amount of Old Notes that was validly tendered after the Early Participation Date but prior to the expiration of the exchange offers on April 17, 2023 (the "Expiration Date") and not validly withdrawn, holders of Old Notes received consideration consisting of U.S. $970 principal amount of CPRC Notes and a cash amount of U.S. $1.00. On April 19, 2023, the exchange offerings were settled with the issuance of $3,014 million of CPRC Notes. The notes which were not exchanged had a carrying value of $104 million at December 31, 2023. The Debt Exchange was accounted for as a modification of debt. During the year ended December 31, 2023, the Company incurred $12 million of costs associated with the Debt Exchange, recorded in "Other expense"(see Note 5). These charges, and amounts paid to noteholders upon execution of the Debt Exchange, of $17 million, have been classified as "Acquisition-related financing fees" in the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2023. C. The 5.41% Senior Secured Notes are collateralized by specific locomotives with a carrying value of $76 million as at December 31, 2023. The Company pays equal blended semi-annual payments of principal and interest. 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 $27 million as at December 31, 2023. The Company pays equal blended semi-annual payments of principal and interest. E. The following loans were made under the Railroad Rehabilitation and Improvement Financing (“RRIF”) Program administered by the Federal Railroad Administration: The Kansas City Southern Railway Company ("KCSR") RRIF Loan Agreement was entered in February 21, 2012 to borrow U.S. $55 million to be used to reimburse KCSR for a portion of the purchase price of thirty new locomotives (the “Locomotives”) in the fourth quarter of 2011. The loan bears interest at 2.96% annually and the principal balance amortizes quarterly with a final maturity of February 24, 2037. This loan is secured by a first priority security interest in the Locomotives with a carrying value of $14 million as at December 31, 2023. The Texas Mexican Railway Company RRIF Loan Agreement was entered in June 28, 2005 to borrow U.S. $50 million to be used for infrastructure improvements in order to accommodate growing freight rail traffic. The loan bears interest at 4.29% annually and the principal balance amortizes quarterly with a final maturity of July 13, 2030. The loan is guaranteed by Mexrail, which has issued a pledge agreement in favour of the lender equal to the gross revenues earned by Mexrail on per-car fees on traffic crossing the International Rail Bridge in Laredo, Texas. The Company wholly owns Mexrail which, in turn, wholly owns The Texas Mexican Railway Company. F. In 2022 the Company repaid a U.S. $76 million ($97 million) 6.99% finance lease. The carrying value of the assets collateralizing the Company's finance lease obligations was $111 million at December 31, 2023. G. The Consolidated Debenture Stock, authorized by an Act of Parliament of 1889 , constitutes a first charge upon and over the whole of the undertaking, railways, works, rolling stock, plant, property and effects of the Company, with certain exceptions. Credit facilities The Company has a revolving credit facility (the “facility”) agreement with 16 highly rated financial institutions for a commitment amount of U.S. $2.2 billion. The facility can accommodate draws of cash and/or letters of credit at market competitive pricing. Effective May 11, 2023, the Company entered into a second amended and restated credit agreement to extend the maturity dates and increase the total amount available under the facility. The amendment increased the amount available of the five-year tranche from U.S. $1.0 billion to U.S. $1.1 billion and extended the maturity date from September 27, 2026 to May 11, 2028. The amendment also increased the amount available of the two-year tranche from U.S. $300 million to U.S. $1.1 billion and extended the maturity date from September 27, 2023 to May 11, 2025. As at December 31, 2023 and 2022, the Company was in compliance with all terms and conditions of the credit facility arrangements and satisfied the financial covenant. As at December 31, 2023 and 2022, the facility was undrawn. During the year ended December 31, 2022, the Company repaid in full the outstanding borrowings of U.S. $500 million ($636 million) on the term facility. The term facility was automatically terminated on September 15, 2022 following the final principal repayment. The Company also has a commercial paper program, which enables it to issue commercial paper up to a maximum aggregate principal amount of U.S. $1.5 billion in the form of unsecured promissory notes. On July 12, 2023, the Company increased the maximum aggregate principal amount of commercial paper available to be issued from U.S. $1.0 billion to U.S. $1.5 billion. This commercial paper program is backed by the U.S. $2.2 billion revolving credit facility. As at December 31, 2023, the Company had total commercial paper borrowings outstanding of U.S. $800 million ($1,058 million), included in "Long-term debt maturing within one year" in the Company's Consolidated Balance Sheets (December 31, 2022 – $nil). The weighted-average interest rate on these borrowings as at December 31, 2023 was 5.59%. The Company presents issuances and repayments of commercial paper, all of which have a maturity of less than 90 days, in the Company's Consolidated Statements of Cash Flows on a net basis. The Company has bilateral letter of credit facilities with six highly rated financial institutions to support its requirement to post letters of credit in the ordinary course of business. Under these agreements, the Company has the option to post collateral in the form of cash or cash equivalents, equal at least to the face value of the letter of credit issued. These agreements permit the Company to withdraw amounts posted as collateral at any time; therefore, the amounts posted as collateral are presented as “Cash and cash equivalents” on the Company’s Consolidated Balance Sheets. As at December 31, 2023 and 2022, the Company did not have any collateral posted on its bilateral letter of credit facilities but had letters of credit drawn of $93 million (December 31, 2022 – $75 million) from a total available amount of $300 million . In May 2023 the Company terminated KCS's credit facility and commercial paper program. Satisfaction and discharge of KCS 2023 Notes On April 24, 2023, the Company irrevocably deposited U.S. $647 million of non-callable government securities with the trustee of two series of notes that matured in 2023 and were not included in the Debt Exchange (the "KCS 2023 Notes"), to satisfy and discharge KCS's obligations under the KCS 2023 Notes. As a result of the satisfaction and discharge, the obligations of the Company under the indenture with respect to the KCS 2023 Notes were terminated, except those provisions of the indenture that, by their terms, survive the satisfaction and discharge. The Company utilized existing cash resources and issuances of commercial paper to fund the satisfaction and discharge. On May 15, 2023 and November 15, 2023, the U.S. $439 million 3.00% senior notes and U.S. $199 million 3.85% senior notes, respectively, that comprise the KCS 2023 Notes were repaid by release of funds from the trustee. In the Company's Consolidated Statements of Cash Flows, the government securities purchased towards settlement of the May maturity were treated as a cash equivalent. The purchase of government securities of U.S. $198 million ($267 million) associated with the November maturity, along with the settlement of these government securitie s for U.S. $200 million ($274 million)

Financial instruments

Financial instruments	12 Months Ended
Financial instruments	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial instruments	Financial instruments A. Fair values of financial instruments The Company categorizes its financial assets and liabilities measured at fair value into a three-level hierarchy that prioritizes those inputs to valuation techniques used to measure fair value based on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and Level 3 inputs are not observable in the market. The Company’s short-term financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term borrowings including commercial paper and term loans. The carrying value of short-term financial instruments approximate their fair values. The carrying value of the Company’s long-term debt does not approximate its fair value. The estimated fair value has been determined based on market information where available, or by discounting future payments of principal and interest at estimated interest rates expected to be available to the Company at period end. All measurements are classified as Level 2. The Company’s long-term debt, including current maturities, with a carrying value of $21,437 million as at December 31, 2023 (December 31, 2022 - $19,651 million), had a fair value of $20,550 million (December 31, 2022 - $17,720 million). B. Financial risk management Derivative financial instruments Derivative financial instruments may be used to selectively reduce volatility associated with fluctuations in interest rates, FX rates, the price of fuel, and stock-based compensation expense. Where derivatives are designated as hedging instruments, the relationship between the hedging instruments and their associated hedged items is documented, as well as the risk management objective and strategy for the use of the hedging instruments. This documentation includes linking the derivatives that are designated as fair value or cash flow hedges to specific assets or liabilities on the Company's Consolidated Balance Sheets, commitments, or forecasted transactions. At the time a derivative contract is entered into and at least quarterly thereafter, an assessment is made as to whether the derivative item is effective in offsetting the changes in fair value or cash flows of the hedged items. The derivative qualifies for hedge accounting treatment if it is effective in substantially mitigating the risk it was designed to address. It is not the Company’s intent to use financial derivatives or commodity instruments for trading or speculative purposes. Credit risk management Credit risk refers to the possibility that a customer or counterparty will fail to fulfil its obligations under a contract and as a result create a financial loss for the Company. The railway industry predominantly serves financially established customers, and the Company has experienced limited financial losses with respect to credit risk. The credit worthiness of customers is assessed using credit scores supplied by a third party and through direct monitoring of their financial well-being on a continual basis. The Company establishes guidelines for customer credit limits and should thresholds in these areas be reached, appropriate precautions are taken to improve collectability. Counterparties to financial instruments expose the Company to credit losses in the event of non-performance. Counterparties for derivative and cash transactions are limited to high credit quality financial institutions, which are monitored on an ongoing basis. Counterparty credit assessments are based on the financial health of the institutions and their credit ratings from external agencies. The Company does not anticipate non-performance that would materially impact the Company’s Consolidated 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 Canada, the U.S., and Mexico. As a result, the Company is exposed to fluctuations in the value of financial commitments, assets, liabilities, income, or cash flows due to changes in FX rates. The Company may enter into FX risk management transactions primarily to manage fluctuations in the exchange rate between Canadian and U.S. currencies, along with fluctuations in the Mexican peso and U.S dollar as discussed below in "Foreign currency derivative instruments". FX exposure is primarily mitigated through natural offsets created by revenues, expenditures, and balance sheet positions incurred in the same currency. Where appropriate, the Company may negotiate with customers and suppliers to reduce the net exposure. Net investment hedge The FX gains and losses on long-term debt are mainly unrealized and can only be realized when U.S. dollar-denominated long-term debt matures or is settled. The Company also has long-term FX exposure on its investment in foreign subsidiaries with a U.S. dollar functional currency. The majority of the Company’s U.S. dollar-denominated long-term debt, finance lease obligations, and operating lease liabilities have been designated as a hedge of the net investment in these foreign subsidiaries. This designation has the effect of mitigating volatility on Net income by offsetting long-term FX gains and losses on U.S. dollar-denominated long-term debt and gains and losses on its net investment. The effect of the net investment hedge recognized in “Other comprehensive (loss) income” in 2023 was an FX gain of $194 million, the majority of which was unrealized (2022 – unrealized loss of $471 million; 2021 – unrealized gain of $25 million) (see Note 8). U.S.dollar- Canadian dollar FX forward contracts During 2021 , the Company entered into various FX forward contracts totalling a notional U.S. $1.0 billion to fix the FX rate and lock-in a portion of the amount of Canadian dollars it could have borrowed to finance the U.S. dollar-denominated cash portion of the total consideration payable pursuant to the Original Merger Agreement with KCS. During the third quarter of 2021, the Company settled the FX forward contracts and did not have any such contracts remaining as at December 31, 2021. The realized gain from settlement of the FX forward contracts was $13 million and was recorded in "Other expense" on the Company's Consolidated Statements of Income for the year ended December 31, 2021 (2023 - $nil; 2022 - $nil). Mexican Peso- U.S dollar FX Forward contracts The Company’s Mexican subsidiaries have net U.S. dollar-denominated monetary assets which, for Mexican income tax purposes, are subject to periodic revaluation based on changes in the value of the Mexican peso ("Ps.") against the U.S. dollar. This revaluation creates fluctuations in the Company’s Mexican income tax expense and the amount of income taxes paid in Mexican pesos. The Company also has net monetary assets denominated in Mexican pesos that are subject to periodic re-measurement and settlement that create fluctuations within "Other expense". The Company has hedged its net exposure to Mexican peso/U.S. dollar fluctuations in earnings with foreign currency forward contracts. The foreign currency forward contracts involve the Company’s agreement to buy or sell pesos at an agreed-upon exchange rate on a future date. As at December 31, 2023, the Company had outstanding foreign currency forward contracts to purchase a notional value of U.S. $215 million. These outstanding contracts are at a weighted-average exchange rate of Ps.20.61 per U.S. $1.00, and have a maturity date of January 12, 2024. The Company has not designated any of the foreign currency derivative contracts as hedging instruments for accounting purposes. The Company measures the foreign currency derivative contracts at fair value each period and recognizes any change in "Other expense". The cash flows associated with these instruments are classified as "Operating activities" within the Consolidated Statements of Cash Flows. Following the acquisition of control of KCS on April 14, 2023 and through the period ended December 31, 2023, the Company recorded a loss of $39 million related to foreign exchange currency forwards. As at December 31, 2023, the fair value of outstanding foreign exchange contracts included in "Accounts payable and accrued liabilities" was $60 million. On maturity, the Company settled all outstanding foreign currency forward contracts, resulting in a cash payment of $65 million. Offsetting The Company’s foreign currency forward contracts are executed with counterparties in the U.S. and are governed by International Swaps and Derivatives Association agreements that include standard netting arrangements. Asset and liability positions from contracts with the same counterparty are net settled upon maturity/expiration and presented on a net basis in the Company's Consolidated Balance Sheets prior to settlement. Interest rate management The Company is exposed to interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will vary as a result of changes in market interest rates. In order to manage funding needs or capital structure goals, the Company enters into debt or finance lease agreements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by ongoing market conditions. Debt subject to variable interest rates exposes the Company to variability in interest expense, while debt subject to fixed interest rates exposes the Company to variability in the fair value of debt. To manage interest rate exposure, the Company accesses diverse sources of financing and manages borrowings in line with a targeted range of capital structure, debt ratings, liquidity needs, maturity schedule, and currency and interest rate profiles. In anticipation of future debt issuances, the Company may enter into forward rate agreements that are designated as cash flow hedges, to substantially lock in all or a portion of the effective future interest expense. The Company may also enter into swap and lock agreements, designated as fair value hedges, to manage the mix of fixed and floating rate debt. Forward starting swaps In the first half of 2021 , the Company entered into forward starting swaps with terms of up to 30 years, totalling a notional U.S. $2.4 billion to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. On May 21, 2021, the Original Merger Agreement with KCS was terminated which resulted in the Company ceasing hedge accounting for the U.S. $2.4 billion of forward starting swaps. However, as the note issuances were still reasonably possible to occur, fair value losses of $73 million prior to this determination remained in AOCI, net of tax. Fair value losses of $251 million during the period from May 21, 2021 through to the roll and re-designation described below were recorded within “Other Expense" on the Company’s Consolidated Statements of Income for the year ended December 31, 2021. Following CP entering into the Merger Agreement with KCS, the Company rolled the notional U.S. $2.4 billion of forward starting swaps but did not effect a cash settlement. Concurrently, the Company re-designated the forward starting swaps totalling U.S. $2.4 billion to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The changes in fair value on the forward starting swaps were recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the notes were issued. Fair value gains subsequent to re-designation of $94 million were recorded within “Other comprehensive income” on the Company’s Consolidated Statements of Comprehensive Income for the year ended December 31, 2021. During the fourth quarter of 2021 , the Company cash settled all outstanding forward starting swaps related to debt issuances that occurred in the same period. The fair value of these derivative instruments at the time of settlement was a loss of $230 million. The related $21 million gain within "Accumulated other comprehensive loss" will be reclassified to "Net interest expense" ratably over the duration of the notes' hedged interest payments. Bond locks In the first quarter of 2021 , the Company entered into seven-year interest rate bond locks totalling a notional $600 million to fix the benchmark rate on cash flows associated with a highly probable forecasted issuance of long-term notes. On May 21, 2021, the Original Merger Agreement with KCS was terminated which resulted in the Company ceasing hedge accounting for the $600 million of bond locks. However, as the note issuances were still reasonably possible to occur, fair value losses of $2 million prior to this determination remained in “Accumulated other comprehensive loss”, net of tax. Fair value losses of $10 million during the period from May 21, 2021 through to the roll and re-designation described below were recorded within “Other expense" on the Company’s Consolidated Statements of Income for the year ended December 31, 2021. Following CP entering into the Merger Agreement with KCS, the Company rolled the notional $600 million of bond locks but did not effect a cash settlement. Concurrently, the Company re-designated the bond locks totalling $600 million to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The changes in fair value on the bond locks are recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the notes were issued. Fair value gains subsequent to re-designation of $19 million were recorded within “Other comprehensive income” on the Company’s Consolidated Statements of Comprehensive Income for the year ended December 31, 2021. During the fourth quarter of 2021 , the Company cash settled all outstanding bond locks related to debt issuances that occurred in the same period. The fair value of these derivative instruments at the time of settlement was a gain of $7 million. The related $17 million gain within "Accumulated other comprehensive loss" will be reclassified to "Net interest expense" ratably over the duration of the notes' hedged interest payments. Designated hedges that were previously settled were amortized from AOCI to "Net interest expense" for a total of $7 million i

Other long-term liabilities

Other long-term liabilities	12 Months Ended
Other long-term liabilities	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Other long-term liabilities	Other long-term liabilities As at December 31 (in millions of Canadian dollars) 2023 2022 Operating lease liabilities, net of current portion (Note 20) $ 242 $ 202 Provision for environmental remediation, net of current portion (1) 200 71 Stock-based compensation liabilities, net of current portion 161 125 Deferred lease and license revenue, net of current portion (2) 68 15 Deferred revenue, net of current portion (Note 4) 16 39 Other, net of current portion 110 68 Total other long-term liabilities $ 797 $ 520 (1) As at December 31, 2023, the aggregate provision for environmental remediation, including the current portion was $220 million (2022 – $83 million). (2) The deferred lease and license revenue is being amortized to income on a straight-line basis over the related lease terms. Provision for environmental remediation Environmental remediation accruals cover site-specific remediation programs. The estimate of the probable costs to be incurred in the remediation of properties contaminated by past activities reflects the nature of contamination at individual sites according to typical activities and scale of operations conducted. T he Company 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 2033. The accruals for environmental remediation represent the Company ’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 the Company ’s best estimate of all probable costs, the Company

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company’s leases have remaining terms of less than one year to 17 years. Residual value guarantees are also provided on certain vehicle operating leases. Cumulatively, these guarantees are limited to $1 million and are not included in lease liabilities as it is not currently probable that any amounts will be owed. Components of lease expense included in the Consolidated Statements of Income for the years ended December 31 are as follows: (in millions of Canadian dollars) 2023 2022 2021 Operating lease cost $ 94 $ 77 $ 74 Short-term lease cost 29 17 16 Variable lease cost 10 9 5 Sublease income (1) (2) (3) Finance lease cost Amortization of ROU assets 10 6 10 Interest on lease liabilities 2 4 10 Total lease costs $ 144 $ 111 $ 112 ROU Assets and Lease Liabilities included in the Consolidated Balance Sheet are as follows: As at December 31 (in millions of Canadian dollars) Classification 2023 2022 ROU Assets Operating leases Other assets (long-term) $ 347 $ 267 Finance leases Properties 111 102 Lease Liabilities Current liabilities Operating leases Accounts payable and accrued liabilities 102 68 Finance leases Long-term debt maturing within one year 14 8 Long-term liabilities Operating leases Other long-term liabilities 242 202 Finance leases Long-term debt 31 30 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2023 2022 Weighted-Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 4 years 6 years Weighted-Average Discount Rate Operating leases 3.93 % 3.20 % Finance leases 6.18 % 6.89 % Cash Flow information related to leases is as follows: As at December 31 (in millions of Canadian dollars) 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 96 $ 64 $ 64 Operating cash outflows from finance leases 2 6 10 Financing cash outflows from finance leases 13 104 8 ROU assets obtained in exchange for lease liabilities Operating leases 62 34 36 Finance leases — — 5 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2023: (in millions of Canadian dollars) Finance leases Operating leases 2024 $ 15 $ 110 2025 14 86 2026 14 77 2027 1 50 2028 — 30 Thereafter 7 29 Total lease future payments 51 382 Imputed interest (6) (37) Present value of future lease payments $ 45 $ 345
Leases	Leases The Company’s leases have remaining terms of less than one year to 17 years. Residual value guarantees are also provided on certain vehicle operating leases. Cumulatively, these guarantees are limited to $1 million and are not included in lease liabilities as it is not currently probable that any amounts will be owed. Components of lease expense included in the Consolidated Statements of Income for the years ended December 31 are as follows: (in millions of Canadian dollars) 2023 2022 2021 Operating lease cost $ 94 $ 77 $ 74 Short-term lease cost 29 17 16 Variable lease cost 10 9 5 Sublease income (1) (2) (3) Finance lease cost Amortization of ROU assets 10 6 10 Interest on lease liabilities 2 4 10 Total lease costs $ 144 $ 111 $ 112 ROU Assets and Lease Liabilities included in the Consolidated Balance Sheet are as follows: As at December 31 (in millions of Canadian dollars) Classification 2023 2022 ROU Assets Operating leases Other assets (long-term) $ 347 $ 267 Finance leases Properties 111 102 Lease Liabilities Current liabilities Operating leases Accounts payable and accrued liabilities 102 68 Finance leases Long-term debt maturing within one year 14 8 Long-term liabilities Operating leases Other long-term liabilities 242 202 Finance leases Long-term debt 31 30 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2023 2022 Weighted-Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 4 years 6 years Weighted-Average Discount Rate Operating leases 3.93 % 3.20 % Finance leases 6.18 % 6.89 % Cash Flow information related to leases is as follows: As at December 31 (in millions of Canadian dollars) 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 96 $ 64 $ 64 Operating cash outflows from finance leases 2 6 10 Financing cash outflows from finance leases 13 104 8 ROU assets obtained in exchange for lease liabilities Operating leases 62 34 36 Finance leases — — 5 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2023: (in millions of Canadian dollars) Finance leases Operating leases 2024 $ 15 $ 110 2025 14 86 2026 14 77 2027 1 50 2028 — 30 Thereafter 7 29 Total lease future payments 51 382 Imputed interest (6) (37) Present value of future lease payments $ 45 $ 345

Shareholders' equity

Shareholders' equity	12 Months Ended
Shareholders' equity	Dec. 31, 2023
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Authorized and issued share capital The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares, and an unlimited number of Second Preferred Shares. As at December 31, 2023, no First or Second Preferred Shares had been issued. The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2023 2022 2021 Share capital, January 1 930.5 929.7 666.3 Shares issued under stock option plan 1.6 0.8 0.8 Shares issued for KCS acquisition (Note 11) — — 262.6 Share capital, December 31 932.1 930.5 929.7 The change in the “Share capital” balance includes $17 million of stock-based compensation transferred from “Additional paid-in capital” (2022 – $9 million; 2021 – $7 million). Share repurchases In connection with the KCS transaction, the Company suspended share repurchases and did not have an active program as at December 31, 2023 and December 31, 2022. On January 27, 2021, the Company announced a NCIB, commencing January 29, 2021, to purchase up to 16.7 million Common Shares in the open market for cancellation on or before January 28, 2022. The Company did not purchase any Common Shares under this NCIB. Share split

Change in non-cash working capi

Change in non-cash working capital balances related to operations	12 Months Ended
	Dec. 31, 2023
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 For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 (Use) source of cash: Accounts receivable, net $ (317) $ (147) $ 32 Materials and supplies 1 (27) (14) Other current assets (49) (13) 24 Accounts payable and accrued liabilities 57 95 (108) Change in non-cash working capital balances related to operations $ (308) $ (92) $ (66)

