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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
The following table provides the breakdown of debt as at December 31, 2021 and 2020:
In millions
Maturity
US dollar-denominated
amount		December 31,20212020
Notes and debentures (1)
Canadian National series:
2.75%
7-year notes (2)
Feb 18, 2021
 $— $250 
2.85%
10-year notes (2)
Dec 15, 2021
US$400 — 509 
2.25%
10-year notes (2)
Nov 15, 2022
US$250 316 318 
7.63%
30-year debentures
May 15, 2023
US$150 190 191 
2.95%
10-year notes (2)
Nov 21, 2024
US$350 442 445 
2.80%
10-year notes (2)
Sep 22, 2025
 350 350 
2.75%
10-year notes (2)
Mar 1, 2026
US$500 632 636 
6.90%
30-year notes (2)
Jul 15, 2028
US$475 600 604 
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$200 253 255 
6.25%
30-year notes (2)
Aug 1, 2034
US$500 632 636 
6.20%
30-year notes (2)
Jun 1, 2036
US$450 569 573 
6.71%
Puttable Reset Securities PURSSM (2)
Jul 15, 2036
US$250 316 318 
6.38%
30-year debentures (2)
Nov 15, 2037
US$300 379 382 
3.50%
30-year notes (2)
Nov 15, 2042
US$250 316 318 
4.50%
30-year notes (2)
Nov 7, 2043
US$250 316 318 
3.95%
30-year notes (2)
Sep 22, 2045
400 400 
3.20%
30-year notes (2)
Aug 2, 2046
US$650 821 827 
3.60%
30-year notes (2)
Aug 1, 2047
500 500 
3.65%
30-year notes (2)
Feb 3, 2048
US$600 758 764 
3.60%
30-year notes (2)
Jul 31, 2048
450 450 
4.45%
30-year notes (2)
Jan 20, 2049
US$650 821 827 
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$600 758 764 
4.00%
50-year notes (2)
Sep 22, 2065
100 100 
Illinois Central series:
7.70%
100-year debentures
Sep 15, 2096
US$125 158 159 
BC Rail series:
Non-interest bearing 90-year subordinated notes (3)
Jul 14, 2094
842 842 
Total notes and debentures12,519 13,336 
Other
Commercial paper140 56 
Accounts receivable securitization— — 
Finance leases10 74 
Equipment loans and other (4)
770 402 
Total debt, gross13,439 13,868 
Net unamortized discount and debt issuance costs (3)
(954)(962)
Total debt (5)
12,485 12,906 
Less: Current portion of long-term debt
508 910 
Total long-term debt$11,977 $11,996 
(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, 2021, these notes were recorded as a discounted debt of $14 million (2020 - $13 million) using an imputed interest rate of 5.75% (2020 - 5.75%). The discount of $828 million (2020 - $829 million) is included in Net unamortized discount and debt issuance costs.
(4)Includes $723 million (2020 - $368 million) of equipment loan under the non-revolving credit facility. Also included is $47 million (2020 - $34 million) of other equipment loans payable monthly at a weighted average interest rate of 2.12% (2020 - 2.00%).
(5)See Note 22 - 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, 2021, 2020 and 2019:
In millionsYear ended December 31,202120202019
Commercial paper with maturities less than 90 days
Issuance$5,254 $5,315 $5,069 
Repayment(5,289)(6,076)(5,141)
Change in commercial paper with maturities less than 90 days, net$(35)$(761)$(72)
Commercial paper with maturities of 90 days or greater
Issuance$353 $736 $2,115 
Repayment(252)(1,248)(1,902)
Change in commercial paper with maturities of 90 days or greater, net$101 $(512)$213 
Change in commercial paper, net$66 $(1,273)$141 
Schedule of accounts receivable securitization
The following table provides a summary of cash flows associated with the proceeds received and repayment of the accounts receivable securitization program for the years ended December 31, 2021, 2020 and 2019:
In millionsYear ended December 31,202120202019
Beginning of year$— $200 $— 
Proceeds received— 450 420 
Repayment— (650)(220)
End of year$— $— $200 
Schedule of debt maturities
The following table provides the debt maturities, excluding finance lease liabilities, as at December 31, 2021, for the next five years and thereafter:
In millions
Debt (1)
2022$501 
2023222 
2024476 
2025385 
2026667 
2027 & thereafter10,224 
Total12,475 
Finance lease liabilities (2)
10 
Total debt$12,485 
(1)    Presented net of unamortized discounts and debt issuance costs.
(2)     See Note 12 - 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, 2021 and 2020:
In millionsDecember 31,20212020
Notes and debenturesUS$6,550 US$6,950 
Commercial paper111 44 
Finance lease liabilities8 50 
Equipment loans and other 606 314 
Total amount of US dollar-denominated debt in US$US$7,275 US$7,358 
Total amount of US dollar-denominated debt in C$$9,193 $9,363