v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of debt
The following table provides the breakdown of debt as at December 31, 2022 and 2021:
In millions
Maturity
US dollar-denominated
amount		December 31,20222021
Notes and debentures (1)
Canadian National series:
2.25%
10-year notes (2)
Nov 15, 2022
US$— $— $316 
7.63%
30-year debentures
May 15, 2023
US$150 203 190 
2.95%
10-year notes (2)
Nov 21, 2024
US$350 474 442 
2.80%
10-year notes (2)
Sep 22, 2025
 350 350 
2.75%
10-year notes (2)
Mar 1, 2026
US$500 678 632 
6.90%
30-year notes (2)
Jul 15, 2028
US$475 644 600 
3.20%
10-year notes (2)
Jul 31, 2028
350 350 
3.00%
10-year notes (2)
Feb 8, 2029
350 350 
7.38%
30-year debentures (2)
Oct 15, 2031
US$200 271 253 
3.85%
10-year notes (2)
Aug 5, 2032
US$800 1,084 — 
6.25%
30-year notes (2)
Aug 1, 2034
US$500 678 632 
6.20%
30-year notes (2)
Jun 1, 2036
US$450 610 569 
6.71%
Puttable Reset Securities PURSSM (2)
Jul 15, 2036
US$250 339 316 
6.38%
30-year debentures (2)
Nov 15, 2037
US$300 407 379 
3.50%
30-year notes (2)
Nov 15, 2042
US$250 339 316 
4.50%
30-year notes (2)
Nov 7, 2043
US$250 339 316 
3.95%
30-year notes (2)
Sep 22, 2045
400 400 
3.20%
30-year notes (2)
Aug 2, 2046
US$650 881 821 
3.60%
30-year notes (2)
Aug 1, 2047
500 500 
3.65%
30-year notes (2)
Feb 3, 2048
US$600 813 758 
3.60%
30-year notes (2)
Jul 31, 2048
450 450 
4.45%
30-year notes (2)
Jan 20, 2049
US$650 881 821 
3.60%
30-year notes (2)
Feb 8, 2049
450 450 
3.05%
30-year notes (2)
Feb 8, 2050
450 450 
2.45%
30-year notes (2)
May 1, 2050
US$600 813 758 
4.40%
30-year notes (2)
Aug 5, 2052
US$700 949 — 
4.00%
50-year notes (2)
Sep 22, 2065
100 100 
Illinois Central series:
7.70%
100-year debentures
Sep 15, 2096
US$125 169 158 
BC Rail series:
Non-interest bearing 90-year subordinated notes (3)
Jul 14, 2094
842 842 
Total notes and debentures14,814 12,519 
Other
Commercial paper805 140 
Finance leases10 10 
Equipment loans and other (4)
779 770 
Total debt, gross16,408 13,439 
Net unamortized discount and debt issuance costs (3)
(979)(954)
Total debt (5)
15,429 12,485 
Less: Current portion of long-term debt
1,057 508 
Total long-term debt$14,372 $11,977 
(1)The Company's notes and debentures are unsecured.
(2)The fixed rate debt securities are redeemable, in whole or in part, at the option of the Company, at any time, at the greater of par and a formula price based on interest rates prevailing at the time of redemption.
(3)As at December 31, 2022, these notes were recorded as a discounted debt of $15 million (2021 - $14 million) using an imputed interest rate of 5.75% (2021 - 5.75%). The discount of $827 million (2021 - $828 million) is included in Net unamortized discount and debt issuance costs.
(4)Includes $734 million (2021 - $723 million) of equipment loan under the non-revolving credit facility. Also included is $45 million (2021 - $47 million) of other equipment loans payable monthly at a weighted average interest rate of 2.12% (2021 - 2.12%).
(5)See Note 23 – Financial instruments for the fair value of debt.
Schedule of issuances and repayments of commercial paper
The following table provides a summary of cash flows associated with the issuance and repayment of commercial paper for the years ended December 31, 2022, 2021 and 2020:
In millionsYear ended December 31,202220212020
Commercial paper with maturities less than 90 days
Issuance$11,799 $5,254 $5,315 
Repayment(11,087)(5,289)(6,076)
Change in commercial paper with maturities less than 90 days, net$712 $(35)$(761)
Commercial paper with maturities of 90 days or greater
Issuance$440 $353 $736 
Repayment(589)(252)(1,248)
Change in commercial paper with maturities of 90 days or greater, net$(149)$101 $(512)
Change in commercial paper, net$563 $66 $(1,273)
Schedule of accounts receivable securitization
The following table provides a summary of cash flows associated with the proceeds received and repayment of the accounts receivable securitization program for the years ended December 31, 2022, 2021 and 2020:
In millionsYear ended December 31,202220212020
Beginning of year$— $— $200 
Proceeds received— — 450 
Repayment— — (650)
End of year$— $— $— 
Schedule of debt maturities
The following table provides the debt maturities, excluding finance lease liabilities, as at December 31, 2022, for the next five years and thereafter:
In millions
Debt (1)
2023$1,056 
2024509 
2025385 
2026713 
202736 
2028 & thereafter12,720 
Total15,419 
Finance lease liabilities (2)
10 
Total debt$15,429 
(1)    Presented net of unamortized discounts and debt issuance costs.
(2)     See Note 13 – Leases for maturities of finance lease liabilities.
Schedule of US dollar-denominated debt
The following table provides the breakdown of US dollar-denominated debt as at December 31, 2022 and 2021:
In millionsDecember 31,20222021
Notes and debenturesUS$7,800 US$6,550 
Commercial paper594 111 
Finance lease liabilities7 8 
Equipment loans and other 574 606 
Total amount of US dollar-denominated debt in US$US$8,975 US$7,275 
Total amount of US dollar-denominated debt in C$$12,165 $9,193