Pensions and other benefits

Pensions and other benefits	12 Months Ended
Pensions and other benefits	Dec. 31, 2023
Retirement Benefits [Abstract]
Pensions and other benefits	Pensions and other benefits The Company has both defined benefit (“DB”) and defined contribution (“DC”) pension plans. At December 31, 2023, the Canadian pension plans represent nearly all of total combined pension plan assets and nearly all of total combined pension plan obligations. The DB plans provide for pensions based principally on years of service and compensation rates near retirement. Pensions for Canadian pensioners are partially indexed to inflation. Annual employer contributions to the DB plans, which are actuarially determined, are made on the basis of being not less than the minimum amounts required by federal pension supervisory authorities. The Company has other benefit plans including post-retirement health benefits and life insurance, post-employment long-term disability and workers’ compensation benefits based on Company-specific claims, and certain other non-pension post-employment benefits. At December 31, 2023, the Canadian other benefits plans represent nearly all of total combined other plan obligations. The Audit and Finance Committee of the Board of Directors has approved an investment policy that establishes long-term asset mix targets, which take into account the Company’s expected risk tolerances. Pension plan assets are managed by a suite of independent investment managers, with the allocation by manager reflecting these asset mix targets. Most of the assets are actively managed with the objective of outperforming applicable benchmarks. In accordance with the investment policy, derivative instruments may be used by investment managers to hedge or adjust existing or anticipated exposures. To develop the expected long-term rate of return assumption used in the calculation of net periodic benefit cost applicable to the market-related value of plan assets, the Company considers the expected composition of the plans’ assets, past experience, and future estimates of long-term investment returns. Future estimates of investment returns reflect the long-term return expectation for fixed income, public equity, real estate, infrastructure, private debt, and absolute return investments, and the expected added value (relative to applicable benchmark indices) from active management of pension plan assets. The Company has elected to use a market-related value of assets for the purpose of calculating net periodic benefit cost, developed from a five-year average of market values for the plans’ public equity and absolute return investments (with each prior year’s market value adjusted to the current date for assumed investment income during the intervening period) plus the market value of the plans’ fixed income, real estate, infrastructure, and private debt securities. The benefit obligation is discounted using a discount rate that is a blended yield to maturity for a hypothetical portfolio of high-quality debt instruments with cash flows matching projected benefit payments. The discount rate is determined by management. Net periodic benefit (recovery) cost The elements of net periodic benefit (recovery) cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits Total For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Current service cost $ 71 $ 148 $ 171 $ 10 $ 11 $ 13 $ 81 $ 159 $ 184 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 486 383 351 22 16 16 508 399 367 Expected return on plan assets (882) (959) (959) — — — (882) (959) (959) Recognized net actuarial loss (gain) 32 153 206 13 (5) (1) 45 148 205 Amortization of prior service costs 2 1 — — — — 2 1 — Total other components of net periodic benefit (recovery) cost (362) (422) (402) 35 11 15 (327) (411) (387) Net periodic benefit (recovery) cost $ (291) $ (274) $ (231) $ 45 $ 22 $ 28 $ (246) $ (252) $ (203) Projected benefit obligation, plan assets, and funded status Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits Total (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 9,936 $ 12,884 $ 411 $ 503 $ 10,347 $ 13,387 Current service cost 71 148 10 11 81 159 Interest cost 486 383 22 16 508 399 Employee contributions 48 42 — — 48 42 Benefits paid (656) (680) (37) (22) (693) (702) Foreign currency changes (4) 16 6 — 2 16 Addition of KCS plans — — 31 — 31 — Plan amendments and other 18 27 (1) — 17 27 Net actuarial loss (gain) 407 (2,884) 21 (97) 428 (2,981) Projected benefit obligation at December 31 $ 10,306 $ 9,936 $ 463 $ 411 $ 10,769 $ 10,347 The net actuarial losses for Pensions and Other benefits in 2023 were primarily due to the decrease in discount rate from 5.01% to 4.64%. The net actuarial gains for Pensions and Other benefits in 2022 were primarily due to the increase in discount rate from 3.01% to 5.01%. Pensions Other benefits Total (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets at January 1 $ 12,862 $ 14,938 $ 5 $ 5 $ 12,867 $ 14,943 Actual return on plan assets 1,207 (1,464) 1 — 1,208 (1,464) Employer contributions 15 14 37 22 52 36 Employee contributions 48 42 — — 48 42 Benefits paid (656) (680) (37) (22) (693) (702) Foreign currency changes (4) 12 — — (4) 12 Fair value of plan assets at December 31 $ 13,472 $ 12,862 $ 6 $ 5 $ 13,478 $ 12,867 Funded status – plan surplus (deficit) $ 3,166 $ 2,926 $ (457) $ (406) $ 2,709 $ 2,520 The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2023 2022 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (9,872) $ (434) $ (9,512) $ (424) Fair value of plan assets at December 31 13,210 262 12,613 249 Funded status $ 3,338 $ (172) $ 3,101 $ (175) The DB pension plans’ accumulated benefit obligation as at December 31, 2023 was $10,155 million (2022 – $9,747 million). The accumulated benefit obligation is calculated on a basis similar to the projected benefit obligation, except no future salary increases are assumed in the projection of future benefits. For pension plans with accumulated benefit obligations in excess of fair value of plan assets (i.e. deficit), the aggregate pension accumulated benefit obligation as at December 31, 2023 was $327 million (2022 – $332 million) and the aggregate fair value of plan assets as at December 31, 2023 was $189 million (2022 – $186 million). All Other benefits plans were in a deficit position as at December 31, 2023 and 2022. 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 Total As at December 31 (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Pension asset $ 3,338 $ 3,101 $ — $ — $ 3,338 $ 3,101 Accounts payable and accrued liabilities (11) (10) (37) (33) (48) (43) Pension and other benefit liabilities (161) (165) (420) (373) (581) (538) Total amount recognized $ 3,166 $ 2,926 $ (457) $ (406) $ 2,709 $ 2,520 The measurement date used to determine the plan assets and the benefit obligation is December 31. The most recent actuarial valuation for pension funding purposes for the Company’s main Canadian pension plan was performed as at January 1, 2023. During 2024, the Company expects to file with the pension regulator a new valuation performed as at January 1, 2024. Accumulated other comprehensive (loss) income Amounts recognized in AOCI are as follows: Pensions Other benefits Total As at December 31 (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Net actuarial (loss) gain: Other than deferred investment (losses) gains $ (1,871) $ (1,711) $ 28 $ 35 $ (1,843) $ (1,676) Deferred investment (losses) gains (191) (301) — — (191) (301) Prior service cost (47) (31) (1) (1) (48) (32) Deferred income tax 626 608 (7) (9) 619 599 Total (Note 8) $ (1,483) $ (1,435) $ 20 $ 25 $ (1,463) $ (1,410) Actuarial assumptions Weighted-average actuarial assumptions used were approximately: (percentages) 2023 2022 2021 Benefit obligation at December 31: Discount rate 4.64 5.01 3.01 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.00 5.00 5.00 Benefit cost for year ended December 31: Discount rate 5.01 3.01 2.58 Expected rate of return on plan assets (1) 6.90 6.90 6.90 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.00 5.00 5.00 (1) The expected rate of return on plan assets that will be used to compute the 2024 net periodic benefit recovery is 6.70%. Plan assets Plan assets are recorded at fair value. The major asset categories are public equity securities, fixed income securities, real estate, infrastructure, absolute return investments, and private debt. The fair values of the public equity and fixed income securities are primarily based on quoted market prices. Real estate and infrastructure values are based on the value of each fund’s assets as calculated by the fund manager, generally using third party appraisals or discounted cash flow analysis and taking into account current market conditions and recent sales transactions where practical and appropriate. Private debt values are based on the value of each fund’s assets as calculated by the fund manager taking into account current market conditions and reviewed annually by external parties. Absolute return investments are a portfolio of units of externally managed hedge funds and are valued by the fund administrators. The Company’s pension plan asset allocation, the weighted-average asset allocation targets, and the weighted-average policy range for each major asset class at year-end were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2023 2022 Cash and cash equivalents 2.7 0 – 10 2.2 1.1 Fixed income 38.1 20 – 43 31.2 20.5 Public equity 29.7 24 – 55 35.8 46.4 Real estate and infrastructure 14.7 6 – 20 11.3 11.4 Private debt 7.4 3 – 13 8.4 7.7 Absolute return 7.4 3 – 13 11.1 12.9 Total 100.0 100.0 100.0 In April 2023, the Audit and Finance Committee approved changes to the asset allocation for the Company's main Canadian DB pension plan. The changes began in 2023 and will continue to be implemented on a measured basis in 2024. All asset allocations are within their policy ranges at December 31, 2023. Summary of the assets of the Company’s DB pension plans The following is a summary of the assets of the Company’s DB pension plans at December 31, 2023 and 2022. As at December 31, 2023 and 2022, there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan (in millions of Canadian dollars) Quoted prices in Significant other observable inputs (Level 2) December 31, 2023 Cash and cash equivalents $ 297 $ — $ — $ 297 Fixed income Government bonds (2) 211 1,900 — 2,111 Corporate bonds (2) 644 998 — 1,642 Mortgages (3) 206 — — 206 Mortgage-backed and asset-backed securities (4) — 123 — 123 Public equities Canada 534 — — 534 U.S. and international 4,293 — — 4,293 Real estate (5) — — 563 563 Infrastructure (6) — — 961 961 Private debt (7) — — 1,128 1,128 Derivative instruments (8) — 116 — 116 Absolute return (9) Funds of hedge funds — — 1,498 1,498 $ 6,185 $ 3,137 $ 4,150 $ 13,472 December 31, 2022 Cash and cash equivalents $ 218 $ — $ — $ 218 Fixed income Government bonds (2) 180 1,125 — 1,305 Corporate bonds (2) 432 724 — 1,156 Mortgages (3) 182 2 — 184 Public equities Canada 769 — — 769 U.S. and international 5,195 — — 5,195 Real estate (5) — — 722 722 Infrastructure (6) — — 744 744 Private debt (7) — — 992 992 Derivative instruments (8) — (81) — (81) Absolute return (9) Funds of hedge funds — — 1,658 1,658 $ 6,976 $ 1,770 $ 4,116 $ 12,862 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Mortgage-backed and asset-backed securities: The fair values of mortgage-backed and asset-backed securities are determined based on valuations from pricing sources that incorporate broker-dealer quotations, reported trades or valuation estimates from their internal pricing models which consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads and incorporate deal collateral performance, as available. (5) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $480 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $595 million). The remaining $83 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2022 – $127 million). As at December 31, 2023, there are $166 million of unfunded commitments for real estate investments (December 31, 2022 – $40 million). (6) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $493 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $356 million). The remaining $468 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2022 – $388 million). As at December 31, 2023, there are $220 million of unfunded commitments for infrastructure investments (December 31, 2022 – $356 million). (7) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $124 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $160 million). The remaining $1,004 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2022 - $832 million). As at December 31, 2023, there are $540 million of unfunded commitments for private debt investments (December 31, 2022 – $747 million). (8) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond futures and forwards to manage duration and interest rate risk (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. One of the fixed income investment managers utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2023, there are bond forwards with a notional value of $1,396 million ( December 31, 2022 – $1,745 million) and a fair value of $116 million (December 31, 2022 – $(81) million). (9) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 30 to 120 days and frequencies ranging from monthly to triennially. Additional plan assets information The Company's primary investment objective for pension plan assets is to achieve a long-term return, net of all fees and expenses, that is sufficient for the plan's assets to satisfy the current and future obligations to plan beneficiaries, while minimizing the financial impact on the Company. In identifying the asset allocation ranges, consideration was given to the long-term nature of the underlying plan liabilities, the solvency and going-concern financial position of the plan, long-term return expectations, and the risks associated with key asset classes as well as the relationships of returns on key asset classes with each other, inflation, and interest rates. When advantageous and with due consideration, derivative instruments may be utilized by investment managers, provided the total value of the underlying assets represented by financial derivatives (excluding currency forwards, liability hedging derivatives in fixed income portfolios, and derivatives held by absolute return funds) is limited to 30% of the market value of the fund. The funded status of the plans is exposed to fluctuations in interest rates, which affects the relative values of the plans' liabilities and assets. In order to mitigate interest rate risk, the Company's main Canadian DB pension plan utilizes a liability driven investment strategy in its fixed income portfolio, which uses a combination of long duration bonds and derivatives to hedge interest rate risk, managed by the investment manager. As at December 31, 2023, the plan's solvency funded position was 50% hedged against interest rate risk (2022 – 45%). When investing in foreign securities, the plans are exposed to foreign currency risk; the effect of which is included in the valuation of the foreign securities. At December 31, 2023, the plans were 41% exposed to the U.S. dollar, 7% exposed to the Euro, and 9% exposed to various other currencies. At December 31, 2022, the plans were 50% exposed to the U.S. dollar, 6% exposed to the Euro, and 10% exposed to various other currencies. At December 31, 2023, plan assets included 354,530 of the Common Shares of the Company (2022 – 570,074) at a market value of $37 million (2022 – $58 million) and Fixed Income securities of the Company at a market value of $2 million (2022 – $5 million). Estimated future benefit payments The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2024 $ 668 $ 37 2025 663 35 2026 662 34 2027 661 33 2028 663 38 2029-2033 3,265 159 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 plans and from the other benefits plans are payable directly by the Company. Defined contribution plan Canadian non-unionized employees hired prior to July 1, 2010 had the option to participate in the Canadian DC plan. All Canadian non-unionized employees hired after such date must participate in this plan. Employee contributions are based on a percentage of salary. The Company matches employee contributions to a maximum percentage each year. Effective July 1, 2010, a new U.S. DC plan was established. Non-unionized employees of Soo Line Railroad Company; Dakota, Minnesota & Eastern Railroad; and Delaware & Hudson Railway Company, Inc. 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 2023, the net cost of the DC plans, which generally equals the employer’s required contribution, was $14 million (2022 – $12 million; 2021 – $13 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 2023 in respect of post-retirement medical benefits were $4 million (2022 – $2 million; 2021 – $3 million).

Stock-based compensation

Stock-based compensation	12 Months Ended
Stock-based compensation	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation At December 31, 2023, the Company had several stock-based compensation plans including a stock options plan, various cash-settled liability plans, and an employee share purchase plan. These plans resulted in an expense of $122 million in 2023 (2022 – $113 million; 2021 – $131 million) and the total tax benefit related to these plans was $27 million in 2023 (2022 – $26 million; 2021 – $29 million). A. Stock options plan The following table summarizes the activity related to the stock options during 2023: Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2023 7,353,133 $ 61.69 2,597,008 $ 18.09 Granted 856,332 $ 105.13 856,332 $ 29.79 Exercised (1,634,730) $ 42.13 N/A N/A Vested N/A N/A (1,047,434) $ 16.66 Forfeited (102,803) $ 92.84 (102,803) $ 23.08 Outstanding, December 31, 2023 6,471,932 $ 71.03 2,303,103 $ 22.87 Vested or expected to vest at December 31, 2023 (1) 6,428,547 $ 70.83 N/A N/A Exercisable, December 31, 2023 4,168,829 $ 58.20 N/A N/A (1) As at December 31, 2023, the weighted-average remaining term of vested or expected to vest options was 3.3 years with an aggregate intrinsic value of $219 million . The following table provides the number of stock options outstanding and exercisable as at December 31, 2023 by range of exercise price and their related intrinsic aggregate value, and for stock 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, 2023 at the Company’s closing stock price of $104.84. Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $30.94 - $50.19 1,693,436 1.2 $ 40.04 $ 110 1,693,436 $ 40.04 $ 110 $50.20 - $70.36 1,395,999 2.3 $ 58.53 $ 65 1,284,814 $ 57.53 $ 61 $70.37 - $94.27 1,610,826 4.0 $ 82.99 $ 35 822,618 $ 80.20 $ 20 $94.28 - $109.01 1,771,671 5.3 $ 99.62 $ 9 367,961 $ 94.94 $ 4 Total (1) 6,471,932 3.3 $ 71.03 $ 219 4,168,829 $ 58.20 $ 195 (1) As at December 31, 2023, the total number of in-the-money stock options outstanding was 5,787,281 with a weighted-average exercise price of $66.96. The weighted-average years to expiration of exercisable stock options is 2.3 years. Pursuant to the plan, stock options may be exercised upon vesting, which is between 12 and 48 months after the grant date, and expire seven years from the grant date. The grant date fair value of the stock options granted in 2023 was $26 million (2022 – $16 million; 2021 – $26 million). The following table provides assumptions used to determine the fair values of stock option awards, and the weighted-average grant date fair values for units granted in 2023, 2022 and 2021: 2023 2022 2021 Expected option life (years) (1) 4.75 4.75 4.75 Risk-free interest rate (2) 3.35 % 1.62 % 0.53 % Expected stock price volatility (3) 28.44 % 26.85 % 27.14 % Expected annual dividends per share (4) $ 0.76 $ 0.76 $ 0.76 Expected forfeiture rate (5) 3.18 % 3.01 % 2.62 % Weighted-average grant date fair value of options granted during the year $ 29.79 $ 21.33 $ 19.06 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the option. (3) Based on the historical volatility of the Company’s stock price over a period commensurate with the expected term of the option. (4) Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option. (5) The Company estimates forfeitures based on past experience. The rate is monitored on a periodic basis. In 2023, the expense for stock options was $25 million (2022 – $23 million; 2021 – $23 million). At December 31, 2023, there was $9 million of total unrecognized compensation related to stock options, which is expected to be recognized over a weighted-average period of approximately 1.1 years. The total fair value of shares vested for the stock option plan during 2023 was $18 million (2022 – $24 million; 2021 – $18 million). The following table provides information related to all stock options exercised in the plan during the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Total intrinsic value $ 101 $ 53 $ 43 Cash received by the Company upon exercise of options 69 32 25 B. Share unit plans Performance share unit plan During 2023, the Company issued 891,411 PSUs with a grant date fair value of $96 million and 26,333 PDSUs with a grant date fair value, including the fair value of expected future matching units, of $3 million. PSUs and PDSUs attract dividend equivalents in the form of additional units based on dividends paid on the Company's Common Shares, and vest three The performance period for 544,175 PSUs and all PDSUs granted in 2023 is January 1, 2023 to December 31, 2025, and the performance factors are Free Cash Flow ("FCF"), Total Shareholder Return ("TSR") compared to the S&P/TSX 60 Index, and TSR compared to the S&P 500 Industrials Index. The performance period for the other 347,236 PSUs granted in 2023 is April 28, 2023 to December 1, 2026 and the performance factors are annualized earnings before interest, tax, depreciation, and amortization ("EBITDA"), and TSR compared to Class I railways. The performance period for all of the 415,660 PSUs and 13,506 PDSUs granted in 2022 is January 1, 2022 to December 31, 2024, and the performance factors are FCF, Adjusted net debt to Adjusted EBITDA Modifier, TSR compared to the S&P/TSX 60 Index, and TSR compared to the S&P 500 Industrials Index. The performance period for all of the 431,430 PSUs and 12,694 PDSUs granted in 2021 was January 1, 2021 to December 31, 2023, and the performance factors were Return on Invested Capital ("ROIC"), TSR compared to the S&P/TSX 60 Index, and TSR compared to Class I railways. The estimated payout on these awards is 135% on 399,372 PSUs (including expected dividends reinvested) and 11,372 PDSUs (including expected dividends reinvested and matching units) outstanding, representing fair values of $54 million and $2 million, respectively, as at December 31, 2023, calculated based on the Company's average common share price of the last 30 trading days preceding December 31, 2023. The performance period for all of the 489,990 PSUs and 50,145 PDSUs granted in 2020 was January 1, 2020 to December 31, 2022, and the performance factors were ROIC, TSR compared to the S&P/TSX 60 Index, and TSR compared to Class I railways. The resulting payout was 180% of the outstanding units multiplied by the Company's average common share price calculated based on the last 30 trading days preceding December 31, 2022. In the first quarter of 2023, payouts were $87 million on 459,358 PSUs, including dividends reinvested. The 45,058 PDSUs that vested on December 31, 2022, with a fair value of $11 million, including dividends reinvested and matching units, will be paid out in future reporting periods pursuant to the DSU plan (as described above). The following table summarizes the activity related to PSUs and PDSUs during for each of the years ended December 31: 2023 2022 Outstanding, January 1 1,336,358 1,577,781 Granted 917,744 429,166 Issued in lieu of dividends 10,845 11,207 Settled (460,667) (637,073) PDSUs converted into DSUs (45,058) — Forfeited (80,669) (44,723) Outstanding, December 31 1,678,553 1,336,358 In 2023, the expense for PSUs and PDSUs was $78 million (2022 – $69 million; 2021 – $91 million). At December 31, 2023, there was $67 million of total unrecognized compensation related to these awards, which is expected to be recognized over a weighted-average period of approximately 1.9 years. Deferred share unit plan The Company established the DSU plan as a means to compensate and assist in attaining share ownership targets set for certain key employees and Directors. A DSU entitles the holder to receive, upon redemption, a cash payment equivalent to the Company's average common share price using the 10 trading days prior to redemption. DSUs vest over various periods of up to 36 months and are only redeemable for a specified period after employment is terminated. Senior managers may elect to receive DSUs in lieu of annual bonus cash payments in the bonus deferral program. In addition, senior managers will be granted a 25% company match of DSUs when deferring cash to DSUs to meet ownership targets. The election to receive eligible payments in DSUs is no longer available to a participant when the value of the participant’s DSUs is sufficient to meet the Company’s stock ownership guidelines. Senior managers have five years to meet their ownership targets. The expense for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods. The following table summarizes the activity related to DSUs for each of the years ended December 31: 2023 2022 Outstanding, January 1 744,530 841,333 Granted 85,750 60,262 PDSUs converted into DSUs 81,533 — Issued in lieu of dividends 5,685 6,510 Settled (15,935) (162,319) Forfeited (1,745) (1,256) Outstanding, December 31 899,818 744,530 During 2023, the Company granted 81,533 DSUs with a grant date fair value of approximately $9 million. In 2023, the expense for DSUs was $10 million (2022 – $10 million; 2021 – $6 million). At December 31, 2023, there was $1 million of total unrecognized compensation related to DSUs, which is expected to be recognized over a weighted-average period of approximately 1.9 years. Summary of share unit liabilities paid The following table summarizes the total share unit liabilities paid for each of the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Plan PSUs $ 86 $ 116 $ 119 DSUs 2 16 1 Other 1 5 6 Total $ 89 $ 137 $ 126 C. Employee share purchase plan The Company has an employee share purchase plan whereby both employee and the Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed over the one year vesting period. Under the plan, the Company matches $1 for every $3 contributed by employees up to a maximum employee contribution of 6% of annual salary.

Variable interest entities

Variable interest entities	12 Months Ended
Variable interest entities	Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable interest entities	Variable interest entities The Company leases equipment from certain trusts, which are financed by a combination of debt and equity and are unrelated third parties. The lease agreements, which are classified as operating leases, have fixed price purchase options that create the Company’s variable interests and result in the trusts being considered variable interest entities ("VIE"). Maintaining and operating the leased assets according to specific contractual obligations outlined in the terms of the lease agreements and industry standards is the Company’s responsibility. The rigour of the contractual terms of the lease agreements and industry standards are such that the Company has limited discretion over the maintenance activities associated with these assets. Accordingly, the Company does not have the power to direct the activities that most significantly impact these entities economic performance. The Company's financial exposure resulting from its involvement with these entities, is limited to its fixed lease payments. In 2023, lease payments related to the VIE were $8 million. Total future minimum lease payments to the end of the lease term in 2030 are $84 million. The fixed price purchase options for all leased assets expire in 2026. Although the leased assets must be returned in good operating condition, subject to normal wear and tear, the Company does not guarantee the residual value of the assets at the end of the lease.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2023
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, 2023, cannot be predicted with certainty, it is the opinion of management that their resolution will not have a material adverse effect on the Company’s business, financial position, results of operations, or liquidity. However, an unexpected adverse resolution of one or more of these legal actions could have a material adverse effect on the Company's business, financial position, results of operations, or liquidity in a particular quarter or fiscal year. Commitments At December 31, 2023, the Company had committed to total future capital expenditures amounting to $2.3 billion, which includes investments in the Celaya-NBA Line Railway Bypass and other concession capital expenditures. Future operating expenditures relating to supplier purchase obligations, such as bulk fuel purchase agreements, locomotive maintenance and overhaul agreements, as well as agreements to purchase other goods and services amounting to approximately $544 million for the years 2024–2035. Annual maturities and principal repayments of debt for the next five years and thereafter are provided in Note 17. Commitments related to leases, including minimum annual payments for the next five years and thereafter, are included in Note 20. Legal proceedings related to Lac-Mégantic rail accident On July 6, 2013, a train carrying petroleum crude oil operated by Montréal Maine and Atlantic Railway (“MMAR”) or a subsidiary, Montréal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”), derailed in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group and while the MMA Group exclusively controlled the train. Following the derailment, MMAC sought court protection in Canada under the Companies’ Creditors Arrangement Act and MMAR filed for bankruptcy in the U.S. Plans of arrangement were approved in both Canada and the U.S. (the “Plans”), providing for the distribution of approximately $440 million amongst those claiming derailment damages. A number of legal proceedings, set out below, were commenced in Canada and the U.S. against the Company and others: (1) Québec's Minister of Sustainable Development, Environment, Wildlife and Parks ordered various parties, including the Company, to remediate the derailment site (the "Cleanup Order") and served the Company with a Notice of Claim for $95 million for those costs. The Company appealed the Cleanup Order and contested the Notice of Claim with the Administrative Tribunal of Québec. These proceedings are stayed pending determination of the Attorney General of Québec (“AGQ”) action (paragraph 2 below). (2) The AGQ sued the Company in the Québec Superior Court claiming $409 million in damages, which was amended and reduced to $315 million (the “AGQ Action”). The AGQ Action alleges that: (i) the Company was responsible for the petroleum crude oil from its point of origin until its delivery to Irving Oil Ltd.; and (ii) the Company is vicariously liable for the acts and omissions of the MMA Group. (3) A class action in the Québec Superior Court on behalf of persons and entities residing in, owning or leasing property in, operating a business in, or physically present in Lac-Mégantic at the time of the derailment was certified against the Company on May 8, 2015 (the "Class Action"). Other defendants including MMAC and Mr. Thomas Harding ("Harding") were added to the Class Action on January 25, 2017. On November 28, 2019, the plaintiffs' motion to discontinue their action against Harding was granted. The Class Action seeks unquantified damages, including for wrongful death, personal injury, property damage, and economic loss. (4) Eight subrogated insurers sued the Company in the Québec Superior Court claiming approximately $16 million in damages, which was amended and reduced to approximately $15 million (the “Promutuel Action”), and two additional subrogated insurers sued the Company claiming approximately $3 million in damages (the “Royal Action”). Both actions contain similar allegations as the AGQ Action. The actions do not identify the subrogated parties. As such, the extent of any overlap between the damages claimed in these actions and under the Plans is unclear. The Royal Action is stayed pending determination of the consolidated proceedings described below. On December 11, 2017, the AGQ Action, the Class Action and the Promutuel Action were consolidated. The joint liability trial of these consolidated claims commenced on September 21, 2021, with oral arguments ending on June 15, 2022. The Québec Superior Court issued a decision on December 14, 2022 dismissing all claims as against the Company, finding that the Company’s actions were not the direct and immediate cause of the accident and the damages suffered by the plaintiffs. All three plaintiffs filed a declaration of appeal on January 13, 2023. A damages trial will follow after the disposition of all appeals, if necessary. (5) Forty-eight plaintiffs (all individual claims joined in one action) sued the Company, MMAC, and Harding in the Québec Superior Court claiming approximately $5 million in damages for economic loss and pain and suffering, and asserting similar allegations as in the Class Action and the AGQ Action. The majority of the plaintiffs opted-out of the Class Action and all but two are also plaintiffs in litigation against the Company, described in paragraph 7 below. This action is stayed pending determination of the consolidated claims described above. (6) The MMAR U.S. bankruptcy estate representative commenced an action against the Company in November 2014 in the Maine Bankruptcy Court claiming that the Company failed to abide by certain regulations and seeking approximately U.S. $30 million in damages for MMAR’s loss in business value according to an expert report filed by the bankruptcy estate. This action asserts that the Company knew or ought to have known that the shipper misclassified the petroleum crude oil and therefore should have refused to transport it. Summary judgment motion was argued and taken under advisement on June 9, 2022, and decision is pending. On May 23, 2023, the case management judge stayed the proceedings pending the outcome of the appeal in the Canadian consolidated claims. (7) The class and mass tort action commenced against the Company in June 2015 in Texas (on behalf of Lac-Mégantic residents and wrongful death representatives) and the wrongful death and personal injury actions commenced against the Company in June 2015 in Illinois and Maine, were all transferred and consolidated in Federal District Court in Maine (the “Maine Actions”). The Maine Actions allege that the Company negligently misclassified and improperly packaged the petroleum crude oil. On the Company’s motion, the Maine Actions were dismissed. The plaintiffs appealed the dismissal decision to the U.S. First Circuit Court of Appeals, which dismissed the plaintiffs' appeal on June 2, 2021. The plaintiffs further petitioned the U.S. First Circuit Court of Appeals for a rehearing, which was denied on September 8, 2021. On January 24, 2022, the plaintiffs further appealed to the U.S. Supreme Court on two bankruptcy procedural grounds. On May 31, 2022, the U.S. Supreme Court denied the petition, thereby rejecting the plaintiffs' appeal. (8) The trustee for the wrongful death trust commenced Carmack Amendment claims against the Company in North Dakota Federal Court, seeking to recover approximately U.S. $6 million for damaged rail cars and lost crude oil and reimbursement for the settlement paid by the consignor and the consignee under the Plans (alleged to be U.S. $110 million and U.S. $60 million, respectively). The Court issued an Order on August 6, 2020 granting and denying in parts the parties' summary judgment motions which has been reviewed and confirmed following motions by the parties for clarification and reconsideration. Final briefs of dispositive motions for summary judgment and for reconsideration on tariff applicability were submitted on September 30, 2022. On January 20, 2023, the Court granted in part the Company's summary judgment motion by dismissing all claims for recovery of settlement payments but leaving for trial the determination of the value of the lost crude oil. It also dismissed the Company's motion for reconsideration on tariff applicability. The remaining issues of the value of the lost crude oil and applicability of judgment reduction provisions do not require trial, and were fully briefed in 2024. On January 5, 2024, the Court issued its decision finding that the Company is liable for approximately U.S. $3.9 million plus pre-judgment interest, but declined to determine whether judgment reduction provisions were applicable, referring the parties to a court in Maine on that issue. On January 18, 2024, the Company filed a motion for reconsideration for the Court to apply the judgment reduction provisions. On January 19, 2024, the trustee for the wrongful death trust filed a Notice of Appeal for the January 5, 2024 decision, as well as prior decisions. At this stage of the proceedings, any potential responsibility and the quantum of potential losses cannot be determined. Nevertheless, the Company denies liability and is vigorously defending these proceedings. Court decision related to Remington Development Corporation legal claim On October 20, 2022, the Court of King’s Bench of Alberta issued a decision in a claim brought by Remington Development Corporation (“Remington”) against the Company and the Province of Alberta (“Alberta”) with respect to an alleged breach of contract by the Company in relation to the sale of certain properties in Calgary. In its decision, the Court found the Company had breached its contract with Remington and Alberta had induced the contract breach. The Court found the Company and Alberta liable for damages of approximately $164 million plus interest and costs, and subject to an adjustment to the acquisition value of the property. In a further decision on August 30, 2023, the Court determined that adjustment and set the total damages at $165 million plus interest and costs. On October 20, 2023, the Court determined the costs payable to Remington, however, the Court has not provided any indication of how the damages, which are currently estimated to total approximately $217 million, should be apportioned between the Company and Alberta. As a result, at this time, the Company cannot reasonably estimate the amount of damages for which it is liable under the ruling of the Court. The Company has filed an appeal of the Court’s decision. 2014 tax assessment In April 2022, the SAT delivered an audit assessment on CPKCM’s 2014 tax returns (the “2014 Assessment’). As of December 31, 2023, the assessment was Ps.6,068 million ($475 million), which included inflation, interest, and penalties. In July 2022, CPKCM filed an administrative appeal with the SAT to revoke the 2014 Assessment and challenge that the SAT’s delivery of the assessment by electronic tax mailbox was in violation of an enforceable court injunction previously granted to CPKCM. In September 2022, the SAT dismissed CPKC’s administrative appeal on grounds that it was not submitted timely. In November 2022, CPKCM filed a lawsuit in Administrative Court challenging the legality of the SAT's delivery of the assessment by electronic mailbox and also the SAT’s dismissal of CPKCM’s administrative appeal. The Administrative Court is expected to render a decision on the legality of the 2014 Assessment in 2024. CPKCM expects to prevail based on the technical merits of its case. 2023 business interruption insurance settlement

Guarantees

Guarantees	12 Months Ended
Guarantees	Dec. 31, 2023
Guarantees [Abstract]
Guarantees	Guarantees In the normal course of operating the railway, the Company enters into contractual arrangements that involve providing certain guarantees, which extend over the term of the contracts. These guarantees include, but are not limited to: • guarantees to pay other parties in the event of the occurrence of specified events, including damage to equipment, in relation to assets used in the operation of the railway through operating leases, rental agreements, easements, trackage, and interline agreements; • guarantees to pay other parties in the event of a specified change in control of the Company or particular subsidiaries of the Company; • guarantees to repay amounts outstanding for certain debt obligations; • a guarantee to repay a portion of amounts outstanding for certain debt obligations held by an equity investee; 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 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. As at December 31, 2023, accruals of $8 million (2022 – $5 million), were recorded in “Accounts payable and accrued liabilities". Indemnification Pursuant to a trust and custodial services agreement with the trustee of the Canadian Pacific Railway Company Pension Plan, the Company has undertaken to indemnify and save harmless the trustee, to the extent not paid by the fund, from any and all taxes, claims, liabilities, damages, costs, and expenses arising out of the performance of the trustee’s obligations under the agreement, except as a result of misconduct by the trustee. The indemnity includes liabilities, costs, or expenses relating to any legal reporting or notification obligations of the trustee with respect to the defined benefit and defined contribution options of the pension plans, or otherwise with respect to the assets of the pension plans that are not part of the fund. The indemnity survives the termination or expiry of the agreement with respect to claims and liabilities arising prior to the termination or expiry. As at December 31, 2023, 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
Segmented and geographic information	Dec. 31, 2023
Segment Reporting [Abstract]
Segmented and geographic information	Segmented and geographic information Operating segment The Company only has 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, 2023, 2022, and 2021, no one customer comprised more than 10% of total revenues. Geographic information All of the Company's revenues and long-lived assets disclosed in the table below are held within Canada, the U.S., and Mexico. For the years ended and as at December 31 (in millions of Canadian dollars) Canada U.S. Mexico Total 2023 Revenues $ 6,651 $ 4,257 $ 1,647 $ 12,555 Long-lived assets: Properties and right of use assets 15,933 25,141 11,017 52,091 2022 Revenues 6,423 2,391 — 8,814 Long-lived assets: Properties and right of use assets (1) 15,208 7,444 — 22,652 2021 Revenues 5,992 2,003 — 7,995 (1) 2022 comparative figure has been revised to conform with current year's presentation.

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events KCS [If STB approval is received before 10-K filing: On [approval date], the STB approved CP’s control application for KCS, with an effective date of [effective date], [subject to certain conditions]. On or after the effective date and the Company’s determination that none of the conditions imposed by the STB would cause the Company to decline to exercise control, the voting trust will be terminated and CP (through an indirect wholly owned subsidiary) will acquire control of the shares and take control of KCS (the date on which such control occurs, the "Control Date"), subject to conditions imposed in the STB’s approval decision. [The Company may also (or alternatively) determine to seek review of the conditions imposed by the STB (e.g., via a petition for reconsideration to the STB or petition for review filed with a U.S. Court of Appeals).] Until the Control Date, the Company continues to record its investment in KCS using the equity method of accounting (see Note 10 and Note 11). Upon acquiring control of KCS, the voting Trust will cease. This change in control will be accounted for as a business combination achieved in stages, using the acquisition method of accounting, with the date of control reflecting the business combination acquisition date. Accordingly, the identifiable assets acquired and the liabilities assumed will be measured and recorded as of this acquisition date. The fair values of the previously held equity interest in KCS, and the identifiable assets acquired and the liabilities and non-controlling interest assumed will be determined using valuation techniques, including but not limited to, market approach, cost approach, multi-period excess earnings method, replacement cost method, and net asset value approach.]

Schedule II _ Valuation and Qua

Schedule II – Valuation and Qualifying Accounts	12 Months Ended
Schedule II – Valuation and Qualifying Accounts	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II – Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts (in millions of Canadian dollars) Beginning balance at January 1 Impact of KCS Acquisition Additions charged to expenses Payments and other reductions Impact of FX Ending Accruals for personal injury and other claims provision (1) 2021 $ 126 $ — $ 114 $ (117) $ — $ 123 2022 $ 123 $ — $ 101 $ (94) $ 2 $ 132 2023 $ 132 $ 68 $ 190 $ (202) $ (1) $ 187 Provision for environmental remediation 2021 $ 80 $ — $ 10 $ (10) $ (1) $ 79 2022 $ 79 $ — $ 8 $ (8) $ 4 $ 83 2023 $ 83 $ 147 $ 8 $ (15) $ (3) $ 220 (1) Includes WCB, FELA, occupational, damage, and other.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Amounts are expressed in Canadian dollars, unless otherwise noted. Certain comparative figures in these Consolidated Financial Statements have been reclassified to conform to the current year's presentation.
Use of estimates and judgements	Use of estimates and judgements The preparation of financial statements in conformity with GAAP requires management to exercise its judgement in applying the Company's accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. Critical estimates and judgements made by management relate to: • Deferred income taxes (Note 6); • Business acquisitions (Note 11); • Properties (Note 13); • Goodwill (Note 14); • Intangible assets (Note 15); • Provision for environmental remediation (Note 19); • Pension and other benefits (Note 23); and • Legal claims (Note 26).
Principles of consolidation	Principles of consolidation
Revenues	Revenues Revenue is recognized when promised services are delivered and obligations under the terms of a contract with a customer are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. In the normal course of business, the Company does not generate material revenues through acting as an agent for other entities. Revenues are presented net of taxes collected from customers and remitted to governmental authorities. The Company invoices customers when a bill of lading or service request is processed. Payment for services are due when performance obligations are satisfied. Amounts outstanding at the end of each reporting period are generally collected in the following reporting period. Performance obligations not fully satisfied at the end of a reporting period are also expected to be satisfied in the following reporting period. Freight revenues The Company provides freight transportation services to a wide variety of customers, transporting bulk commodities, merchandise freight and intermodal traffic. The Company enters into master service agreements with customers which establish pricing, terms and conditions for future freight services the Company will provide when service requests or bills of lading are received from those customers. Each bill of lading or service request is a distinct performance obligation that the Company must satisfy. The transaction price is generally a fixed fee determined when the bill of lading or service request is initiated. The transaction price is allocated to distinct performance obligations based on estimated standalone selling prices. Since every bill of lading or service request is a distinct performance obligation, estimated standalone selling prices are determined based on observable fair market values. The Company also provides services to customers at published rates established in public tariff agreements. In those arrangements a performance obligation is triggered when the customer orders a service that the Company must satisfy. Railway freight revenue is recognized over time as transportation services are provided and obligations under the terms of a contract with the customer are satisfied. Inputs are used to measure percentage of completion towards satisfaction of performance obligations. Progress is measured based on elapsed freight transit time relative to the total expected freight transit time from origination to destination. The short duration of freight delivery performance obligations results in generally immaterial services in progress at any given period end. Certain customer agreements include variable consideration in the form of rebates, discounts, or incentives. The expected value method is used to estimate the amount of variable consideration to allocate to performance obligations as they are satisfied. Volume rebates are accrued based on estimated volumes and contract terms, and recognized as a reduction of freight revenues as the related freight services are provided. Contracted customer incentives are amortized to income over the term of the related service contract. Non-freight revenues
Income taxes	Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, a deferred income tax asset or liability is determined based on the difference between the financial reporting and tax basis of the asset or liability, using enacted tax rates and laws that will be in effect when the difference is expected to reverse. The change in the net deferred income tax asset or liability is included in the computation of "Net income" and "Other comprehensive (loss) income". The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income in the period that the change occurs. The Company records a valuation allowance to reduce deferred income tax assets if it is more likely than not, based on available evidence about future events, that some or all of the deferred income tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities based on the technical merits of the position. The tax benefit recognized is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not have a greater than 50% likelihood of being realized upon ultimate settlement.
Earnings per share	Earnings per share Basic earnings per share is calculated using the weighted-average number of the Company's Common Shares outstanding during the year. Diluted earnings per share is calculated using the treasury stock method for determining the dilutive effect of Common Shares issuable upon exercise of outstanding stock options.
Equity method investments	Equity method investments The Company’s investments in entities over which it can exercise significant influence or has joint control are accounted for using the equity method. Equity-method investments are initially recognized at cost. Subsequently, and until the date significant control ceases, its carrying amount is presented in the Consolidated Balance Sheets, with adjustments to reflect: • the Company's share of income or losses and comprehensive income or losses, based on the Company's share of common stock and in-substance common stock; • depreciation, amortization or accretion related to any any basis differences that were identified as part of the initial accounting for the investment; • dividends received; • other-than-temporary impairments, if any; and • the effects of any intra-entity profit and losses and capital transactions. Distributions received from equity-method investments are classified in the Consolidated Statements of Cash Flows according to the nature of the activities generating distributions. If the Company acquires control of a business that it was previously able to exercise significant influence over, it stops accounting for the investment using the equity method. The investment is remeasured to fair value as of the date control was obtained, with any gain or loss from the remeasurement recognized in the Company's Consolidated Statements of Income. Any amounts in "Accumulated other comprehensive (loss) income" ("AOCI") in the Consolidated Balance Sheets related to the investment are reclassified and included in the calculation of the gain or loss. Any pre-existing relationship between the Company and the investment is settled with a corresponding gain or loss recorded in the Company's Consolidated Statements of Income, separately from the business acquisition.
Business acquisitions	Business acquisitions Management makes estimates and assumptions to determine the fair values of assets acquired and liabilities and non-controlling interest assumed in a business combination at the acquisition date. Such estimates and assumptions are inherently uncertain and subject to refinement. During the measurement period the Company may adjust any provisional amounts reported on the acquisition date if additional information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected their measurement on that date. Adjustments to provisional amounts are recognized with corresponding adjustments to goodwill. If the acquisition-date fair value of an asset or liability arising from pre-acquisition contingencies cannot be determined as of the acquisition date or during the measurement period, the estimated amount of the asset or liability is recognized if it is probable that an asset existed or a liability had been incurred at the acquisition date based on information available prior to the end of the measurement period and the amount of the asset or liability can be reasonably estimated. The measurement period ends as soon as all necessary information about the facts and circumstances that existed as of the acquisition date for provisional amounts has been obtained, not to exceed one year. Changes that do not qualify as measurement period adjustments or that occur after the measurement period are recognized in the Consolidated Statements of Income.
Foreign currency translation	Foreign currency translation Foreign currency transactions Foreign currency transactions are denominated in currencies other than CPKC's functional currency, which is the Canadian dollar. Transactions denominated in foreign currencies are translated to the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency using the exchange rate in effect at the balance sheet date. Foreign exchange gains and losses resulting from the translation of monetary assets and liabilities are included in income in the period they arise. Foreign operations Foreign exchange gains and losses arising from the translation of the Company's foreign subsidiaries’ and equity-method investees' functional currencies to CPKC's Canadian dollar presentation are included in “Other comprehensive (loss) income” and recognized in income upon the sale of the foreign operation. Asset and liability accounts are translated at the exchange rates in effect as at the balance sheet date, and revenues and expenses are translated using monthly average exchange rates. U.S. dollar-denominated debt, finance lease obligations and operating lease liabilities are designated as hedges of the Company's net investment in foreign subsidiaries and foreign equity-method investees. Accordingly, unrealized gains and losses arising from the translation of the designated U.S. dollar-denominated debt, finance lease obligations and operating lease liabilities are offset against gains and losses arising from the translation of the Company's foreign operations' accounts in “Other comprehensive (loss) income”.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of less than three months.
Accounts receivable, net	Accounts receivable, net Accounts receivable are recorded at cost net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on relevant information about historical credit loss experience of receivables with similar risk characteristics, current conditions, and forecasts of future conditions expected to affect collectability.
Materials and supplies	Materials and supplies Materials and supplies, including fuel and parts used in the repair and maintenance of track structures, equipment, locomotives, and freight cars, are measured at the lower of average cost or net realizable value.
Properties	Properties Properties are reported at historical cost, less accumulated depreciation or amortization and any impairment. The Company reviews properties for impairment when changes in circumstances indicate that its carrying amount may not be recoverable. If the estimated future undiscounted cash flows are less than the property's carrying amount, its carrying amount is reduced to the estimated fair value, measured using discounted cash flows, and a corresponding impairment loss is recognized in income. Additions to properties For property additions and betterments the Company capitalizes all costs necessary to make the assets ready for their intended use. A large amount of the Company's capital expenditures are for self-constructed properties, both new and the replacement of existing properties. Self-constructed assets are initially recorded at cost, including direct costs, attributable indirect costs, overheads, and carrying costs. • direct costs include labour, purchased services, materials and equipment, project supervision costs, and fringe benefits. • attributable indirect costs and overheads include incremental long-term variable costs resulting from the execution of capital projects. • indirect costs mainly include costs associated with work trains, material distribution, highway vehicles, and work equipment. • overheads primarily relate to engineering department costs of planning, designing, and administering the capital projects, which are allocated to projects using a measure consistent with the nature of the cost, based on cost studies. The Company capitalizes costs incurred for replacements or betterments that enhance the service potential or extend the useful life of the properties, when the expenditures exceed minimum physical and financial thresholds. Costs to repair or maintain the service potential of properties are expensed. • the cost of ballast programs, including undercutting, shoulder ballasting, and renewal programs that form part of the annual track program are capitalized because the work and related added ballast material significantly improves drainage, which in turn extends the life of ties and other track materials. The cost of ballast programs are tracked separately from the underlying assets and depreciated over the estimated period to the next similar ballast program. Spot replacement of ballast is considered a repair, which is expensed as incurred. • significant freight car refurbishments, locomotive overhauls and other capital improvements that enhance service potential or extend useful life are capitalized. • replacement project costs are allocated to dismantling, which is expensed, and installation, which is capitalized, based on cost studies. The Company also capitalizes development costs for major new computer systems. Asset retirement obligations When there is a reliably measurable 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 carrying amount of property and depreciated over the estimated useful life of the property. Group depreciation The Company primarily uses the group method of depreciation, in which properties with similar characteristics, use and expected lives are allocated to asset groups: • the asset groups are depreciated on a straight-line basis reflecting their expected economic lives, using composite depreciation rates. All track assets are depreciated using a straight-line method which recognizes the value of the asset consumed as a percentage of the whole life of the asset. • composite depreciation rates are established through depreciation studies, which are regular, detailed reviews, performed by asset group, of service lives, salvage values, accumulated depreciation, and other related matters. • the depreciation studies also estimate accumulated depreciation surpluses or deficiencies for each asset group, which are amortized over the remaining life of the respective asset group. • when depreciable property is retired or otherwise disposed in the normal course of business, its life generally approximates its expected useful life as determined in the depreciation studies. For this reason, under group depreciation, a gain or loss on disposal is not recognized. Instead, the asset's net book value, less net salvage proceeds, is charged to accumulated depreciation. • for certain asset groups, the historical cost of the asset is separately recorded in the Company's property records. This amount is retired from the property records upon retirement of the asset. For assets for which the historical cost cannot be separately identified, the asset's gross book value is estimated using an indexation methodology, whereby the retired property's current replacement cost is indexed to its estimated year of installation, or a first-in, first-out approach, or statistical analysis is used to determine its retired age. The Company uses indices that closely correlate to the principal costs of the assets. • when removal costs exceed the property's salvage value and removal is not a legal obligation, the removal costs are charged to income when the property is removed. • for disposals of larger groups of depreciable assets that were not factored into the Company’s depreciation studies, the Company records a gain or loss for the difference between the net proceeds and the net book value of the assets sold or retired. The accumulated depreciation that is derecognized includes asset-specific accumulated depreciation, when known, or an appropriate portion of the accumulated depreciation recorded for the relevant asset class as a whole, calculated using a cost-based allocation. Concession assets CPKC holds a concession from the Mexican government which authorizes the Company to provide freight transportation services over certain rail lines, including the use all related track and other assets necessary for the rail lines' operation (the "Concession"). The Concession term ends in June 2047, but is renewable under certain conditions, for additional periods, each up to 50 years. The underlying tangible assets that the Concession provides the Company with the right to use are capitalized in "Properties", and amortized using the group method. Amortization is recognized over the lesser of the expected concession term, including one renewal period of 50 years, or the estimated useful life of the underlying asset groups. The intangible rights granted under the Concession are amortized over the expected term of the Concession. Finance lease right-of-use ("ROU") assets Finance lease ROU assets included in "Properties" are amortized to the earlier of the end of the useful life of the ROU asset or the end of the lease term. Government assistance The Company records government assistance from various levels of governments and government agencies when there is reasonable assurance that the assistance will be received. Government assistance in connection with the acquisition or construction of properties sometimes includes conditions which, if not met within a certain period of time, may require repayment of some or all of the assistance received. It is the Company's intention to comply with all conditions imposed by the terms of government assistance accepted. Government assistance received or receivable related to property is recorded as a reduction of the cost of the property and amortized over the same period as the related assets.
Goodwill & Intangible assets	Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets upon acquisition of a business. On the acquisition date goodwill is allocated to the reporting unit expected to benefit from the acquisition. The carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest goodwill may be impaired. The Company's annual review of goodwill is performed in the fourth quarter, on the October 1 balance. The Company first assesses qualitative factors, including, but not limited to economic, market, and industry conditions, the reporting unit's overall financial performance and events such as notable changes in management or customers. If the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative assessment is undertaken. The quantitative assessment is a comparison of the reporting unit's carrying value and fair value. The reporting unit's fair value is defined as the price expected to be received if it was sold in an orderly transaction between market participants. It is determined based on pre-tax discounted cash flows that reflect management's best estimates of the time value of money and risks specific to the reporting unit and its assets. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, an impairment is recognized, measured at the amount by which the reporting unit's carrying value exceeds its fair value. Intangible assets Intangible assets with finite lives, consisting primarily of customer contracts, customer relationships and favourable leases are amortized on a straight-line basis over their estimated useful lives of up to 22 years. When there is a change in the estimated useful life of an intangible asset with a finite life, amortization is adjusted prospectively. An intangible asset with a finite life is assessed for impairment whenever events or circumstances indicate that its carrying amount may not be recoverable. Intangible assets with indefinite useful lives are primarily trackage rights that are expected to generate cash flows indefinitely. They are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate they may be impaired. When assessing an intangible asset for impairment, if the undiscounted cash flows indicate that its carrying amount may not be recoverable, an impairment loss will be recognized for the amount that its carrying amount exceeds its fair value, determined based on pre-tax discounted cash flows that reflect management's best estimates of the time value of money and risks specific to the asset.
Assets held for sale	Assets held for sale
Financial instruments	Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recognized initially at fair value, which is the amount of consideration that would be agreed upon in an arm’s-length transaction between willing parties. Cash and cash equivalents are classified as amortized cost, which approximates fair value. Accounts receivable and investments consisting of loans and receivables are subsequently measured at amortized cost, using the effective interest method. Accounts payable and accrued liabilities, other long-term liabilities, and long-term debt are also subsequently measured at amortized cost.
Derivative financial instruments	Derivative financial instruments Derivative financial instruments may are used from time to time to manage the Company's exposure to changes in foreign exchange rates, interest rates, fuel price and certain compensation tied to our common share price. When derivative instruments are used in hedging relationships, the Company identifies, designates, and documents those hedging transactions and regularly tests the transactions to demonstrate effectiveness in order to continue hedge accounting. The Company's derivative instruments are classified as held-for-trading and recorded at fair value in the Consolidated Balance Sheets as current or non-current assets or liabilities depending on the timing of settlements and the resulting cash flows associated with the instrument. Any changes in the fair value of derivatives that are not designated as hedges are recognized in income in the period the change occurs. For fair value hedges, changes in the fair value of the hedging instrument are recognized in income along with changes in the fair value of the hedged risk of the asset or liability that is designated as part of the hedging relationship. For designated cash flow hedges, changes in the fair value of the hedging instrument are recorded in “Other comprehensive (loss) income” and reclassified to income when the hedged item impacts income. If a derivative instrument designated as a cash flow hedge ceases to be effective or is terminated, hedge accounting is discontinued and the gain or loss at that date is deferred in "Other comprehensive (loss) income" and recognized in income concurrently with the related transaction. If an anticipated hedged transaction is no longer probable, the gain or loss is recognized immediately in income. Subsequent gains and losses from derivative instruments for which hedge accounting has been discontinued are recognized in income in the period in which they occur. Cash flows relating to derivative instruments designated as hedges are included in the same category as the related hedged items in the Consolidated Statements of Cash Flows.
Leases	Leases The Company leases rolling stock, buildings, vehicles, railway equipment, roadway machines, and information systems hardware. Lease liabilities and ROU assets are recognized in the Consolidated Balance Sheets for finance leases and operating leases with fixed terms and in-substance fixed terms. • ROU assets and lease liabilities are recognized on the lease commencement date at the present value of the future lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the rate implicit in the lease is not readily determinable, the Company uses internal incremental secured borrowing rates for a comparable tenor and in the same currency at the lease commencement date to determine the present value of lease payments. • certain leases of rolling stock and roadway machines are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed-term, short-term and variable operating lease costs are recorded in "Equipment rents" and "Purchased services and other" in the Company's Consolidated Statements of Income. • components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" in the Company's Consolidated Statements of Income. • ROU assets are adjusted for lease prepayments, initial direct costs and lease incentives. • lease terms include periods associated with options to extend or exclude periods associated with termination options when the Company is reasonably certain of exercising such options. • non-lease components are accounted for separately from lease components of roadway machine, information systems hardware, and fleet vehicle lease contracts. Otherwise, lease and non-lease components are combined and accounted as a single lease component. Leases with terms of 12 months or less that do not contain an option to purchase the underlying asset at the end of the lease term that the Company intends to exercise are not recorded on the Consolidated Balance Sheets; lease payments are recognized as expenses in the Consolidated Statements of Income on a straight-line basis over the lease term.
Leases	Leases The Company leases rolling stock, buildings, vehicles, railway equipment, roadway machines, and information systems hardware. Lease liabilities and ROU assets are recognized in the Consolidated Balance Sheets for finance leases and operating leases with fixed terms and in-substance fixed terms. • ROU assets and lease liabilities are recognized on the lease commencement date at the present value of the future lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the rate implicit in the lease is not readily determinable, the Company uses internal incremental secured borrowing rates for a comparable tenor and in the same currency at the lease commencement date to determine the present value of lease payments. • certain leases of rolling stock and roadway machines are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed-term, short-term and variable operating lease costs are recorded in "Equipment rents" and "Purchased services and other" in the Company's Consolidated Statements of Income. • components of finance lease costs are recorded in "Depreciation and amortization" and "Net interest expense" in the Company's Consolidated Statements of Income. • ROU assets are adjusted for lease prepayments, initial direct costs and lease incentives. • lease terms include periods associated with options to extend or exclude periods associated with termination options when the Company is reasonably certain of exercising such options. • non-lease components are accounted for separately from lease components of roadway machine, information systems hardware, and fleet vehicle lease contracts. Otherwise, lease and non-lease components are combined and accounted as a single lease component. Leases with terms of 12 months or less that do not contain an option to purchase the underlying asset at the end of the lease term that the Company intends to exercise are not recorded on the Consolidated Balance Sheets; lease payments are recognized as expenses in the Consolidated Statements of Income on a straight-line basis over the lease term.
Provision for environmental remediation	Provision for environmental remediation Environmental remediation accruals, covering site-specific remediation programs, are recorded on an undiscounted basis unless a reliably determinable estimate of the amount and timing of costs can be established. The accruals are recorded when the costs to remediate are probable and can be reasonably estimated. Certain future costs to monitor sites are discounted at an adjusted risk-free rate. Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion, which is recorded in “Accounts payable and accrued liabilities”.
Pensions and other benefits	Pensions and other benefits Obligations and net periodic benefit costs for the Company's defined benefit pension plans 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 actuarial assumptions, such as discount rates, salary and other cost escalations, employees' retirement ages and mortality. The discount rates are based on blended market interest rates on high-quality debt instruments with matching cash flows. Plan assets are measured at fair value. The expected return on plan assets is calculated using market-related asset values, developed from a five-year average of adjusted market values for the fund’s public equity securities and absolute return strategies, plus the market value of the fund’s other asset classes, subject to the market-related asset value not being greater than 120% nor less than 80% of the market value. Actuarial gains and losses arise from the difference between the actual and expected return on plan assets, and changes in the measurement of the benefit obligation. Periodic net actuarial gains and losses and prior service costs are accumulated and presented as a component of AOCI in the Consolidated Balance Sheets. Obligations and net periodic benefit costs for the Company's other post-retirement and post-employment benefits are actuarially determined on a similar basis. The status of over and under funded defined benefit pension and benefit plans, measured as the difference between the fair value of a plan's assets and benefit obligation, are reported in the Company's Consolidated Balance Sheets. Components of net periodic benefit cost included in Operating income in the Consolidated Statements of Income include: • current service costs for defined benefit pension and post-retirement benefits, and the Company's contributions to defined contribution pension plans are recorded in"Compensation and benefits"; and • current service costs for self-insured workers' compensation and long-term disability benefits, which are recorded in"Purchased services and other". Other components of net periodic benefit cost or recovery, recognized outside of Operating income in the Consolidated Statements of Income are: • interest cost on benefit obligation; • expected return on plan assets; • amortization of net actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation and the market-related value of plan assets, over the expected average remaining service period of the plan's active employee group (approximately 13 years); • amortization of prior service costs arising from collectively bargained amendments to pension plan benefit provisions (over the term of the applicable union agreement) and from all other sources (over the expected average remaining service period of active employees who are expected to receive benefits under the plan at the date of the amendment); and • gains and losses on post-employment benefits that do not vest or accumulate, including some workers’ compensation and long-term disability benefits in Canada.
Stock-based compensation	Stock-based compensation Stock options The cost of awards of equity-settled employee stock options is measured based on the options' fair value on their grant date. The cost is recognized as "Compensation and benefits expense", with a corresponding increase to "Additional paid-in capital" ("APIC") in "Shareholders' equity" over the shorter of (i) the vesting period; or (ii) the period from the grant date to the date the employee becomes eligible to retire. The grant date fair value is determined using the Black-Scholes option-pricing model. Forfeitures are estimated at the grant date, and changes in the estimate of forfeitures in subsequent periods are recognized as adjustments to"Compensation and benefits expense" in the period that the change in estimate occurs. As stock options are exercised, the related amount accumulated in "APIC" is reclassified to "Share Capital" and the proceeds are recognized in "Share Capital". Share units The Company also issues cash-settled awards, including deferred share units ("DSUs"), performance share units (“PSUs”) and performance deferred share units ("PDSUs"), for which a liability is remeasured each financial reporting period until settlement. "Compensation and benefits expense" is recognized, using the fair value method, over the shorter of the vesting term, or the period from the grant date to the date the employee is eligible to retire, based on the number of units outstanding and the closing price of CPKC's Common Shares on the measurement date. In the case of PSUs and PDSUs, the fair value of units that are probable of vesting, based on forecasted performance factors is recognized as "Compensation and benefits expense". Forfeitures of share units are estimated at the grant date, and changes in the estimate of forfeitures in subsequent periods are recognized as adjustments to "Compensation and benefits expense" in the period that the change in estimate occurs. Share purchase plan The employee share purchase plan gives rise to compensation expense that is recognized using the issue price by amortizing the cost over the vesting period.
Adoption of new standards & New pronouncements	Adoption of new standards Accounting for contract assets and contract liabilities from contracts with customers Effective January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers on a prospective basis. Under this ASU contract assets and contract liabilities acquired in a business combination are measured in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers instead of at fair value. The Company's application of this ASU for the measurement of contract assets and contract liabilities acquired in the KCS acquisition (Note 11) did not have a material impact on the Company's financial position and results of operations. All other accounting pronouncements that became effective during the period covered by the Consolidated Financial Statements did not have a material impact on the Company's Consolidated Financial Statements and related disclosures. New pronouncements Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
Revenues (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents disaggregated information about the Company’s revenues from contracts with customers by major source: For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Grain $ 2,496 $ 1,776 $ 1,684 Coal 859 577 625 Potash 566 581 463 Fertilizers and sulphur 385 332 305 Forest products 696 403 348 Energy, chemicals and plastics 2,301 1,394 1,563 Metals, minerals and consumer products 1,579 884 728 Automotive 934 438 376 Intermodal 2,465 2,242 1,724 Total freight revenues 12,281 8,627 7,816 Non-freight excluding leasing revenues 161 103 100 Revenues from contracts with customers 12,442 8,730 7,916 Leasing revenues 113 84 79 Total revenues $ 12,555 $ 8,814 $ 7,995
Changes in Contract Liabilities	The following table summarizes the changes in contract liabilities for the years ended December 31, 2023 and 2022: (in millions of Canadian dollars) 2023 2022 Opening balance, January 1 $ 64 $ 67 Contract liabilities assumed upon the acquisition of KCS (Note 11) 7 — Revenue recognized in the period that was included in the opening balance or liabilities assumed (36) (21) Increase due to consideration received, net of revenue recognized in the period 17 18 Closing balance, December 31 $ 52 $ 64

Other expense (Tables)

Other expense (Tables)	12 Months Ended
Other expense (Tables)	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other expense	For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Foreign exchange gain on debt and lease liabilities $ — $ — $ (7) Foreign exchange loss on FX forward contracts (Note 18) 39 — — Other foreign exchange gains (12) — (4) Acquisition-related costs (Note 11) 6 — 247 Other 19 17 1 Other expense $ 52 $ 17 $ 237

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
Income taxes (Tables)	Dec. 31, 2023
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 (recovery) expense: For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 Current income tax expense $ 909 $ 492 $ 526 Deferred income tax (recovery) expense Reversal of outside basis deferred tax (Note 11) (7,832) — — Origination and reversal of temporary differences 53 101 259 Effect of tax rate decrease (72) (25) (11) Effect of hedge of net investment in foreign subsidiaries and equity-method investees (Note 8) (22) 59 (3) Other (12) 1 (3) Total deferred income tax (recovery) expense (7,885) 136 242 Total income tax (recovery) expense $ (6,976) $ 628 $ 768 (Loss) income before income tax (recovery) expense Canada 2,359 2,236 2,899 Foreign (5,412) 1,909 721 Total (loss) income before income tax (recovery) expense (3,053) 4,145 3,620 Income tax (recovery) expense Current Canada 377 333 404 Foreign 532 159 122 Total current income tax expense 909 492 526 Deferred Canada 238 177 (179) Foreign (8,123) (41) 421 Total deferred income tax (recovery) expense (7,885) 136 242 Total income tax (recovery) expense $ (6,976) $ 628 $ 768
Deferred Income Tax Assets and Liabilities	The items comprising the deferred income tax assets and liabilities are as follows: As at December 31 (in millions of Canadian dollars) 2023 2022 Deferred income tax assets Tax losses and other attributes carried forward $ 173 $ 70 Liabilities carrying value in excess of tax basis 276 108 Unrealized foreign exchange losses 18 50 Environmental remediation costs 50 22 Other 7 5 Total deferred income tax assets 524 255 Valuation allowance (36) (4) Total net deferred income tax assets $ 488 $ 251 Deferred income tax liabilities Investment in Kansas City Southern (Note 12) — 7,526 Properties carrying value in excess of tax basis 9,481 4,149 Pensions carrying value in excess of tax basis 751 691 Intangibles carrying value in excess of tax basis 789 — Investments carrying value in excess of tax basis (1) 473 38 Other (1) 46 44 Total deferred income tax liabilities 11,540 12,448 Total net deferred income tax liabilities $ 11,052 $ 12,197 (1) 2022 comparative figures have been reclassified to conform to the current year's presentation.
Expected Income Tax Expense Reconciled to Income Tax Expense	Expected income tax (recovery) expense at statutory rates is reconciled to income tax (recovery) expense as follows: For the year ended December 31 (in millions of Canadian dollars, except percentage) 2023 2022 2021 Statutory federal and provincial income tax rate (Canada) 26.11 % 26.12 % 26.12 % Expected income tax (recovery) expense at Canadian enacted statutory tax rates $ (797) $ 1,083 $ 946 (Decrease) increase in taxes resulting from: Reversal of outside basis deferred tax (Note 11) (7,832) — — Remeasurement loss of Kansas City Southern 1,873 — — Losses (gains) not subject to tax 10 (9) (116) Canadian tax rate differentials (14) (12) (22) Foreign tax rate differentials (62) (94) (37) Effect of tax rate decrease (72) (25) (11) Deduction for dividends taxed on outside basis (68) (270) — Unrecognized tax benefits (10) (24) (2) Inflation in Mexico (31) — — Valuation allowance 1 — — Other 26 (21) 10 Income tax (recovery) expense $ (6,976) $ 628 $ 768
Reconciliation of Uncertain Tax Positions in Relation to Unrecognized Tax Benefits	The following table provides a reconciliation of uncertain tax positions in relation to unrecognized tax benefits for Canada, the U.S., and Mexico for the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Unrecognized tax benefits at January 1 $ 20 $ 49 $ 55 Increase in unrecognized: Tax benefits related to the current year 2 1 — Tax benefits related to prior years 10 — — Tax benefits acquired with KCS 2 — — Dispositions: Gross uncertain tax benefits related to prior years (6) (30) (6) Settlements with taxing authorities (6) — — Unrecognized tax benefits at December 31 $ 22 $ 20 $ 49

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
Earnings per share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Number of Shares Used in the Earnings Per Share Calculations	For the year ended December 31 (in millions of Canadian dollars, except per share data) 2023 2022 2021 Net income attributable to controlling shareholders $ 3,927 $ 3,517 $ 2,852 Weighted-average basic shares outstanding (millions) 931.3 930.0 679.7 Dilutive effect of stock options (millions) 2.4 2.9 3.1 Weighted-average diluted shares outstanding (millions) 933.7 932.9 682.8 Earnings per share – basic $ 4.22 $ 3.78 $ 4.20 Earnings per share – diluted $ 4.21 $ 3.77 $ 4.18

Other comprehensive (loss) in_2

Other comprehensive (loss) income and accumulated other comprehensive (loss) income (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Comprehensive Income (Loss)	The components of Other comprehensive (loss) income and the related tax effects attributable to controlling shareholders are as follows: (in millions of Canadian dollars) Before Income tax (expense) recovery Net of tax For the year ended December 31, 2023 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (840) $ — $ (840) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) 194 (22) 172 Realized loss on derivatives designated as cash flow hedges recognized in income 7 (2) 5 Change in pension and other benefits actuarial gains and losses (57) 16 (41) Change in prior service pension and other benefit costs (16) 4 (12) Equity accounted investments 7 — 7 Other comprehensive loss $ (705) $ (4) $ (709) For the year ended December 31, 2022 Unrealized foreign exchange gain (loss) on: Translation of the net investment in U.S. subsidiaries and equity method investees $ 2,099 $ — $ 2,099 Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) (471) 59 (412) Realized loss on derivatives designated as cash flow hedges recognized in income 6 (2) 4 Change in pension and other benefits actuarial gains and losses 706 (182) 524 Change in prior service pension and other benefit costs (26) 7 (19) Equity accounted investments (5) 3 (2) Other comprehensive income $ 2,309 $ (115) $ 2,194 For the year ended December 31, 2021 Unrealized foreign exchange (loss) gain on: Translation of the net investment in U.S. subsidiaries and equity method investees $ (316) $ — $ (316) Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18) 25 (3) 22 Change in derivatives designated as cash flow hedges: Realized loss on derivatives designated as cash flow hedges recognized in income 10 (3) 7 Unrealized gain on cash flow hedges 38 (9) 29 Change in pension and other benefits actuarial gains and losses 1,286 (323) 963 Equity accounted investments 9 (3) 6 Other comprehensive income $ 1,052 $ (341) $ 711
Schedule of Changes in Accumulated Other Comprehensive Income Loss by Component, Net of Tax	Changes in AOCI attributable to controlling shareholders, net of tax, by component are as follows: (in millions of Canadian dollars) Foreign currency net of hedging activities Derivatives Pension and post- retirement defined benefit plans Equity accounted investments Total Opening balance, January 1, 2023 $ 1,505 $ — $ (1,410) $ (4) $ 91 Other comprehensive (loss) income before reclassifications (668) — (79) 6 (741) Amounts reclassified from AOCI — 5 26 1 32 Net other comprehensive (loss) income (668) 5 (53) 7 (709) Closing balance, December 31, 2023 $ 837 $ 5 $ (1,463) $ 3 $ (618) Opening balance, January 1, 2022 $ (182) $ (4) $ (1,915) $ (2) $ (2,103) Other comprehensive income before reclassifications 1,687 — 387 164 2,238 Amounts reclassified from AOCI — 4 118 (166) (44) Net other comprehensive income (loss) 1,687 4 505 (2) 2,194 Closing balance, December 31, 2022 $ 1,505 $ — $ (1,410) $ (4) $ 91

Accounts receivable, net (Table

Accounts receivable, net (Tables)	12 Months Ended
Accounts receivable, net (Tables)	Dec. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net	As at December 31, 2023 As at December 31, 2022 (in millions of Canadian dollars) Freight Non-freight Total Freight Non-freight Total Total accounts receivable $ 1,559 $ 417 $ 1,976 $ 785 $ 272 $ 1,057 Allowance for credit losses (63) (26) (89) (27) (14) (41) Total accounts receivable, net $ 1,496 $ 391 $ 1,887 $ 758 $ 258 $ 1,016

Business acquisition (Tables)

Business acquisition (Tables)	12 Months Ended
Business acquisition (Tables)	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination, Separately Recognized Transactions	The following table summarizes the preliminary purchase price allocation with the amounts recognized in respect of the identifiable assets acquired and liabilities and non-controlling interest assumed on the Control Date, as well as the fair value of the previously held equity interest in KCS and the measurement period adjustments recorded during the year: (in millions of Canadian dollars) Reported at Measurement period adjustments Reported at December 31, 2023 Net assets acquired: Cash and cash equivalents $ 298 $ — $ 298 Net working capital 51 (110) (59) Properties 28,748 1 28,749 Intangible assets 3,022 — 3,022 Other long-term assets 496 (5) 491 Debt including debt maturing within one year (4,545) — (4,545) Deferred income taxes (6,984) 42 (6,942) Other long-term liabilities (406) (2) (408) Total identifiable net assets $ 20,680 $ (74) $ 20,606 Goodwill 17,491 74 17,565 $ 38,171 $ — $ 38,171 Consideration: Fair value of previously held equity method investment $ 37,227 $ — $ 37,227 Intercompany payable balance, net acquired 12 — 12 Fair value of non-controlling interest 932 — 932 Total $ 38,171 $ — $ 38,171
Business Acquisition, Pro Forma Information	On a pro forma basis, if the Company had consolidated KCS starting January 1, 2022, the revenue and net income attributable to controlling shareholders of the combined entity would be as follows for the years ended December 31, 2023 and December 31, 2022: For the year ended December 31, 2023 For the year ended December 31, 2022 (in millions of Canadian dollars) KCS Historical (1) Pro Forma CPKC KCS Historical (1) Pro Forma CPKC Revenue $ 1,351 $ 13,909 $ 4,390 $ 13,217 Net income attributable to controlling shareholders 280 3,174 1,287 4,153 (1)

Investment in Kansas City Sou_2

Investment in Kansas City Southern (Tables)	12 Months Ended
Investment in Kansas City Southern (Tables)	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following tables present summarized financial information for KCS, on its historical cost basis: Consolidated Statements of Income (in millions of Canadian dollars) (1) For the period January 1 to April 13, 2023 For the year ended December 31, 2022 (3) For the period December 14 to December 31, 2021 Total revenues $ 1,351 $ 4,390 $ 178 Total operating expenses 888 2,794 287 Operating income (loss) 463 1,596 (109) Less: Other (2) 83 (119) 12 Income (loss) before income taxes 380 1,715 (121) Net income (loss) $ 280 $ 1,287 $ (106) (1) Amounts translated at the average FX rate for the period from January 1 to April 13, 2023 of $1.00 USD = $1.35 CAD, for the year ended December 31, 2022 of $1.00 USD = $1.30 CAD, and for the period from December 14 to 31, 2021 of $1.00 USD = $1.28 CAD. (2) Includes Equity in net earnings of KCS's affiliates, Interest expense, FX loss, Gain on settlement of treasury lock agreements, and Other income, net. (3) Certain 2022 comparative figures have been revised to conform with current year's presentation regarding translation of KCS's historical results from U.S. dollars to Canadian dollars. Consolidated Balance Sheet (in millions of Canadian dollars) (1) As at December 31, 2022 Assets Current assets $ 1,441 Properties 12,680 Other non-current assets 340 Liabilities Current liabilities $ 1,748 Long-term debt 4,232 Other non-current liabilities 1,987 Non-controlling interest 448 (1) Amounts translated at the December 31, 2022 year-end at FX rate of $1.00 USD = $1.35 CAD.

Properties (Tables)

Properties (Tables)	12 Months Ended
Properties (Tables)	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Properties	2023 2023 2022 As at December 31 Weighted-average annual depreciation rate Cost Accumulated Net book Cost Accumulated Net book Track and roadway (1) 2.8 % $ 42,597 $ 6,811 $ 35,786 $ 21,524 $ 6,308 $ 15,216 Rolling stock 3.6 % 8,125 1,629 6,496 5,085 1,523 3,562 Land (1) N/A 3,487 — 3,487 964 — 964 Concession land rights 1.4 % 1,779 17 1,762 — — — Buildings 3.0 % 1,732 281 1,451 1,069 254 815 Other 6.7 % 4,065 1,303 2,762 3,038 1,210 1,828 Total $ 61,785 $ 10,041 $ 51,744 $ 31,680 $ 9,295 $ 22,385 (1) 2022 comparative figures have been reclassified to confirm with current year's presentation. The breakdown of Concession assets included within each asset group of Properties shown above is as follows: As at December 31, 2023 (in millions of Canadian dollars) Cost Accumulated Net book Track and roadway $ 7,056 $ 99 $ 6,957 Concession land rights 1,779 17 1,762 Buildings 230 7 223 Other 141 4 137 Total $ 9,206 $ 127 $ 9,079 Finance lease ROU assets 2023 2022 As at December 31 (in millions of Canadian dollars) Cost Accumulated Net book Cost Accumulated Net book Rolling stock $ 182 $ 79 $ 103 $ 170 $ 75 $ 95 Other 14 6 8 10 3 7 Total ROU assets held under finance lease $ 196 $ 85 $ 111 $ 180 $ 78 $ 102

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(in millions of Canadian dollars) Balance as at December 31, 2021 $ 328 Foreign exchange impact 16 Balance as at December 31, 2022 344 Addition (Note 11) 17,565 Foreign exchange impact (180) Balance as at December 31, 2023 $ 17,729

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	(in millions of Canadian dollars) Cost (1) Accumulated Net carrying amount Balance as at December 31, 2021 $ 64 $ (21) $ 43 Amortization — (3) (3) Foreign exchange impact 2 — 2 Balance as at December 31, 2022 66 (24) 42 Additions (Note 11) 3,022 — 3,022 Amortization — (61) (61) Foreign exchange impact (27) (2) (29) Balance as at December 31, 2023 $ 3,061 $ (87) $ 2,974 (1) As at December 31, 2023, the Company held $1,798 million (2022 - $9 million) of Intangible assets not subject to amortization.
Schedule of Indefinite-Lived Intangible Assets	(in millions of Canadian dollars) Cost (1) Accumulated Net carrying amount Balance as at December 31, 2021 $ 64 $ (21) $ 43 Amortization — (3) (3) Foreign exchange impact 2 — 2 Balance as at December 31, 2022 66 (24) 42 Additions (Note 11) 3,022 — 3,022 Amortization — (61) (61) Foreign exchange impact (27) (2) (29) Balance as at December 31, 2023 $ 3,061 $ (87) $ 2,974 (1) As at December 31, 2023, the Company held $1,798 million (2022 - $9 million) of Intangible assets not subject to amortization.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	(in millions of Canadian dollars) 2024 $ 85 2025 85 2026 85 2027 85 2028 85 2029 and thereafter 751 Total $ 1,176

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
Accounts payable and accrued liabilities (Tables)	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	As at December 31 (in millions of Canadian dollars) 2023 2022 Trade payables $ 680 $ 503 Accrued charges 667 284 Income and other taxes payable 255 177 Dividends payable 177 177 Accrued interest 162 143 Payroll-related accruals 115 79 Operating lease liabilities (Note 20) 102 68 Accrued vacation 99 62 Personal injury and other claims provision 81 53 Financial derivative liability (Note 18) 60 — Stock-based compensation liabilities 50 84 Other 119 73 Total accounts payable and accrued liabilities $ 2,567 $ 1,703

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	The following table outlines the Company's outstanding long-term debt as at December 31, 2023: (in millions of Canadian dollars except percentages) Maturity Currency 2023 2022 4.45% 12.5-year Notes (A) Mar 2023 U.S.$ $ — $ 474 1.589% 2-year Notes (1) (A) Nov 2023 CDN$ — 1,000 1.35% 3-year Notes (1) (A) Dec 2024 U.S.$ 1,983 2,030 2.90% 10-year Notes (A) Feb 2025 U.S.$ 926 948 3.70% 10.5-year Notes (A) Feb 2026 U.S.$ 330 338 1.75% 5-year Notes (1) (A) Dec 2026 U.S.$ 1,321 1,353 2.54% 6.3-year Notes (1) (A) Feb 2028 CDN$ 1,200 1,200 4.00% 10-year Notes (A) Jun 2028 U.S.$ 661 677 3.15% 10-year Notes (A) Mar 2029 CDN$ 400 399 2.05% 10-year Notes (A) Mar 2030 U.S.$ 660 676 7.125% 30-year Debentures (A) Oct 2031 U.S.$ 463 474 2.45% 10-year Notes (1) (A) Dec 2031 U.S.$ 1,851 1,896 5.75% 30-year Debentures (A) Mar 2033 U.S.$ 326 333 4.80% 20-year Notes (A) Sep 2035 U.S.$ 396 405 5.95% 30-year Notes (A) May 2037 U.S.$ 590 603 6.45% 30-year Notes (A) Nov 2039 CDN$ 400 400 3.00% 20-year Notes (1) (A) Dec 2041 U.S.$ 1,317 1,348 5.75% 30-year Notes (A) Jan 2042 U.S.$ 326 334 4.80% 30-year Notes (A) Aug 2045 U.S.$ 725 743 3.05% 30-year Notes (A) Mar 2050 CDN$ 298 298 3.10% 30-year Notes (1) (A) Dec 2051 U.S.$ 2,365 2,422 6.125% 100-year Notes (A) Sep 2115 U.S.$ 1,190 1,219 CPRC Notes issued under Debt Exchange 3.125% 10-year Notes (B) Jun 2026 U.S.$ 291 — 2.875% 10-year Notes (B) Nov 2029 U.S.$ 499 — 4.30% 30-year Notes (B) May 2043 U.S.$ 515 — 4.95% 30-year Notes (B) Aug 2045 U.S.$ 574 — 4.70% 30-year Notes (B) May 2048 U.S.$ 599 — 3.50% 30-year Notes (B) May 2050 U.S.$ 540 — 4.20% 50-year Notes (B) Nov 2069 U.S.$ 444 — 2.875% - 7.00% Other Senior Notes (B) up to Nov 2069 U.S.$ 104 — 5.41% Senior Secured Notes (C) Mar 2024 U.S.$ 64 76 6.91% Secured Equipment Notes (D) Oct 2024 CDN$ 21 40 2.96% - 4.29% RRIF Loans (E) up to Feb 2037 U.S.$ 70 — Obligations under finance leases Various (F) Various CDN$/U.S.$ 8 2 2.32% (F) Sep 2026 U.S.$ 8 — 6.57% (F) Dec 2026 U.S.$ 22 29 12.77% (F) Jan 2031 CDN$ 3 3 1.93% (F) Feb 2041 U.S.$ 4 4 Commercial Paper up to Jan 2024 U.S.$ 1,058 — 22,552 19,724 Perpetual 4% Consolidated Debenture Stock (G) U.S.$ 40 41 Perpetual 4% Consolidated Debenture Stock (G) G.B.£ 6 6 22,598 19,771 Unamortized fees on long-term debt (104) (120) 22,494 19,651 Less: Long-term debt maturing within one year 3,143 1,510 Total long-term debt $ 19,351 $ 18,141 (1) Notes issued to fund the cash consideration component of the KCS acquisition (Note 11).

Other long-term liabilities (Ta

Other long-term liabilities (Tables)	12 Months Ended
Other long-term liabilities (Tables)	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	As at December 31 (in millions of Canadian dollars) 2023 2022 Operating lease liabilities, net of current portion (Note 20) $ 242 $ 202 Provision for environmental remediation, net of current portion (1) 200 71 Stock-based compensation liabilities, net of current portion 161 125 Deferred lease and license revenue, net of current portion (2) 68 15 Deferred revenue, net of current portion (Note 4) 16 39 Other, net of current portion 110 68 Total other long-term liabilities $ 797 $ 520 (1) As at December 31, 2023, the aggregate provision for environmental remediation, including the current portion was $220 million (2022 – $83 million). (2)

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Components of Lease Expense	Components of lease expense included in the Consolidated Statements of Income for the years ended December 31 are as follows: (in millions of Canadian dollars) 2023 2022 2021 Operating lease cost $ 94 $ 77 $ 74 Short-term lease cost 29 17 16 Variable lease cost 10 9 5 Sublease income (1) (2) (3) Finance lease cost Amortization of ROU assets 10 6 10 Interest on lease liabilities 2 4 10 Total lease costs $ 144 $ 111 $ 112
Supplemental Balance Sheet Information	Consolidated Balance Sheet are as follows: As at December 31 (in millions of Canadian dollars) Classification 2023 2022 ROU Assets Operating leases Other assets (long-term) $ 347 $ 267 Finance leases Properties 111 102 Lease Liabilities Current liabilities Operating leases Accounts payable and accrued liabilities 102 68 Finance leases Long-term debt maturing within one year 14 8 Long-term liabilities Operating leases Other long-term liabilities 242 202 Finance leases Long-term debt 31 30
Weighted Average Remaining Lease Terms and Discount Rates	The following table provides the Company's weighted-average remaining lease terms and discount rates: 2023 2022 Weighted-Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 4 years 6 years Weighted-Average Discount Rate Operating leases 3.93 % 3.20 % Finance leases 6.18 % 6.89 %
Supplemental Information Related to Leases	Cash Flow information related to leases is as follows: As at December 31 (in millions of Canadian dollars) 2023 2022 2021 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 96 $ 64 $ 64 Operating cash outflows from finance leases 2 6 10 Financing cash outflows from finance leases 13 104 8 ROU assets obtained in exchange for lease liabilities Operating leases 62 34 36 Finance leases — — 5
Maturities of Lease Liabilities	The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2023: (in millions of Canadian dollars) Finance leases Operating leases 2024 $ 15 $ 110 2025 14 86 2026 14 77 2027 1 50 2028 — 30 Thereafter 7 29 Total lease future payments 51 382 Imputed interest (6) (37) Present value of future lease payments $ 45 $ 345

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
Shareholders' equity (Tables)	Dec. 31, 2023
Equity [Abstract]
Summary of Information Related to Common Share Balances	The following table summarizes information related to Common Share balances as at December 31: (number of shares in millions) 2023 2022 2021 Share capital, January 1 930.5 929.7 666.3 Shares issued under stock option plan 1.6 0.8 0.8 Shares issued for KCS acquisition (Note 11) — — 262.6 Share capital, December 31 932.1 930.5 929.7

Change in non-cash working ca_2

Change in non-cash working capital balances related to operations (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Changes In Non-cash Working Capital Balances Related To Operations	For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 (Use) source of cash: Accounts receivable, net $ (317) $ (147) $ 32 Materials and supplies 1 (27) (14) Other current assets (49) (13) 24 Accounts payable and accrued liabilities 57 95 (108) Change in non-cash working capital balances related to operations $ (308) $ (92) $ (66)

Pensions and other benefits (Ta

Pensions and other benefits (Tables)	12 Months Ended
Pensions and other benefits (Tables)	Dec. 31, 2023
Retirement Benefits [Abstract]
Net Periodic Benefit Cost	The elements of net periodic benefit (recovery) cost for DB pension plans and other benefits recognized in the year include the following components: Pensions Other benefits Total For the year ended December 31 (in millions of Canadian dollars) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Current service cost $ 71 $ 148 $ 171 $ 10 $ 11 $ 13 $ 81 $ 159 $ 184 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 486 383 351 22 16 16 508 399 367 Expected return on plan assets (882) (959) (959) — — — (882) (959) (959) Recognized net actuarial loss (gain) 32 153 206 13 (5) (1) 45 148 205 Amortization of prior service costs 2 1 — — — — 2 1 — Total other components of net periodic benefit (recovery) cost (362) (422) (402) 35 11 15 (327) (411) (387) Net periodic benefit (recovery) cost $ (291) $ (274) $ (231) $ 45 $ 22 $ 28 $ (246) $ (252) $ (203)
Schedule of Changes in Projected Benefit Obligation	Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows: Pensions Other benefits Total (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 9,936 $ 12,884 $ 411 $ 503 $ 10,347 $ 13,387 Current service cost 71 148 10 11 81 159 Interest cost 486 383 22 16 508 399 Employee contributions 48 42 — — 48 42 Benefits paid (656) (680) (37) (22) (693) (702) Foreign currency changes (4) 16 6 — 2 16 Addition of KCS plans — — 31 — 31 — Plan amendments and other 18 27 (1) — 17 27 Net actuarial loss (gain) 407 (2,884) 21 (97) 428 (2,981) Projected benefit obligation at December 31 $ 10,306 $ 9,936 $ 463 $ 411 $ 10,769 $ 10,347
Schedule of Changes in Fund Assets	Pensions Other benefits Total (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Change in plan assets: Fair value of plan assets at January 1 $ 12,862 $ 14,938 $ 5 $ 5 $ 12,867 $ 14,943 Actual return on plan assets 1,207 (1,464) 1 — 1,208 (1,464) Employer contributions 15 14 37 22 52 36 Employee contributions 48 42 — — 48 42 Benefits paid (656) (680) (37) (22) (693) (702) Foreign currency changes (4) 12 — — (4) 12 Fair value of plan assets at December 31 $ 13,472 $ 12,862 $ 6 $ 5 $ 13,478 $ 12,867 Funded status – plan surplus (deficit) $ 3,166 $ 2,926 $ (457) $ (406) $ 2,709 $ 2,520
Funded Status of Pension Plans	The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit): 2023 2022 (in millions of Canadian dollars) Pension Pension Pension Pension Projected benefit obligation at December 31 $ (9,872) $ (434) $ (9,512) $ (424) Fair value of plan assets at December 31 13,210 262 12,613 249 Funded status $ 3,338 $ (172) $ 3,101 $ (175)
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 Total As at December 31 (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Pension asset $ 3,338 $ 3,101 $ — $ — $ 3,338 $ 3,101 Accounts payable and accrued liabilities (11) (10) (37) (33) (48) (43) Pension and other benefit liabilities (161) (165) (420) (373) (581) (538) Total amount recognized $ 3,166 $ 2,926 $ (457) $ (406) $ 2,709 $ 2,520
Accumulated Other Comprehensive Loss	Amounts recognized in AOCI are as follows: Pensions Other benefits Total As at December 31 (in millions of Canadian dollars) 2023 2022 2023 2022 2023 2022 Net actuarial (loss) gain: Other than deferred investment (losses) gains $ (1,871) $ (1,711) $ 28 $ 35 $ (1,843) $ (1,676) Deferred investment (losses) gains (191) (301) — — (191) (301) Prior service cost (47) (31) (1) (1) (48) (32) Deferred income tax 626 608 (7) (9) 619 599 Total (Note 8) $ (1,483) $ (1,435) $ 20 $ 25 $ (1,463) $ (1,410)
Actuarial Assumptions	Weighted-average actuarial assumptions used were approximately: (percentages) 2023 2022 2021 Benefit obligation at December 31: Discount rate 4.64 5.01 3.01 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.00 5.00 5.00 Benefit cost for year ended December 31: Discount rate 5.01 3.01 2.58 Expected rate of return on plan assets (1) 6.90 6.90 6.90 Projected future salary increases 2.75 2.75 2.75 Health care cost trend rate 5.00 5.00 5.00 (1) The expected rate of return on plan assets that will be used to compute the 2024 net periodic benefit recovery is 6.70%.
Pension Plan Asset Allocation and Weighted-average Policy Ranges	The Company’s pension plan asset allocation, the weighted-average asset allocation targets, and the weighted-average policy range for each major asset class at year-end were as follows: Percentage of plan assets Asset allocation (percentage) Asset allocation target Policy range 2023 2022 Cash and cash equivalents 2.7 0 – 10 2.2 1.1 Fixed income 38.1 20 – 43 31.2 20.5 Public equity 29.7 24 – 55 35.8 46.4 Real estate and infrastructure 14.7 6 – 20 11.3 11.4 Private debt 7.4 3 – 13 8.4 7.7 Absolute return 7.4 3 – 13 11.1 12.9 Total 100.0 100.0 100.0
Summary of the Assets of the Company's DB Pension Plans	The following is a summary of the assets of the Company’s DB pension plans at December 31, 2023 and 2022. As at December 31, 2023 and 2022, there were no plan assets classified as Level 3 valued investments. Assets Measured at Fair Value Investments measured at NAV (1) Total Plan (in millions of Canadian dollars) Quoted prices in Significant other observable inputs (Level 2) December 31, 2023 Cash and cash equivalents $ 297 $ — $ — $ 297 Fixed income Government bonds (2) 211 1,900 — 2,111 Corporate bonds (2) 644 998 — 1,642 Mortgages (3) 206 — — 206 Mortgage-backed and asset-backed securities (4) — 123 — 123 Public equities Canada 534 — — 534 U.S. and international 4,293 — — 4,293 Real estate (5) — — 563 563 Infrastructure (6) — — 961 961 Private debt (7) — — 1,128 1,128 Derivative instruments (8) — 116 — 116 Absolute return (9) Funds of hedge funds — — 1,498 1,498 $ 6,185 $ 3,137 $ 4,150 $ 13,472 December 31, 2022 Cash and cash equivalents $ 218 $ — $ — $ 218 Fixed income Government bonds (2) 180 1,125 — 1,305 Corporate bonds (2) 432 724 — 1,156 Mortgages (3) 182 2 — 184 Public equities Canada 769 — — 769 U.S. and international 5,195 — — 5,195 Real estate (5) — — 722 722 Infrastructure (6) — — 744 744 Private debt (7) — — 992 992 Derivative instruments (8) — (81) — (81) Absolute return (9) Funds of hedge funds — — 1,658 1,658 $ 6,976 $ 1,770 $ 4,116 $ 12,862 (1) Investments measured at net asset value ("NAV"): Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Government & Corporate Bonds: Fair values for bonds are based on market prices supplied by independent sources as of the last trading day. (3) Mortgages: The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors. (4) Mortgage-backed and asset-backed securities: The fair values of mortgage-backed and asset-backed securities are determined based on valuations from pricing sources that incorporate broker-dealer quotations, reported trades or valuation estimates from their internal pricing models which consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads and incorporate deal collateral performance, as available. (5) Real estate: Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $480 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $595 million). The remaining $83 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2022 – $127 million). As at December 31, 2023, there are $166 million of unfunded commitments for real estate investments (December 31, 2022 – $40 million). (6) Infrastructure: Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $493 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $356 million). The remaining $468 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2022 – $388 million). As at December 31, 2023, there are $220 million of unfunded commitments for infrastructure investments (December 31, 2022 – $356 million). (7) Private debt: Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $124 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2022 – $160 million). The remaining $1,004 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2022 - $832 million). As at December 31, 2023, there are $540 million of unfunded commitments for private debt investments (December 31, 2022 – $747 million). (8) Derivatives: The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond futures and forwards to manage duration and interest rate risk (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. One of the fixed income investment managers utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2023, there are bond forwards with a notional value of $1,396 million ( December 31, 2022 – $1,745 million) and a fair value of $116 million (December 31, 2022 – $(81) million). (9) Absolute return: The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 30 to 120 days and frequencies ranging from monthly to triennially.
Estimated Future Benefit Payments	The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows: (in millions of Canadian dollars) Pensions Other benefits 2024 $ 668 $ 37 2025 663 35 2026 662 34 2027 661 33 2028 663 38 2029-2033 3,265 159

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
Stock-based compensation (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Plan	The following table summarizes the activity related to the stock options during 2023: Options outstanding Non-vested options Number of Weighted-average Number of Weighted-average Outstanding, January 1, 2023 7,353,133 $ 61.69 2,597,008 $ 18.09 Granted 856,332 $ 105.13 856,332 $ 29.79 Exercised (1,634,730) $ 42.13 N/A N/A Vested N/A N/A (1,047,434) $ 16.66 Forfeited (102,803) $ 92.84 (102,803) $ 23.08 Outstanding, December 31, 2023 6,471,932 $ 71.03 2,303,103 $ 22.87 Vested or expected to vest at December 31, 2023 (1) 6,428,547 $ 70.83 N/A N/A Exercisable, December 31, 2023 4,168,829 $ 58.20 N/A N/A (1) As at December 31, 2023, the weighted-average remaining term of vested or expected to vest options was 3.3 years with an aggregate intrinsic value of $219 million .
Stock Options Outstanding and Exercisable	The following table provides the number of stock options outstanding and exercisable as at December 31, 2023 by range of exercise price and their related intrinsic aggregate value, and for stock 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, 2023 at the Company’s closing stock price of $104.84. Options outstanding Options exercisable Range of exercise prices Number of Weighted-average Weighted-average Aggregate Number of Weighted-average Aggregate $30.94 - $50.19 1,693,436 1.2 $ 40.04 $ 110 1,693,436 $ 40.04 $ 110 $50.20 - $70.36 1,395,999 2.3 $ 58.53 $ 65 1,284,814 $ 57.53 $ 61 $70.37 - $94.27 1,610,826 4.0 $ 82.99 $ 35 822,618 $ 80.20 $ 20 $94.28 - $109.01 1,771,671 5.3 $ 99.62 $ 9 367,961 $ 94.94 $ 4 Total (1) 6,471,932 3.3 $ 71.03 $ 219 4,168,829 $ 58.20 $ 195 (1) As at December 31, 2023, the total number of in-the-money stock options outstanding was 5,787,281 with a weighted-average exercise price of $66.96. The weighted-average years to expiration of exercisable stock options is 2.3 years.
Weighted-Average Fair Value Assumptions	The following table provides assumptions used to determine the fair values of stock option awards, and the weighted-average grant date fair values for units granted in 2023, 2022 and 2021: 2023 2022 2021 Expected option life (years) (1) 4.75 4.75 4.75 Risk-free interest rate (2) 3.35 % 1.62 % 0.53 % Expected stock price volatility (3) 28.44 % 26.85 % 27.14 % Expected annual dividends per share (4) $ 0.76 $ 0.76 $ 0.76 Expected forfeiture rate (5) 3.18 % 3.01 % 2.62 % Weighted-average grant date fair value of options granted during the year $ 29.79 $ 21.33 $ 19.06 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the option. (3) Based on the historical volatility of the Company’s stock price over a period commensurate with the expected term of the option. (4) Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option. (5) The Company estimates forfeitures based on past experience. The rate is monitored on a periodic basis.
Schedule of Options Exercised	The following table provides information related to all stock options exercised in the plan during the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Total intrinsic value $ 101 $ 53 $ 43 Cash received by the Company upon exercise of options 69 32 25
Summary of Performance Share Unit Plan	The following table summarizes the activity related to PSUs and PDSUs during for each of the years ended December 31: 2023 2022 Outstanding, January 1 1,336,358 1,577,781 Granted 917,744 429,166 Issued in lieu of dividends 10,845 11,207 Settled (460,667) (637,073) PDSUs converted into DSUs (45,058) — Forfeited (80,669) (44,723) Outstanding, December 31 1,678,553 1,336,358
Summary of Deferred Share Unit Plan	The following table summarizes the activity related to DSUs for each of the years ended December 31: 2023 2022 Outstanding, January 1 744,530 841,333 Granted 85,750 60,262 PDSUs converted into DSUs 81,533 — Issued in lieu of dividends 5,685 6,510 Settled (15,935) (162,319) Forfeited (1,745) (1,256) Outstanding, December 31 899,818 744,530
Summary of Share-Based Liabilities Paid	The following table summarizes the total share unit liabilities paid for each of the years ended December 31: (in millions of Canadian dollars) 2023 2022 2021 Plan PSUs $ 86 $ 116 $ 119 DSUs 2 16 1 Other 1 5 6 Total $ 89 $ 137 $ 126

Segmented and geographic info_2

Segmented and geographic information (Tables)	12 Months Ended
Segmented and geographic information (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Geographic Information	Geographic information All of the Company's revenues and long-lived assets disclosed in the table below are held within Canada, the U.S., and Mexico. For the years ended and as at December 31 (in millions of Canadian dollars) Canada U.S. Mexico Total 2023 Revenues $ 6,651 $ 4,257 $ 1,647 $ 12,555 Long-lived assets: Properties and right of use assets 15,933 25,141 11,017 52,091 2022 Revenues 6,423 2,391 — 8,814 Long-lived assets: Properties and right of use assets (1) 15,208 7,444 — 22,652 2021 Revenues 5,992 2,003 — 7,995 (1) 2022 comparative figure has been revised to conform with current year's presentation.

Description of the business (De

Description of the business (Details) - mi mi in Thousands	Apr. 14, 2023	Apr. 13, 2023
Description of Business [Line Items]
Miles of transportation network	20
Kansas City Southern
Description of Business [Line Items]
Ownership percentage		100%

Summary of significant accoun_3

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Dec. 31, 2023	Apr. 13, 2023
Summary of Significant Accounting Policies [Line items]
Probability threshold for recognizing income tax benefits to be realized upon settlement	50%
Short-term investments maturity, maximum	3 months
Market-related asset value, maximum percentage	120%
Market-related asset value, minimum percentage	80%
Unrecognized actuarial gains and losses, maximum percentage	10%
Expected average remaining service period of active employees expected to receive benefits	13 years
Kansas City Southern \| Concession land rights
Summary of Significant Accounting Policies [Line items]
Property, plant and equipment, useful life		50 years
Maximum
Summary of Significant Accounting Policies [Line items]
Amortization period of intangible assets with finite lives (years)	22 years

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 12,442	$ 8,730	$ 7,916
Revenues from contracts with customers	113	84	79
Total revenues	12,555	8,814	7,995
Freight
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	8,627	7,816
Total revenues	12,281	8,627	7,816
Grain
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,496	1,776	1,684
Coal
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	859	577	625
Potash
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	566	581	463
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	385	332	305
Forest products
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	696	403	348
Energy, chemicals and plastics
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,301	1,394	1,563
Metals, minerals and consumer products
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,579	884	728
Automotive
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	934	438	376
Intermodal
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,465	2,242	1,724
Non-freight excluding leasing revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 161	$ 103	$ 100

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability [Abstract]
Opening balance, January 1	$ 64	$ 67
Contract liabilities assumed upon the acquisition of KCS (Note 11)	7	0
Revenue recognized in the period that was included in the opening balance or liabilities assumed	36	21
Increase due to consideration received, net of revenue recognized in the period	17	18
Closing balance, December 31	$ 52	$ 64

Other expense (Details)

Other expense (Details) - CAD ($) $ in Millions	12 Months Ended
Other expense (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other expense [Line Items]
Foreign exchange gain on debt and lease liabilities	$ 0	$ 0	$ (7)
Acquisition-related costs (Note 11)	190
Other expense	52	17	237
Other Expense
Other expense [Line Items]
Foreign exchange gain on debt and lease liabilities	0	0	(7)
Other foreign exchange gains	(12)	0	(4)
Acquisition-related costs (Note 11)	6	0	247
Other	19	17	1
Forward Contracts \| Other Expense
Other expense [Line Items]
Other foreign exchange gains	$ 39	$ 0	$ 0

Income taxes - Summary of Major

Income taxes - Summary of Major Components of Company's Income Tax Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax expense (Note 6)	$ 909	$ 492	$ 526
Reversal of outside basis deferred tax (Note 11)	(7,832)	0	0
Origination and reversal of temporary differences	53	101	259
Effect of tax rate decrease	(72)	(25)	(11)
Effect of hedge of net investment in foreign subsidiaries and equity-method investees (Note 8)	(22)	59	(3)
Other	(12)	1	(3)
Total deferred income tax (recovery) expense	(7,885)	136	242
Total income tax (recovery) expense	(6,976)	628	768
(Loss) income before income tax (recovery) expense
Canada	2,359	2,236	2,899
Foreign	(5,412)	1,909	721
(Loss) income before income tax (recovery) expense	(3,053)	4,145	3,620
Current
Canada	377	333	404
Foreign	532	159	122
Total current income tax expense	909	492	526
Deferred
Canada	238	177	(179)
Foreign	(8,123)	(41)	421
Total deferred income tax (recovery) expense	(7,885)	136	242
Total income tax (recovery) expense	$ (6,976)	$ 628	$ 768

Income taxes - Deferred Income

Income taxes - Deferred Income Tax Assets and Liabilities (Details) $ in Millions, $ in Millions	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 14, 2021 CAD ($)	Dec. 14, 2021 USD ($)
Deferred income tax assets
Tax losses and other attributes carried forward	$ 173	$ 70
Liabilities carrying value in excess of tax basis	276	108
Unrealized foreign exchange losses	18	50
Environmental remediation costs	50	22
Other	7	5
Total deferred income tax assets	524	255
Valuation allowance	(36)	(4)
Total net deferred income tax assets	488	251
Deferred income tax liabilities
Investment in Kansas City Southern (Note 12)	0	7,526	$ 7,079	$ 7,178	$ 5,607
Properties carrying value in excess of tax basis	9,481	4,149
Pensions carrying value in excess of tax basis	751	691
Intangibles carrying value in excess of tax basis	789	0
Investments carrying value in excess of tax basis	473	38
Other	46	44
Total deferred income tax liabilities	11,540	12,448
Total net deferred income tax liabilities	$ 11,052	$ 12,197

Income taxes - Expected Income

Income taxes - Expected Income Tax Expense at Canadian Statutory Rates Reconciled to Income Tax Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal and provincial income tax rate (Canada)	26.11%	26.12%	26.12%
Expected income tax (recovery) expense at Canadian enacted statutory tax rates	$ (797)	$ 1,083	$ 946
(Decrease) increase in taxes resulting from:
Reversal of outside basis deferred tax (Note 11)	(7,832)	0	0
Remeasurement loss of Kansas City Southern	1,873	0	0
Losses (gains) not subject to tax	10	(9)	(116)
Canadian tax rate differentials	(14)	(12)	(22)
Foreign tax rate differentials	(62)	(94)	(37)
Effect of tax rate decrease	(72)	(25)	(11)
Deduction for dividends taxed on outside basis	(68)	(270)	0
Unrecognized tax benefits	(10)	(24)	(2)
Inflation in Mexico	(31)	0	0
Valuation allowance	1	0	0
Other	26	(21)	10
Total income tax (recovery) expense	$ (6,976)	$ 628	$ 768

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended				12 Months Ended
Income taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 CAD ($)	Sep. 30, 2023 CAD ($)	Sep. 30, 2023 CAD ($)	Apr. 13, 2023 CAD ($)	Apr. 13, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2019 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 14, 2021 CAD ($)	Dec. 14, 2021 USD ($)
Income Tax Examination [Line Items]
Deferred tax recovery, Kansas City Southern outside basis difference				$ 23,000,000	$ 17				$ 19,000,000	$ 15	$ 33,000,000	$ 26
Derecognition of deferred tax liability								$ 7,832,000,000
Deferred revaluation recovery amount due to change in tax rate								13,000,000	12,000,000
Deferred tax liability, outside basis difference	$ 0					$ 7,526,000,000		0	7,526,000,000		7,079,000,000		$ 7,178,000,000	$ 5,607
Income tax operating losses carried forward	52,000,000					22,000,000		52,000,000	22,000,000
Capital losses carried forward	2,000,000					2,000,000		2,000,000	2,000,000
Unrecognized tax benefits from capital losses	4,000,000							4,000,000
Unrecognized tax benefits that would impact effective tax rate	17,000,000							17,000,000
Tax benefits related to prior years							$ 24,000,000	10,000,000	0		0
Deferred tax expense (recovery), reversal of uncertain tax position						24,000,000
Interest and penalties accrual (recovery)								(3,000,000)	5,000,000		4,000,000
Accrued interest and penalties associated with unrecognized tax benefits	15,000,000					$ 18,000,000		15,000,000	18,000,000		13,000,000
Settlement of Mexican tax audits (Note 6)								135,000,000	$ 0		$ 0
Mexican Tax Authority
Income Tax Examination [Line Items]
Settlement of Mexican tax audits (Note 6)			$ 135,000,000
Increase (decrease) In value added tax receivable	9,000,000		16,000,000					25,000,000
Income tax expense, reserve for future audit settlements								3,000,000
Refundable value added tax	0			$ 55,000,000				0
Mexican Tax Authority \| Tax Years 2021 to 2022
Income Tax Examination [Line Items]
Tax adjustments, settlements, and unusual provisions	$ 3,000,000
Mexican Tax Authority \| Tax Years 2016 to 2020
Income Tax Examination [Line Items]
Tax adjustments, settlements, and unusual provisions			$ 13,000,000
Mexican Tax Authority \| Tax Years Through 2020 Excluding 2014
Income Tax Examination [Line Items]
Goodwill, period increase (decrease)								$ 96,000,000
Mexican Tax Authority \| Tax Years 2009, 2010, 2013, 2015 to 2022 for Corporate Income Tax and VAT
Income Tax Examination [Line Items]
Goodwill, period increase (decrease)		$ 90,000,000

Income taxes - Reconciliation o

Income taxes - Reconciliation of Uncertain Tax Positions Related to Unrecognized Tax Benefits (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Uncertain Tax Positions to Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at January 1		$ 20	$ 49	$ 55
Tax benefits related to the current year		2	1	0
Tax benefits related to prior years	$ 24	10	0	0
Tax benefits acquired with KCS		2	0	0
Gross uncertain tax benefits related to prior years		(6)	(30)	(6)
Settlements with taxing authorities		(6)	0	0
Unrecognized tax benefits at December 31		$ 22	$ 20	$ 49

Earnings per share - Number of

Earnings per share - Number of Shares Used in the Earnings Per Share Calculations (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 3,927	$ 3,517	$ 2,852
Weighted-average basic shares outstanding (in shares)	931.3	930	679.7
Dilutive effect of stock options (in shares)	2.4	2.9	3.1
Weighted-average diluted shares outstanding (in shares)	933.7	932.9	682.8
Earnings per share – basic (cad per share)	$ 4.22	$ 3.78	$ 4.20
Earnings per share – diluted (cad per share)	$ 4.21	$ 3.77	$ 4.18

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Option Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share (in shares)	0.6	0.3	0.1

Other comprehensive (loss) in_3

Other comprehensive (loss) income and accumulated other comprehensive (loss) income - Components of Other Comprehensive Income (Loss) and Related Tax Effects (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	$ (705)	$ 2,309	$ 1,052
Income tax (expense) recovery	(4)	(115)	(341)
Net of tax amount	(709)	2,194	711
Realized loss on derivatives designated as cash flow hedges recognized in income
Net of tax amount	(32)	44
Unrealized Gain on Cash Flow Hedges [Abstract]
Net of tax amount	(741)	2,238
Translation of the net investment in U.S. subsidiaries and equity method investees
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	(840)	2,099	(316)
Income tax (expense) recovery	0	0	0
Net of tax amount	(840)	2,099	(316)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 18)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	194	(471)	25
Income tax (expense) recovery	(22)	59	(3)
Net of tax amount	172	(412)	22
Derivatives
Realized loss on derivatives designated as cash flow hedges recognized in income
Before tax amount	7	6	10
Income tax (expense) recovery	(2)	(2)	(3)
Net of tax amount	5	4	7
Unrealized Gain on Cash Flow Hedges [Abstract]
Before tax amount			38
Income tax (expense) recovery			(9)
Net of tax amount			29
Change in pension and other benefits actuarial gains and losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	(57)	706	1,286
Income tax (expense) recovery	16	(182)	(323)
Net of tax amount	(41)	524	963
Change in prior service pension and other benefit costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	(16)	(26)
Income tax (expense) recovery	4	7
Net of tax amount	(12)	(19)
Equity accounted investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before tax amount	7	(5)	9
Income tax (expense) recovery	0	3	(3)
Net of tax amount	$ 7	$ (2)	$ 6

Other comprehensive (loss) in_4

Other comprehensive (loss) income and accumulated other comprehensive (loss) income - Changes in Accumulated Other Comprehensive Loss by Component (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 38,886
Other comprehensive (loss) income before reclassifications	(741)	$ 2,238
Amounts reclassified from AOCI	32	(44)
Net other comprehensive (loss) income	(709)	2,194	$ 711
Ending balance	41,492	38,886
Accumulated other comprehensive (loss) income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	91	(2,103)
Ending balance	(618)	91	(2,103)
Foreign currency net of hedging activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,505	(182)
Other comprehensive (loss) income before reclassifications	(668)	1,687
Amounts reclassified from AOCI	0	0
Net other comprehensive (loss) income	(668)	1,687
Ending balance	837	1,505	(182)
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(4)
Other comprehensive (loss) income before reclassifications	0	0
Amounts reclassified from AOCI	5	4
Net other comprehensive (loss) income	5	4
Ending balance	5	0	(4)
Pension and post- retirement defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,410)	(1,915)
Other comprehensive (loss) income before reclassifications	(79)	387
Amounts reclassified from AOCI	26	118
Net other comprehensive (loss) income	(53)	505
Ending balance	(1,463)	(1,410)	(1,915)
Equity accounted investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4)	(2)
Other comprehensive (loss) income before reclassifications	6	164
Amounts reclassified from AOCI	1	(166)
Net other comprehensive (loss) income	7	(2)
Ending balance	$ 3	$ (4)	$ (2)

Accounts receivable, net (Detai

Accounts receivable, net (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 1,976	$ 1,057
Allowance for credit losses	(89)	(41)
Total accounts receivable, net	1,887	1,016
Freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	1,559	785
Allowance for credit losses	(63)	(27)
Total accounts receivable, net	1,496	758
Non-freight
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	417	272
Allowance for credit losses	(26)	(14)
Total accounts receivable, net	$ 391	$ 258

Property sale (Details)

Property sale (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
Property sale (Details) - CAD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Consideration received, property	$ 33
Consideration received, permanent easement assets	9
Cash proceeds from sale of assets				$ 61
Gain on sale of assets	50
Deferred gain on sale of assets	$ 53
Recognition of deferred gain		$ 14	$ 14	$ 13

Business acquisition - Narrativ

Business acquisition - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions										3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023 CAD ($)	Apr. 14, 2023 CAD ($)	Apr. 13, 2023 CAD ($)	Dec. 14, 2021 CAD ($) shares	Dec. 14, 2021 USD ($) $ / shares shares	Sep. 15, 2021 CAD ($)	Sep. 15, 2021 USD ($)	May 21, 2021 CAD ($)	May 21, 2021 USD ($)	Apr. 13, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Aug. 10, 2021
Business Acquisition [Line Items]
Merger termination fee (Note 11)												$ 0	$ 0	$ (845,000,000)
Amount remitted												0	0	12,299,000,000
Shares issued for Kansas City Southern acquisition (Note 21)													(2,000,000)	23,456,000,000
Rail investments accounted for on an equity basis	$ 0		$ 44,402,000,000							$ 44,402,000,000	$ 0	0	45,091,000,000
Remeasurement loss of Kansas City Southern (Note 11)												7,175,000,000	0	0
Deferred income tax (recovery) expense (Note 6)												7,885,000,000	(136,000,000)	(242,000,000)
Goodwill (Note 11, 14)	17,729,000,000										17,729,000,000	17,729,000,000	344,000,000	328,000,000
Goodwill, expected tax deductible amount	0										0	0
Revenue of acquiree since acquisition date, actual												1,351,000,000	4,390,000,000
KCS historical, net income attributable to controlling shareholders												280,000,000	1,287,000,000
Equity loss of Kansas City Southern										230,000,000		230,000,000	1,074,000,000	(141,000,000)
Acquisition-related costs (Note 11)												190,000,000
Acquisition-related financing fees (Note 11)												17,000,000	0	51,000,000
Equity loss of Kansas City Southern
Business Acquisition [Line Items]
Equity loss of Kansas City Southern										230,000,000			1,074,000,000
Share capital
Business Acquisition [Line Items]
Shares issued for Kansas City Southern acquisition (Note 21)														23,461,000,000
Other expense (income)
Business Acquisition [Line Items]
Acquisition-related costs (Note 11)												6,000,000
Kansas City Southern
Business Acquisition [Line Items]
Amount remitted						$ 1,773,000,000	$ 1,400
Kansas City Southern
Business Acquisition [Line Items]
Merger termination fee (Note 11)								$ 845,000,000	$ (700)
Percentage ownership acquired				100%	100%
Stock issued (in shares) \| shares				262.6	262.6
Exchange ratio															2.884
Shares issued for Kansas City Southern acquisition (Note 21)				$ 23,461,000,000	$ 18,282
Cash consideration				10,526,000,000	8,203
Total consideration				$ 35,760,000,000	$ 27,885
Fair value of previously held equity method investment	37,227,000,000	$ 37,227,000,000
Remeasurement loss of Kansas City Southern (Note 11)			7,175,000,000
Deferred income tax (recovery) expense (Note 6)			7,832,000,000									69,000,000
Cash and cash equivalents	298,000,000	298,000,000									298,000,000	298,000,000
Accounts receivable, net		704,000,000
Accounts payable acquired		970,000,000
Intangible assets	3,022,000,000	3,022,000,000									3,022,000,000	3,022,000,000
Goodwill (Note 11, 14)	17,565,000,000	17,491,000,000	$ 17,565,000,000							$ 17,565,000,000	17,565,000,000	17,565,000,000
Revenue of acquiree since acquisition date, actual											3,467,000,000
KCS historical, net income attributable to controlling shareholders											682,000,000	(297,000,000)
Acquisition-related costs (Note 11)														599,000,000
Interest rate hedge, unwinding													212,000,000
Purchase accounting net income, after deferred tax recovery												(228,000,000)
Net working capital	$ (59,000,000)	51,000,000									$ (59,000,000)	(59,000,000)
Kansas City Southern \| Concession land rights
Business Acquisition [Line Items]
Property, plant and equipment, useful life			50 years							50 years
Kansas City Southern \| Environmental Liabilities
Business Acquisition [Line Items]
Liabilities arising from contingencies		132,000,000
Net working capital		15,000,000
Kansas City Southern \| Litigation and Personal Injury Claims
Business Acquisition [Line Items]
Liabilities arising from contingencies		40,000,000
Net working capital		28,000,000
Kansas City Southern \| Concession Rights
Business Acquisition [Line Items]
Intangible assets		$ 9,176,000,000
Acquired finite-lived intangible assets, weighted average useful life		74 years
Kansas City Southern \| Contracts and Customer Relationships
Business Acquisition [Line Items]
Intangible assets		$ 3,022,000,000
Kansas City Southern \| Contracts and Customer Relationships \| Minimum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		9 years
Kansas City Southern \| Contracts and Customer Relationships \| Maximum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		22 years
Kansas City Southern \| Share capital
Business Acquisition [Line Items]
Consideration transferred, per share (in CAD or USD per share) \| $ / shares					$ 90
Kansas City Southern \| Preferred stock
Business Acquisition [Line Items]
Consideration transferred, per share (in CAD or USD per share) \| $ / shares					$ 37.50
Kansas City Southern \| Purchased services and other
Business Acquisition [Line Items]
Acquisition-related costs (Note 11)													74,000,000	183,000,000
Kansas City Southern \| Other expense (income)
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												(2,000,000)
Acquisition-related costs (Note 11)														247,000,000
Kansas City Southern \| Equity loss of Kansas City Southern
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												(48,000,000)	163,000,000
Acquisition-related costs (Note 11)										$ 11,000,000			$ 49,000,000	$ 169,000,000
Kansas City Southern \| Compensation and benefits
Business Acquisition [Line Items]
Acquisition-related costs (Note 11)												71,000,000
Kansas City Southern \| Purchased services and other
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												(1,000,000)
Acquisition-related costs (Note 11)												111,000,000
Kansas City Southern \| Cost, direct material
Business Acquisition [Line Items]
Acquisition-related costs (Note 11)												2,000,000
Kansas City Southern \| Depreciation, Depletion and Amortization
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												(234,000,000)
Kansas City Southern \| Interest Revenue (Expense), Net
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												(17,000,000)
Kansas City Southern \| Net Income (Loss) Attributable to Noncontrolling Interest
Business Acquisition [Line Items]
KCS historical, net income attributable to controlling shareholders												$ 5,000,000

Business acquisition - Schedule

Business acquisition - Schedule of Allocation of Net Assets and Consideration Paid (Details) - CAD ($) $ in Millions			9 Months Ended
	Dec. 31, 2023	Apr. 14, 2023	Dec. 31, 2023	Apr. 13, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 17,729		$ 17,729		$ 344	$ 328
Kansas City Southern
Business Acquisition [Line Items]
Cash and cash equivalents	298	$ 298	298
Net working capital	(59)	51	(59)
Properties	28,749	28,748	28,749
Intangible assets	3,022	3,022	3,022
Other long-term assets	491	496	491
Debt including debt maturing within one year	(4,545)	(4,545)	(4,545)
Deferred income taxes	(6,942)	(6,984)	(6,942)
Other long-term liabilities	(408)	(406)	(408)
Total identifiable net assets	20,606	20,680	20,606
Goodwill	17,565	17,491	17,565	$ 17,565
Total identifiable net assets and goodwill	38,171	38,171	38,171
Fair value of previously held equity method investment	37,227	37,227
Intercompany payable balance, net acquired	12	12	12
Fair value of non-controlling interest	932	932	932
Total	$ 38,171	$ 38,171
Measurement period adjustments
Cash and cash equivalents			0
Net working capital			(110)
Properties			1
Intangible assets			0
Other long-term assets			(5)
Debt including debt maturing within one year			0
Deferred income taxes			42
Other long-term liabilities			(2)
Total identifiable net assets			(74)
Goodwill			74
Total net identifiable net assets and goodwill			0
Fair value of previously held equity method investment			0
Intercompany payable balance, net acquired			0
Fair value of non-controlling interest			0
Total			$ 0

Business acquisition - Pro Form

Business acquisition - Pro Forma Information (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Apr. 13, 2023	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
Business Acquisition [Line Items]
KCS historical, revenue			$ 1,351	$ 4,390
Pro forma CPKC, revenue			13,909	13,217
KCS historical, net income attributable to controlling shareholders			280	1,287
Pro forma, net income attributable to controlling shareholders			$ 3,174	$ 4,153
Canada, Dollars
Business Acquisition [Line Items]
Daily exchange rate used, revenue	1.28	1.35		1.30

Investment in Kansas City Sou_3

Investment in Kansas City Southern - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 13, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 14, 2021
Schedule of Equity Method Investments [Line Items]
Basis difference					$ 30,000
Equity (earnings) loss of Kansas City Southern (Note 11, 12)	$ (230)	$ (230)	$ (1,074)	$ 141
Dividends from Kansas City Southern (Note 12)	300	$ 300	1,157	$ 0
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Interest rate hedge, unwinding			212
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Equity method investment, foreign currency translation gain (loss)	578		2,891
Equity method investment, amortization of difference between carrying amount and underlying equity	$ 48		$ 163

Investment in Kansas City Sou_4

Investment in Kansas City Southern - Summarized Financial Information, Statement of Income (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021 CAD ($)	Apr. 13, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Schedule of Equity Method Investments [Line Items]
Total revenues			$ 12,555	$ 8,814	$ 7,995
Total operating expenses			8,167	5,485	4,789
Operating income			4,388	3,329	3,206
Less: Other			52	17	237
(Loss) income before income tax (recovery) expense			(3,053)	4,145	3,620
Net income (loss)			$ 3,927	$ 3,517	$ 2,852
Canada, Dollars
Schedule of Equity Method Investments [Line Items]
Daily exchange rate used, revenue	1.28	1.35		1.30
Kansas City Southern
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 178	$ 1,351		$ 4,390
Total operating expenses	287	888		2,794
Operating income	(109)	463		1,596
Less: Other	12	83		(119)
(Loss) income before income tax (recovery) expense	(121)	380		1,715
Net income (loss)	$ (106)	$ 280		$ 1,287

Investment in Kansas City Sou_5

Investment in Kansas City Southern - Summarized Financial Information, Balance Sheet (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 CAD ($)
Assets
Current assets	$ 1,889	$ 3,002
Properties	22,385	51,744
Other non-current assets	420	582
Liabilities
Current liabilities	3,213	5,710
Other non-current liabilities	520	797
Non-controlling interest (Note 11)	$ 0	$ 919
Canada, Dollars
Liabilities
Daily exchange rate used, assets/liabilities	1.35
Kansas City Southern
Assets
Current assets	$ 1,441
Properties	12,680
Other non-current assets	340
Liabilities
Current liabilities	1,748
Long-term debt	4,232
Other non-current liabilities	1,987
Non-controlling interest (Note 11)	$ 448

Properties - Net Properties (De

Properties - Net Properties (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 61,785	$ 31,680
Accumulated depreciation	10,041	9,295
Net book value	51,744	22,385
Properties	$ 51,744	22,385
Track and roadway
Property, Plant and Equipment [Line Items]
Weighted-average annual depreciation rate	2.80%
Cost	$ 42,597	21,524
Accumulated depreciation	6,811	6,308
Net book value	$ 35,786	15,216
Rolling stock
Property, Plant and Equipment [Line Items]
Weighted-average annual depreciation rate	3%
Cost	$ 1,732	1,069
Accumulated depreciation	281	254
Net book value	1,451	815
Land
Property, Plant and Equipment [Line Items]
Cost	3,487	964
Accumulated depreciation	0	0
Net book value	$ 3,487	964
Buildings
Property, Plant and Equipment [Line Items]
Weighted-average annual depreciation rate	3.60%
Cost	$ 8,125	5,085
Accumulated depreciation	1,629	1,523
Net book value	$ 6,496	3,562
Concession land rights
Property, Plant and Equipment [Line Items]
Weighted-average annual depreciation rate	1.40%
Cost	$ 1,779	0
Accumulated depreciation	17	0
Net book value	$ 1,762	0
Other
Property, Plant and Equipment [Line Items]
Weighted-average annual depreciation rate	6.70%
Cost	$ 4,065	3,038
Accumulated depreciation	1,303	1,210
Net book value	2,762	$ 1,828
Concessions
Property, Plant and Equipment [Line Items]
Cost	9,206
Accumulated depreciation	127
Net book value	9,079
Track and roadway
Property, Plant and Equipment [Line Items]
Cost	7,056
Accumulated depreciation	99
Net book value	6,957
Concession land rights
Property, Plant and Equipment [Line Items]
Cost	1,779
Accumulated depreciation	17
Net book value	1,762
Buildings
Property, Plant and Equipment [Line Items]
Cost	230
Accumulated depreciation	7
Net book value	223
Other
Property, Plant and Equipment [Line Items]
Cost	141
Accumulated depreciation	4
Net book value	$ 137

Properties - Narrative (Details

Properties - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
Properties - Narrative (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Government assistance, amount	$ 25	$ 32
Properties	51,744	22,385
Government assistance, unamortized amount	272	285
Amortization expense related to government assistance	$ 11	$ 11
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Properties	Properties

Properties - Capital Leases Inc

Properties - Capital Leases Included in Properties (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finance Leased Assets [Line Items]
Cost	$ 196	$ 180
Accumulated depreciation	85	78
Net book value	111	102
Rolling stock
Finance Leased Assets [Line Items]
Cost	182	170
Accumulated depreciation	79	75
Net book value	103	95
Other
Finance Leased Assets [Line Items]
Cost	14	10
Accumulated depreciation	6	3
Net book value	$ 8	$ 7

Goodwill (Details)

Goodwill (Details) - CAD ($) $ in Millions	12 Months Ended
Goodwill (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Opening balance	$ 344	$ 328
Foreign exchange impact	(180)	16
Addition (Note 11)	17,565
Ending balance	$ 17,729	$ 344

Intangible assets - Schedule of

Intangible assets - Schedule of Finite-Lived Intangible Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cost
Beginning balance	$ 66	$ 64
Additions (Note 11)	3,022
Foreign exchange impact	(27)	2
Ending balance	3,061	66
Accumulated amortization
Beginning balance	(24)	(21)
Amortization	(61)	(3)
Foreign exchange impact	(2)	0
Ending balance	(87)	(24)
Net carrying amount
Beginning balance	42	43
Additions (Note 11)	3,022
Amortization	(61)	(3)
Foreign exchange impact	(29)	2
Ending balance	2,974	42
Indefinite-lived intangible assets	$ 1,798	$ 9

Intangible assets - Future Amor

Intangible assets - Future Amortization Expense (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 85
2025	85
2026	85
2027	85
2028	85
2029 and thereafter	751
Total	$ 1,176

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Trade payables	$ 680	$ 503
Accrued charges	667	284
Income and other taxes payable	255	177
Dividends payable	177	177
Accrued interest	162	143
Stock-based compensation liabilities	50	84
Payroll-related accruals	115	79
Operating lease liabilities (Note 20)	102	68
Accrued vacation	99	62
Personal injury and other claims provision	81	53
Financial derivative liability (Note 18)	60	0
Other	119	73
Total accounts payable and accrued liabilities	$ 2,567	$ 1,703

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	$ 22,598	$ 19,771
Long-term debt and finance lease obligation, excluding perpetual debt	22,552	19,724
Unamortized fees on long-term debt	(104)	(120)
Long-term debt, including current debt	22,494	19,651
Long-term debt maturing within one year (Note 17, 18, 20)	3,143	1,510
Long-term debt	$ 19,351	18,141
4.450% 12.5-year Notes
Debt Instrument [Line Items]
Interest rate	4.45%
Debt term	12 years 6 months
Long-term debt, including unamortized fees	$ 0	474
1.589% 2-year Notes
Debt Instrument [Line Items]
Interest rate	1.589%
Debt term	2 years
Long-term debt, including unamortized fees	$ 0	1,000
1.350% 3-year Notes
Debt Instrument [Line Items]
Interest rate	1.35%
Debt term	3 years
Long-term debt, including unamortized fees	$ 1,983	2,030
2.900% 10-year Notes
Debt Instrument [Line Items]
Interest rate	2.90%
Debt term	10 years
Long-term debt, including unamortized fees	$ 926	948
3.700% 10.5-year Notes
Debt Instrument [Line Items]
Interest rate	3.70%
Debt term	10 years 6 months
Long-term debt, including unamortized fees	$ 330	338
1.750% 5-year Notes
Debt Instrument [Line Items]
Interest rate	1.75%
Debt term	5 years
Long-term debt, including unamortized fees	$ 1,321	1,353
2.540% 6.3-year Notes
Debt Instrument [Line Items]
Interest rate	2.54%
Debt term	6 years 3 months 18 days
Long-term debt, including unamortized fees	$ 1,200	1,200
4.000% 10-year Notes
Debt Instrument [Line Items]
Interest rate	4%
Debt term	10 years
Long-term debt, including unamortized fees	$ 661	677
3.150% 10-year Notes
Debt Instrument [Line Items]
Interest rate	3.15%
Debt term	10 years
Long-term debt, including unamortized fees	$ 400	399
2.050% 10-year Notes
Debt Instrument [Line Items]
Interest rate	2.05%
Debt term	10 years
Long-term debt, including unamortized fees	$ 660	676
7.125% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	7.125%
Debt term	30 years
Long-term debt, including unamortized fees	$ 463	474
2.450% 10-year Notes
Debt Instrument [Line Items]
Interest rate	2.45%
Debt term	10 years
Long-term debt, including unamortized fees	$ 1,851	1,896
5.750% 30-year Debentures
Debt Instrument [Line Items]
Interest rate	5.75%
Debt term	30 years
Long-term debt, including unamortized fees	$ 326	333
4.800% 20-year Notes
Debt Instrument [Line Items]
Interest rate	4.80%
Debt term	20 years
Long-term debt, including unamortized fees	$ 396	405
5.950% 30-year Notes
Debt Instrument [Line Items]
Interest rate	5.95%
Debt term	30 years
Long-term debt, including unamortized fees	$ 590	603
6.450% 30-year Notes
Debt Instrument [Line Items]
Interest rate	6.45%
Debt term	30 years
Long-term debt, including unamortized fees	$ 400	400
3.000% 20-year Notes
Debt Instrument [Line Items]
Interest rate	3%
Debt term	20 years
Long-term debt, including unamortized fees	$ 1,317	1,348
5.750% 30-year Notes
Debt Instrument [Line Items]
Interest rate	5.75%
Debt term	30 years
Long-term debt, including unamortized fees	$ 326	334
4.800% 30-year Notes
Debt Instrument [Line Items]
Interest rate	4.80%
Debt term	30 years
Long-term debt, including unamortized fees	$ 725	743
3.050% 30-year Notes
Debt Instrument [Line Items]
Interest rate	3.05%
Debt term	30 years
Long-term debt, including unamortized fees	$ 298	298
3.100% 30-year Notes
Debt Instrument [Line Items]
Interest rate	3.10%
Debt term	30 years
Long-term debt, including unamortized fees	$ 2,365	2,422
6.125% 100-year Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Debt term	100 years
Long-term debt, including unamortized fees	$ 1,190	1,219
3.125% 10.1-year Notes
Debt Instrument [Line Items]
Interest rate	3.125%
Debt term	10 years
Long-term debt, including unamortized fees	$ 291	0
2.875% 10-year Notes
Debt Instrument [Line Items]
Interest rate	2.875%
Debt term	10 years
Long-term debt, including unamortized fees	$ 499	0
4.300% 30.1-year Notes
Debt Instrument [Line Items]
Interest rate	4.30%
Debt term	30 years
Long-term debt, including unamortized fees	$ 515	0
4.950% 30.1-year Notes
Debt Instrument [Line Items]
Interest rate	4.95%
Debt term	30 years
Long-term debt, including unamortized fees	$ 574	0
4.700% 30-year Notes
Debt Instrument [Line Items]
Interest rate	4.70%
Debt term	30 years
Long-term debt, including unamortized fees	$ 599	0
3.500% 30-year Notes
Debt Instrument [Line Items]
Interest rate	3.50%
Debt term	30 years
Long-term debt, including unamortized fees	$ 540	0
4.200% 50-year Notes
Debt Instrument [Line Items]
Interest rate	4.20%
Debt term	50 years
Long-term debt, including unamortized fees	$ 444	0
2.875% - 7.000% Other Senior Notes Due 2069
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	$ 104	0
2.875% - 7.000% Other Senior Notes Due 2069 \| Minimum
Debt Instrument [Line Items]
Interest rate	2.875%
2.875% - 7.000% Other Senior Notes Due 2069 \| Maximum
Debt Instrument [Line Items]
Interest rate	7%
5.41% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	5.41%
Long-term debt, including unamortized fees	$ 64	76
6.91% Secured Equipment Notes
Debt Instrument [Line Items]
Interest rate	6.91%
Long-term debt, including unamortized fees	$ 21	40
2.96% - 4.29% RRIF Loans
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	$ 70	0
2.96% - 4.29% RRIF Loans \| Minimum
Debt Instrument [Line Items]
Interest rate	2.96%
2.96% - 4.29% RRIF Loans \| Maximum
Debt Instrument [Line Items]
Interest rate	4.29%
1.99-4.13% Finance Leases
Debt Instrument [Line Items]
Long-term debt, including unamortized fees	$ 8	2
2.32% Finance Lease
Debt Instrument [Line Items]
Interest rate	2.32%
Long-term debt, including unamortized fees	$ 8	0
6.57% Finance Lease
Debt Instrument [Line Items]
Interest rate	6.57%
Long-term debt, including unamortized fees	$ 22	29
12.77% Finance Lease
Debt Instrument [Line Items]
Interest rate	12.77%
Long-term debt, including unamortized fees	$ 3	3
1.93% Finance Lease
Debt Instrument [Line Items]
Interest rate	1.93%
Long-term debt, including unamortized fees	$ 4	4
Commercial Paper
Debt Instrument [Line Items]
Commercial Paper	$ 1,058	0
Perpetual 4% Consolidated Debenture Stock (USD)
Debt Instrument [Line Items]
Interest rate	4%
Long-term debt, including unamortized fees	$ 40	41
Perpetual 4% Consolidated Debenture Stock (GBP)
Debt Instrument [Line Items]
Interest rate	4%
Long-term debt, including unamortized fees	$ 6	$ 6

Debt - Narrative (Details)

12 Months Ended

Nov. 15, 2023 USD ($)

May 15, 2023 USD ($)

Apr. 19, 2023 USD ($) series

Dec. 31, 2023 USD ($)

Dec. 31, 2023 CAD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 CAD ($)

Dec. 31, 2021 CAD ($)

Dec. 31, 2023 CAD ($)

Jul. 12, 2023 USD ($)

Jul. 11, 2023 USD ($)

May 11, 2023 USD ($)

May 10, 2023 USD ($)

Apr. 24, 2023 USD ($) series

Dec. 31, 2022 CAD ($)

Feb. 21, 2012 USD ($)

Dec. 31, 2011 locomotive

Jun. 28, 2005 USD ($)

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 22,598,000,000

$ 19,771,000,000

Annual maturities and principal repayments in 2024

3,133,000,000

Annual maturities and principal repayments in 2025

933,000,000

Annual maturities and principal repayments in 2026

1,990,000,000

Annual maturities and principal repayments in 2027

7,000,000

Annual maturities and principal repayments in 2028

1,868,000,000

Annual maturities and principal repayments thereafter

15,202,000,000

Number of series of notes | series

Acquisition-related costs (Note 11)

$ 190,000,000

Payments of merger related costs, financing activities

17,000,000

Net book value

111,000,000

102,000,000

Repayments of term loan

$ 636,000,000

$ 0

Number of series of notes maturing in 2023 | series

Investment in government securities (Note 17)

$ 198,000,000

267,000,000

Proceeds from settlement of government securities (Note 17)

200,000,000

274,000,000

Other Expense

Debt Instrument [Line Items]

Acquisition-related costs (Note 11)

6,000,000

$ 247,000,000

Payments of merger related costs, financing activities

$ 12,000,000

US Government Debt Securities

Debt Instrument [Line Items]

Debt securities

$ 647,000,000

Term Credit Facility

Debt Instrument [Line Items]

Repayments of term loan

$ 500,000,000

636,000,000

Letters of Credit

Debt Instrument [Line Items]

Maximum capacity under credit facility

300,000,000

Letters of credit drawn

93,000,000

75,000,000

Commercial Paper | Commercial Paper Program

Debt Instrument [Line Items]

Credit facility, available amount

$ 1,500,000,000

$ 1,000,000,000

Line of credit, current

$ 800,000,000

$ 1,058,000,000

Weighted-average interest rate

5.59%

RRIF Loan

Debt Instrument [Line Items]

Interest rate

2.96%

Debt instrument, face amount

$ 14,000,000

Number of locomotives purchased | locomotive

RRIF Loan | Texas Mexican Railway

Debt Instrument [Line Items]

Interest rate

4.29%

Debt instrument, face amount

$ 50,000,000

RRIF Loan | Kansas City Southern

Debt Instrument [Line Items]

Debt instrument, face amount

$ 55,000,000

2.450% 10-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 1,851,000,000

1,896,000,000

Interest rate

2.45%

Debt term

10 years

3.000% 20-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 1,317,000,000

1,348,000,000

Interest rate

Debt term

20 years

2.050% 10-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 660,000,000

676,000,000

Interest rate

2.05%

Debt term

10 years

3.050% 30-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 298,000,000

298,000,000

Interest rate

3.05%

Debt term

30 years

5.41% Senior Secured Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 64,000,000

76,000,000

Interest rate

5.41%

Value of locomotive units used as collateral

$ 76,000,000

6.91% Secured Equipment Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 21,000,000

$ 40,000,000

Interest rate

6.91%

Value of locomotive units used as collateral

$ 27,000,000

6.99 Finance Lease

Debt Instrument [Line Items]

Interest rate

6.99%

Repayments of debt

$ 76,000,000

97,000,000

4.450% 12.5-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 0

$ 474,000,000

Interest rate

4.45%

Debt term

12 years 6 months

4.450% 12.5-year Notes | Senior Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 350,000,000

$ 479,000,000

Interest rate

4.45%

Debt term

12 years 6 months

3.85% 10-year Senior Notes | Senior Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 199,000,000

$ 272,000,000

Interest rate

3.85%

Debt term

10 years

3.00% 10-year Senior Notes | Senior Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 439,000,000

$ 592,000,000

Interest rate

Debt term

10 years

1.589% 2-year Notes

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 0

$ 1,000,000,000

Interest rate

1.589%

Debt term

2 years

1.589% 2-year Notes | Senior Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 1,000,000,000

Interest rate

1.589%

Debt term

2 years

5.100% 10-year Medium Term Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 125,000,000

Interest rate

5.10%

Debt term

10 years

4.500% 10-year Notes

Debt Instrument [Line Items]

Extinguishment of debt, amount

$ 250,000,000

$ 313,000,000

Interest rate

4.50%

Debt term

10 years

Senior Notes

Debt Instrument [Line Items]

Debt instrument, face amount

$ 3,014,000,000

$ 104,000,000

Cash consideration paid for debt exchange

Unamortized premium

Senior Notes | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Principal amount exchanged

1,000

Senior Notes | Debt Instrument, Redemption, Period Two

Debt Instrument [Line Items]

Principal amount exchanged

$ 970

The Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, available amount

$ 2,200,000,000

5-year Credit Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, available amount

$ 1,100,000,000

$ 1,000,000,000

5-year Credit Facility | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Debt term

5 years

2-year Credit Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, available amount

$ 1,100,000,000

$ 300,000,000

2-year Credit Facility | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Debt term

2 years

U.S dollar-denominated

Debt Instrument [Line Items]

Long-term debt and finance lease obligation, Current and non-current

$ 15,764,000,000

$ 12,161,000,000

Financial instruments (Details)

Financial instruments (Details) $ in Millions			3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
Financial instruments (Details) $ in Millions	Jan. 12, 2024 CAD ($)	May 21, 2021 CAD ($)	Dec. 31, 2021 CAD ($)	Mar. 31, 2021 CAD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2023 USD ($)	May 21, 2021 USD ($)
Schedule of Investments [Line Items]
Long-term debt, excluding commercial paper						$ 21,437,000,000	$ 21,437,000,000	$ 19,651,000,000
Long-term debt, fair value						$ 20,550,000,000	20,550,000,000	17,720,000,000
FX Forward Contracts
Schedule of Investments [Line Items]
Gain (loss) on derivative							0	0	$ (13,000,000)
Derivative notional amount			$ 1,000,000,000						1,000,000,000
Treasury Rate Locks \| Net Interest Expense
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense							$ 7,000,000	6,000,000	10,000,000
Foreign Exchange Contract
Schedule of Investments [Line Items]
Derivative notional amount										$ 215
Derivative, average forward exchange rate						20.61	20.61			20.61
Derivative, loss on derivative						$ 39,000,000
Derivative fair value						60,000,000	$ 60,000,000
Foreign Exchange Contract \| 2021 NCIB Program Announcement
Schedule of Investments [Line Items]
Payments for settlement of derivative	$ 65,000,000
Forward starting swaps
Schedule of Investments [Line Items]
Gain (loss) on derivative		$ 251,000,000							(94,000,000)
Derivative notional amount					$ 2,400	1,396,000,000	1,396,000,000	1,745,000,000			$ 2,400
Derivative fair value						$ 116,000,000	116,000,000	(81,000,000)
Derivative term					30 years
AOCI, cash flow hedge, cumulative gain (loss), after tax		73,000,000	(21,000,000)						(21,000,000)
Derivative, gain (loss), settlement			230,000,000
Bond locks
Schedule of Investments [Line Items]
Gain (loss) on derivative									10,000,000
Derivative notional amount		600,000,000		$ 600,000,000
Derivative term				7 years
AOCI, cash flow hedge, cumulative gain (loss), after tax		$ 2,000,000	(17,000,000)						(17,000,000)
Derivative, gain (loss), settlement			$ (7,000,000)
Gain (loss) on derivative, net, subsequent to re-designation									19,000,000
Net Investment Hedge
Schedule of Investments [Line Items]
Gain (loss) on derivative							$ (194,000,000)	$ 471,000,000	$ (25,000,000)

Other long-term liabilities - S

Other long-term liabilities - Schedule of Other Long-Term Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Operating lease liabilities, net of current portion (Note 20)	$ 202	$ 242
Provision for environmental remediation, net of current portion	71	200
Stock-based compensation liabilities, net of current portion	125	161
Deferred revenue, net of current portion (Note 4)	39	16
Deferred lease and license revenue, net of current portion	15	68
Other, net of current portion	68	110
Total other long-term liabilities	520	797
Aggregate provision for environmental remediation, including current portion	$ 83	$ 220
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	environmental remediation

Other long-term liabilities - N

Other long-term liabilities - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Expected time period for payment of provision for environmental remediation	10 years
Environmental remediation costs charged to income	$ 8	$ 8	$ 10

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Lessee, Lease, Description [Line Items]
Residual value guarantee	$ 1
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	17 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 94	$ 77	$ 74
Short-term lease cost	29	17	16
Variable lease cost	10	9	5
Sublease income	(1)	(2)	(3)
Finance lease cost
Amortization of ROU assets	10	6	10
Interest on lease liabilities	2	4	10
Total lease costs	$ 144	$ 111	$ 112

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, ROU asset	$ 347	$ 267
Operating lease, ROU asset, location	Other assets (Note 20)	Other assets (Note 20)
Finance lease, ROU asset	$ 111	$ 102
Finance lease, ROU asset, location	Properties	Properties
Operating lease liabilities, current	$ 102	$ 68
Operating lease liabilities, current, location	Accounts payable and accrued liabilities (Note 16, 20)	Accounts payable and accrued liabilities (Note 16, 20)
Finance lease liabilities, current	$ 14	$ 8
Finance lease liabilities, current, location	Long-term debt maturing within one year (Note 17, 18, 20)	Long-term debt maturing within one year (Note 17, 18, 20)
Operating lease liabilities, long-term	$ 242	$ 202
Operating lease liabilities, long-term, location	Other long-term liabilities (Note 19, 20)	Other long-term liabilities (Note 19, 20)
Finance lease liabilities, long-term	$ 31	$ 30
Finance lease liabilities, long-term, location	Long-term debt	Long-term debt

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-Average Remaining Lease Term
Operating leases	5 years	5 years
Finance leases	4 years	6 years
Weighted-Average Discount Rate
Operating leases	3.93%	3.20%
Finance leases	6.18%	6.89%

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash outflows from operating leases	$ 96	$ 64	$ 64
Operating cash outflows from finance leases	2	6	10
Financing cash outflows from finance leases	13	104	8
ROU assets obtained in exchange for lease liabilities
Operating leases	62	34	36
Finance leases	$ 0	$ 0	$ 5

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Finance leases
2024	$ 15
2025	14
2026	14
2027	1
2028	0
Thereafter	7
Total lease future payments	51
Imputed interest	(6)
Present value of future lease payments	45
Operating leases
2024	110
2025	86
2026	77
2027	50
2028	30
Thereafter	29
Total lease future payments	382
Imputed interest	(37)
Present value of future lease payments	$ 345

Shareholders' equity - Narrativ

Shareholders' equity - Narrative (Details) $ in Millions		12 Months Ended
Shareholders' equity - Narrative (Details) $ in Millions	Apr. 21, 2021	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Jan. 27, 2021 shares
Preferred shares issued		0
Common shares authorized to be repurchased (in shares)					16,700,000
Treasury stock, shares, acquired (in shares)		0
Stock split ratio	5
Share capital
Stock-based compensation transferred from APIC \| $		$ 17	$ 9	$ 7

Shareholders' equity - Summary

Shareholders' equity - Summary of Information Related to Common Share Balances (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share capital, January 1 (in shares)	930.5	929.7	666.3
Shares issued under stock option plan (in shares)	1.6	0.8	0.8
Shares issued for KCS acquisition (in shares)	0	0	262.6
Share capital, December 31 (in shares)	932.1	930.5	929.7

Change in non-cash working ca_3

Change in non-cash working capital balances related to operations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	$ (317)	$ (147)	$ 32
Materials and supplies	1	(27)	(14)
Other current assets	(49)	(13)	24
Accounts payable and accrued liabilities	57	95	(108)
Change in non-cash working capital balances related to operations	$ (308)	$ (92)	$ (66)

Pensions and other benefits - N

Pensions and other benefits - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Period of average market values for calculating net periodic benefit cost	5 years
Benefit obligation, discount rate	4.64%	5.01%	3.01%
Defined benefit plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation	$ 327	$ 332
Defined benefit plan with accumulated benefit obligation in excess of plan assets, plan assets	$ 189	$ 186
Maximum value of underlying assets represented by financial derivatives, excluding currency forwards	30%
Solvency funded position hedged against interest rate risk	50%	45%
Company's common shares in fund assets (in shares)	354,530	570,074
Net cost of defined contribution plan	$ 14	$ 12	$ 13
Multi-employer benefit plan, Employer contributions	$ 4	$ 2	$ 3
US Dollar
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	41%	50%
Euro
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	7%	6%
Other Currencies
Defined Benefit Plan Disclosure [Line Items]
Plans exposure to foreign currency risk percentage	9%	10%
Public equity
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets	$ 37	$ 58
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Company's securities in fund assets	$ 2	$ 5
Pensions
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, discount rate	4.64%	5.01%	3.01%
Defined benefit pension plans accumulated benefit obligation	$ 10,155	$ 9,747

Pensions and other benefits -_2

Pensions and other benefits - Net Periodic Benefit Cost (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Current service cost	$ 81	$ 159	$ 184
Interest cost on benefit obligation	508	399	367
Expected return on plan assets	(882)	(959)	(959)
Recognized net actuarial loss (gain)	45	148	205
Amortization of prior service costs	2	1	0
Total other components of net periodic benefit (recovery) cost	(327)	(411)	(387)
Net periodic benefit (recovery) cost	(246)	(252)	(203)
Pensions
Defined Benefit Plan Disclosure [Line Items]
Current service cost	71	148	171
Interest cost on benefit obligation	486	383	351
Expected return on plan assets	(882)	(959)	(959)
Recognized net actuarial loss (gain)	32	153	206
Amortization of prior service costs	2	1	0
Total other components of net periodic benefit (recovery) cost	(362)	(422)	(402)
Net periodic benefit (recovery) cost	(291)	(274)	(231)
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Current service cost	10	11	13
Interest cost on benefit obligation	22	16	16
Expected return on plan assets	0	0	0
Recognized net actuarial loss (gain)	13	(5)	(1)
Amortization of prior service costs	0	0	0
Total other components of net periodic benefit (recovery) cost	35	11	15
Net periodic benefit (recovery) cost	$ 45	$ 22	$ 28

Pensions and other benefits - C

Pensions and other benefits - Changes in Projected Benefit Obligation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in projected benefit obligation:
Projected benefit obligation at January 1	$ 10,347	$ 13,387
Current service cost	81	159	$ 184
Interest cost	508	399	367
Employee contributions	48	42
Benefits paid	(693)	(702)
Foreign currency changes	2	16
Addition of KCS plans	31	0
Plan amendments and other	17	27
Net actuarial loss (gain)	428	(2,981)
Projected benefit obligation at December 31	10,769	10,347	13,387
Pensions
Change in projected benefit obligation:
Projected benefit obligation at January 1	9,936	12,884
Current service cost	71	148	171
Interest cost	486	383	351
Employee contributions	48	42
Benefits paid	(656)	(680)
Foreign currency changes	(4)	16
Addition of KCS plans	0	0
Plan amendments and other	18	27
Net actuarial loss (gain)	407	(2,884)
Projected benefit obligation at December 31	10,306	9,936	12,884
Other benefits
Change in projected benefit obligation:
Projected benefit obligation at January 1	411	503
Current service cost	10	11	13
Interest cost	22	16	16
Employee contributions	0	0
Benefits paid	(37)	(22)
Foreign currency changes	6	0
Addition of KCS plans	31	0
Plan amendments and other	(1)	0
Net actuarial loss (gain)	21	(97)
Projected benefit obligation at December 31	$ 463	$ 411	$ 503

Pensions and other benefits -_3

Pensions and other benefits - Changes in Fund Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets:
Fair value of plan assets at January 1	$ 12,867	$ 14,943
Actual return on plan assets	1,208	(1,464)
Employer contributions	52	36
Employee contributions	48	42
Benefits paid	(693)	(702)
Foreign currency changes	(4)	12
Fair value of plan assets at December 31	13,478	12,867
Funded status – plan surplus (deficit)	2,709	2,520
Pensions
Change in plan assets:
Fair value of plan assets at January 1	12,862	14,938
Actual return on plan assets	1,207	(1,464)
Employer contributions	15	14
Employee contributions	48	42
Benefits paid	(656)	(680)
Foreign currency changes	(4)	12
Fair value of plan assets at December 31	13,472	12,862
Funded status – plan surplus (deficit)	3,166	2,926
Other benefits
Change in plan assets:
Fair value of plan assets at January 1	5	5
Actual return on plan assets	1	0
Employer contributions	37	22
Employee contributions	0	0
Benefits paid	(37)	(22)
Foreign currency changes	0	0
Fair value of plan assets at December 31	6	5
Funded status – plan surplus (deficit)	$ (457)	$ (406)

Pensions and other benefits - F

Pensions and other benefits - Funded Status of Pension Plans (Details) - Pensions - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension plans in surplus
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	$ (9,872)	$ (9,512)
Fair value of fund assets at December 31	13,210	12,613
Funded Status	3,338	3,101
Pension plans in deficit
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at December 31	(434)	(424)
Fair value of fund assets at December 31	262	249
Funded Status	$ (172)	$ (175)

Pensions and other benefits - A

Pensions and other benefits - Amounts Recognized in Company's Consolidated Balance Sheets (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension asset	$ 3,338	$ 3,101
Accounts payable and accrued liabilities	(48)	(43)
Pension and other benefit liabilities	(581)	(538)
Total amount recognized	2,709	2,520
Pensions
Defined Benefit Plan Disclosure [Line Items]
Pension asset	3,338	3,101
Accounts payable and accrued liabilities	(11)	(10)
Pension and other benefit liabilities	(161)	(165)
Total amount recognized	3,166	2,926
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Pension asset	0	0
Accounts payable and accrued liabilities	(37)	(33)
Pension and other benefit liabilities	(420)	(373)
Total amount recognized	$ (457)	$ (406)

Pensions and other benefits -_4

Pensions and other benefits - Amounts Recognized in Accumulated Other Comprehensive Losses (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment (losses) gains	$ (1,843)	$ (1,676)
Deferred investment (losses) gains	(191)	(301)
Prior service cost	(48)	(32)
Deferred income tax	619	599
Total (Note 8)	(1,463)	(1,410)
Pensions
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment (losses) gains	(1,871)	(1,711)
Deferred investment (losses) gains	(191)	(301)
Prior service cost	(47)	(31)
Deferred income tax	626	608
Total (Note 8)	(1,483)	(1,435)
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Other than deferred investment (losses) gains	28	35
Deferred investment (losses) gains	0	0
Prior service cost	(1)	(1)
Deferred income tax	(7)	(9)
Total (Note 8)	$ 20	$ 25

Pensions and other benefits -_5

Pensions and other benefits - Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit obligation at December 31:
Discount rate		4.64%	5.01%	3.01%
Projected future salary increases		2.75%	2.75%	2.75%
Health care cost trend rate		5%	5%	5%
Benefit cost for year ended December 31:
Discount rate		5.01%	3.01%	2.58%
Expected rate of return on fund assets		6.90%	6.90%	6.90%
Projected future salary increases		2.75%	2.75%	2.75%
Health care cost trend rate		5%	5%	5%
Forecast
Benefit cost for year ended December 31:
Expected rate of return on fund assets	6.70%

Pensions and other benefits - P

Pensions and other benefits - Pension Plan Asset Allocation and Weighted-Average Policy Range (Details) - Pensions	Dec. 31, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	100%
Percentage of plan assets at December 31	100%	100%
Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	2.70%
Percentage of plan assets at December 31	2.20%	1.10%
Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	38.10%
Percentage of plan assets at December 31	31.20%	20.50%
Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	29.70%
Percentage of plan assets at December 31	35.80%	46.40%
Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	14.70%
Percentage of plan assets at December 31	11.30%	11.40%
Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	7.40%
Percentage of plan assets at December 31	8.40%	7.70%
Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Asset allocation target	7.40%
Percentage of plan assets at December 31	11.10%	12.90%
Minimum \| Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	20%
Minimum \| Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	24%
Minimum \| Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	6%
Minimum \| Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	3%
Minimum \| Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	3%
Maximum \| Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	10%
Maximum \| Fixed income
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	43%
Maximum \| Public equity
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	55%
Maximum \| Real estate and infrastructure
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	20%
Maximum \| Private debt
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	13%
Maximum \| Absolute return
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Policy range	13%

Pensions and other benefits - S

Pensions and other benefits - Summary of DB Pension Plan Assets at Fair Value (Details) $ in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Jun. 30, 2021 USD ($)	May 21, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 13,478	$ 12,867	$ 14,943
Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	13,472	12,862	$ 14,938
Forward starting swaps
Defined Benefit Plan Disclosure [Line Items]
Derivative notional amount	1,396	1,745		$ 2.4	$ 2.4
Derivative fair value	116	(81)
Cash and cash equivalents \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	297	218
Government bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	2,111	1,305
Corporate bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,642	1,156
Mortgages \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	206	184
Mortgage-backed and Asset-backed Securities \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	123
Public equities, Canada \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	534	769
Public equities, U.S and international \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	4,293	5,195
Real estate
Defined Benefit Plan Disclosure [Line Items]
Fund value subject to redemption	480	595
Fund value not subject to redemption	83	127
Unfunded commitments	$ 166	40
Investment redemption, notice period	90 days
Real estate \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 563	722
Infrastructure
Defined Benefit Plan Disclosure [Line Items]
Fund value subject to redemption	493	356
Fund value not subject to redemption	468	388
Unfunded commitments	$ 220	356
Investment redemption, notice period	90 days
Infrastructure \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 961	744
Private debt
Defined Benefit Plan Disclosure [Line Items]
Fund value subject to redemption	124	160
Fund value not subject to redemption	1,004	832
Unfunded commitments	$ 540	747
Investment redemption, notice period	90 days
Private debt \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 1,128	992
Derivative instruments \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 116	(81)
Absolute return \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Investment redemption, notice period	30 days
Absolute return \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Investment redemption, notice period	120 days
Absolute return, Funds of hedge funds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 1,498	1,658
Investments measured at NAV \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	4,150	4,116
Investments measured at NAV \| Cash and cash equivalents \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Government bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Corporate bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Mortgages \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Mortgage-backed and Asset-backed Securities \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0
Investments measured at NAV \| Public equities, Canada \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Public equities, U.S and international \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Real estate \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	563	722
Investments measured at NAV \| Infrastructure \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	961	744
Investments measured at NAV \| Private debt \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,128	992
Investments measured at NAV \| Derivative instruments \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Investments measured at NAV \| Absolute return, Funds of hedge funds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,498	1,658
Quoted prices in active markets for identical assets (Level 1) \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	6,185	6,976
Quoted prices in active markets for identical assets (Level 1) \| Cash and cash equivalents \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	297	218
Quoted prices in active markets for identical assets (Level 1) \| Government bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	211	180
Quoted prices in active markets for identical assets (Level 1) \| Corporate bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	644	432
Quoted prices in active markets for identical assets (Level 1) \| Mortgages \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	206	182
Quoted prices in active markets for identical assets (Level 1) \| Mortgage-backed and Asset-backed Securities \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0
Quoted prices in active markets for identical assets (Level 1) \| Public equities, Canada \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	534	769
Quoted prices in active markets for identical assets (Level 1) \| Public equities, U.S and international \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	4,293	5,195
Quoted prices in active markets for identical assets (Level 1) \| Real estate \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Quoted prices in active markets for identical assets (Level 1) \| Infrastructure \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Quoted prices in active markets for identical assets (Level 1) \| Private debt \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Quoted prices in active markets for identical assets (Level 1) \| Derivative instruments \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Quoted prices in active markets for identical assets (Level 1) \| Absolute return, Funds of hedge funds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	3,137	1,770
Significant other observable inputs (Level 2) \| Cash and cash equivalents \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Government bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	1,900	1,125
Significant other observable inputs (Level 2) \| Corporate bonds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	998	724
Significant other observable inputs (Level 2) \| Mortgages \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	2
Significant other observable inputs (Level 2) \| Mortgage-backed and Asset-backed Securities \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	123
Significant other observable inputs (Level 2) \| Public equities, Canada \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Public equities, U.S and international \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Real estate \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Infrastructure \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Private debt \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	0	0
Significant other observable inputs (Level 2) \| Derivative instruments \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	116	(81)
Significant other observable inputs (Level 2) \| Absolute return, Funds of hedge funds \| Pensions
Defined Benefit Plan Disclosure [Line Items]
DB pension plans at fair values	$ 0	$ 0

Pensions and other benefits - E

Pensions and other benefits - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Pensions
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2024	$ 668
2025	663
2026	662
2027	661
2028	663
2029-2033	3,265
Other benefits
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
2024	37
2025	35
2026	34
2027	33
2028	38
2029-2033	$ 159

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2021 CAD ($) shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 122	$ 113	$ 131
Stock based compensation expense, tax benefit		27	26	29
Share-based liabilities paid		89	137	126
Regular and Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 25	23	23
Expiration period		7 years
Fair value of options at grant date		$ 26	16	26
Unrecognized compensation expense		$ 9
Weighted-average period of recognition for unrecognized compensation		1 year 1 month 6 days
Fair value of shares vested for stock option plan		$ 18	$ 24	$ 18
Regular and Performance Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		12 months
Regular and Performance Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		48 months
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares		891,411	415,660	431,430
Grant date fair value		$ 96
Share-based liabilities paid		$ 86	$ 116	$ 119
Performance Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares		26,333	13,506	12,694
Grant date fair value		$ 3
Matching % of DSU's granted to senior managers		25%
PSUs and PDSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 78	$ 69	$ 91
Unrecognized compensation expense		$ 67
Weighted-average period of recognition for unrecognized compensation		1 year 10 months 24 days
Units issued (in shares) \| shares		917,744	429,166
PSUs and PDSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
PSUs and PDSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 10	$ 10	6
Vesting period		36 months
Unrecognized compensation expense		$ 1
Weighted-average period of recognition for unrecognized compensation		1 year 10 months 24 days
Units issued (in shares) \| shares		85,750	60,262
Grant date fair value		$ 9
Matching % of DSU's granted to senior managers		25%
Number of trading days		10 days
Share-based liabilities paid		$ 2	$ 16	1
Ownership target period		5 years
Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 11	$ 9	$ 8
Vesting period		1 year
Maximum percentage of annual salary that an employee can contribute		6%
Number of shares purchased on behalf of participants \| shares		600,730	566,902	538,022
Employer contributions		$ 15	$ 11	$ 11
Employer matching ratio per dollar contributed		0.3333
Performance Shares, Initial Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares		544,175
Performance Shares, Remaining
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares		347,236
Share-based Payment Arrangement, Tranche One \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares	459,358				489,990
Payout percentage		135%	180%
PSUs vested in period (in shares) \| shares		399,372
Fair value of PSUs vested in period		$ 54
Number of trading days		30 days	30 days
Share-based liabilities paid	$ 87
Share-based Payment Arrangement, Tranche One \| Performance Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares) \| shares					50,145
PSUs vested in period (in shares) \| shares		11,372	45,058
Fair value of PSUs vested in period		$ 2	$ 11

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Plan (Details) - Stock Option Plan - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of options, Options outstanding (in shares)
Outstanding, January 1 (in shares)	7,353,133
Granted (in shares)	856,332
Exercised (in shares)	(1,634,730)
Forfeited (in shares)	(102,803)
Outstanding, December 31 (in shares)	6,471,932	7,353,133
Vested or expected to vest at December 31 (in shares)	6,428,547
Exercisable, December 31 (in shares)	4,168,829
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, January 1 (cad per share)	$ 61.69
Granted (cad per share)	105.13
Exercised (cad per share)	42.13
Forfeited (cad per share)	92.84
Outstanding at December 31 (cad per share)	71.03	$ 61.69
Vested or expected to vest as at December 31 (cad per share)	70.83
Exercisable at December 31 (cad per share)	$ 58.20
Number of options, Nonvested options (in shares)
Non-vested, Outstanding January 1 (in shares)	2,597,008
Granted (in shares)	856,332
Vested (in shares)	(1,047,434)
Non-vested, Forfeited (in shares)	(102,803)
Non-vested, Outstanding December 31 (in shares)	2,303,103	2,597,008
Weighted average grant date fair value, Nonvested options
Non-vested, outstanding, January 1 (cad per share)	$ 18.09
Non-vested, granted (cad per share)	29.79	$ 21.33	$ 19.06
Vested (cad per share)	16.66
Non-vested, forfeited (cad per share)	23.08
Non-vested, outstanding, December 31 (cad per share)	$ 22.87	$ 18.09
Weighted average remaining term of vested or expected to vest options	3 years 3 months 18 days
Aggregate intrinsic value of vested or expected to vest options	$ 219

Stock-based compensation - St_2

Stock-based compensation - Stock Options Outstanding and Exercisable (Details) - Stock Option Plan $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($) $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Company's closing stock price (cad per share)	$ 104.84
Options outstanding, number of options (in shares) \| shares	6,471,932
Options outstanding, weighted-average years to expiration	3 years 3 months 18 days
Options outstanding, weighted-average exercise price (cad per share)	$ 71.03
Options outstanding, aggregate intrinsic value \| $	$ 219
Options exercisable, number of options (in shares) \| shares	4,168,829
Options exercisable, weighted-average exercise price (cad per share)	$ 58.20
Options exercisable, aggregate intrinsic value \| $	$ 195
Number of stock options in-the-money (in shares) \| shares	5,787,281
Weighted-average exercise price of stock options in-the-money (cad per share)	$ 66.96
Weighted-average years to expiration	2 years 3 months 18 days
Price Range One
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	$ 30,940,000
Range of exercise prices, maximum (cad per share)	$ 50,190,000
Options outstanding, number of options (in shares) \| shares	1,693,436
Options outstanding, weighted-average years to expiration	1 year 2 months 12 days
Options outstanding, weighted-average exercise price (cad per share)	$ 40.04
Options outstanding, aggregate intrinsic value \| $	$ 110
Options exercisable, number of options (in shares) \| shares	1,693,436
Options exercisable, weighted-average exercise price (cad per share)	$ 40.04
Options exercisable, aggregate intrinsic value \| $	$ 110
Price Range Two
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	$ 50,200,000
Range of exercise prices, maximum (cad per share)	$ 70,360,000
Options outstanding, number of options (in shares) \| shares	1,395,999
Options outstanding, weighted-average years to expiration	2 years 3 months 18 days
Options outstanding, weighted-average exercise price (cad per share)	$ 58.53
Options outstanding, aggregate intrinsic value \| $	$ 65
Options exercisable, number of options (in shares) \| shares	1,284,814
Options exercisable, weighted-average exercise price (cad per share)	$ 57.53
Options exercisable, aggregate intrinsic value \| $	$ 61
Price Range Three
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	$ 70,370,000
Range of exercise prices, maximum (cad per share)	$ 94,270,000
Options outstanding, number of options (in shares) \| shares	1,610,826
Options outstanding, weighted-average years to expiration	4 years
Options outstanding, weighted-average exercise price (cad per share)	$ 82.99
Options outstanding, aggregate intrinsic value \| $	$ 35
Options exercisable, number of options (in shares) \| shares	822,618
Options exercisable, weighted-average exercise price (cad per share)	$ 80.20
Options exercisable, aggregate intrinsic value \| $	$ 20
Price Range Four
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (cad per share)	$ 94,280,000
Range of exercise prices, maximum (cad per share)	$ 109,010,000
Options outstanding, number of options (in shares) \| shares	1,771,671
Options outstanding, weighted-average years to expiration	5 years 3 months 18 days
Options outstanding, weighted-average exercise price (cad per share)	$ 99.62
Options outstanding, aggregate intrinsic value \| $	$ 9
Options exercisable, number of options (in shares) \| shares	367,961
Options exercisable, weighted-average exercise price (cad per share)	$ 94.94
Options exercisable, aggregate intrinsic value \| $	$ 4

Stock-based compensation - Weig

Stock-based compensation - Weighted-Average Fair Value Assumptions (Details) - Stock Option Plan - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (years)	4 years 9 months	4 years 9 months	4 years 9 months
Risk-free interest rate	3.35%	1.62%	0.53%
Expected stock price volatility	28.44%	26.85%	27.14%
Expected annual dividends (cad per share)	$ 0.76	$ 0.76	$ 0.76
Estimated forfeiture rate	3.18%	3.01%	2.62%
Weighted average grant date fair value of options granted during the year (cad per share)	$ 29.79	$ 21.33	$ 19.06

Stock-based compensation - Sche

Stock-based compensation - Schedule of Options Exercised (Details) - Stock Option Plan - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value	$ 101	$ 53	$ 43
Cash received by the Company upon exercise of options	$ 69	$ 32	$ 25

Stock-based compensation - Summ

Stock-based compensation - Summary of Performance Share Units Plan (Details) - PSUs and PDSUs - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] (in shares)
Outstanding, January 1 (in shares)	1,336,358	1,577,781
Granted (in shares)	917,744	429,166
Issued in lieu of dividends (in shares)	10,845	11,207
Settled (in shares)	(460,667)	(637,073)
PDSUs converted into DSUs (in shares)	(45,058)	0
Forfeited (in shares)	(80,669)	(44,723)
Outstanding, December 31 (in shares)	1,678,553	1,336,358

Stock-based compensation - Su_2

Stock-based compensation - Summary of Deferred Share Units Plan (Details) - DSUs - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] (in shares)
Outstanding, January 1 (in shares)	744,530	841,333
Granted (in shares)	85,750	60,262
PDSUs converted into DSUs (in shares)	(81,533)	0
Issued in lieu of dividends (in shares)	5,685	6,510
Settled (in shares)	(15,935)	(162,319)
Forfeited (in shares)	(1,745)	(1,256)
Outstanding, December 31 (in shares)	899,818	744,530

Stock-based compensation - Su_3

Stock-based compensation - Summary of Total Share Based Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 89	$ 137	$ 126
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	86	116	119
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	2	16	1
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based liabilities paid	$ 1	$ 5	$ 6

Variable interest entities (Det

Variable interest entities (Details) $ in Millions	12 Months Ended
Variable interest entities (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Variable Interest Entity [Line Items]
Future minimum lease payments before tax	$ 382
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Lease payments after tax	8
Future minimum lease payments before tax	$ 84

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions, $ in Millions, $ in Millions				12 Months Ended
	Jan. 05, 2024 USD ($)	Aug. 30, 2023 CAD ($)	Oct. 20, 2022 CAD ($)	Dec. 31, 2023 CAD ($) claim plaintiff	Dec. 31, 2023 USD ($) claim plaintiff	Dec. 31, 2023 MXN ($) claim plaintiff	Sep. 30, 2023 CAD ($)
Lytton B.C wildfire & B.C Fraser canyon flooding
Commitments and Contingencies [Line Items]
Former gain contingency, recognized in current period							$ 51
Foreign Tax Authority \| Mexican Tax Authority \| Tax Year 2014
Commitments and Contingencies [Line Items]
Income tax examination, estimate of possible loss				$ 475		$ 6,068
WD Trustee \| 2021 NCIB Program Announcement
Commitments and Contingencies [Line Items]
Damages awarded, value	$ 3.9
Lac-Megantic Rail Accident \| Claimed damages as a result of derailment
Commitments and Contingencies [Line Items]
Amount to be distributed				440
Lac-Megantic Rail Accident \| Quebec Minister of Sustainable Development, Environment, Wildlife and Parks
Commitments and Contingencies [Line Items]
Value of damages sought				95
Lac-Megantic Rail Accident \| Attorney General of Quebec
Commitments and Contingencies [Line Items]
Value of damages sought				315
Value of damages previously sought				409
Lac-Megantic Rail Accident \| Initial Subrogated Insurers \| Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought				15
Value of damages previously sought				$ 16
Number of subrogated insurer claims \| claim				8	8	8
Lac-Megantic Rail Accident \| Additional Subrogated Insurers \| Subrogated insurance claim
Commitments and Contingencies [Line Items]
Value of damages sought				$ 3
Number of subrogated insurer claims \| claim				2	2	2
Lac-Megantic Rail Accident \| Class Action Plaintiffs
Commitments and Contingencies [Line Items]
Value of damages sought				$ 5
Number of plaintiffs \| plaintiff				48	48	48
Lac-Megantic Rail Accident \| MMAR Estate Representative \| Damages for loss in business value
Commitments and Contingencies [Line Items]
Value of damages sought					$ 30
Lac-Megantic Rail Accident \| WD Trustee \| Damaged railcars and lost crude recovery
Commitments and Contingencies [Line Items]
Value of damages sought					6
Lac-Megantic Rail Accident \| WD Trustee \| Reimbursement for settlement paid by consignor
Commitments and Contingencies [Line Items]
Value of damages sought					110
Lac-Megantic Rail Accident \| WD Trustee \| Reimbursement for settlement paid by consignee
Commitments and Contingencies [Line Items]
Value of damages sought					$ 60
Remington Development Corporation legal claim \| Remington Development Corporation \| Breach of contract
Commitments and Contingencies [Line Items]
Damages awarded, value		$ 165	$ 164
Total estimated damages, value			$ 217
Capital Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures				$ 2,300
Operating Expenditures
Commitments and Contingencies [Line Items]
Future committed expenditures				$ 544

Guarantees (Details)

Guarantees (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Guarantees [Abstract]
Accrued guarantees	$ 8	$ 5

Segmented and geographic info_3

Segmented and geographic information - Narrative (Details)	12 Months Ended
Segmented and geographic information - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Segmented and geographic info_4

Segmented and geographic information - Geographic Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 12,555	$ 8,814	$ 7,995
Long-lived assets: Properties and right of use assets	52,091	22,652
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	6,651	6,423	5,992
Long-lived assets: Properties and right of use assets	15,933	15,208
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4,257	2,391	2,003
Long-lived assets: Properties and right of use assets	25,141	7,444
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,647	0	$ 0
Long-lived assets: Properties and right of use assets	$ 11,017	$ 0

Schedule II _ Valuation and Q_2

Schedule II – Valuation and Qualifying Accounts (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accruals for personal injury and other claims provision
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	$ 132	$ 123	$ 126
Impact of KCS Acquisition	68	0	0
Additions charged to expenses	190	101	114
Payments and other reductions	(202)	(94)	(117)
Impact of FX	(1)	2	0
Ending balance at December 31	187	132	123
Provision for environmental remediation
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance at January 1	83	79	80
Impact of KCS Acquisition	147	0	0
Additions charged to expenses	8	8	10
Payments and other reductions	(15)	(8)	(10)
Impact of FX	(3)	4	(1)
Ending balance at December 31	$ 220	$ 83	$ 79