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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of debt
In millions
Maturity
US$ denominated
amount		As at December 31,20242023
Notes and debentures (1)
Canadian National series:
2.95%
10-year notes (2)
Nov 21, 2024
US$— $— $464 
2.80%
10-year notes (2)
Sep 22, 2025
 350 350 
2.75%
10-year notes (2)
Mar 1, 2026
US$500 719 662 
6.90%
30-year notes (2)
Jul 15, 2028
US$475 683 629 
3.20%
10-year notes (2)
Jul 31, 2028
350 350 
3.00%
10-year notes (2)
Feb 8, 2029
350 350 
4.60%
5-year notes (2)
May 2, 2029
700 — 
4.15%
7-year notes (2)
May 10, 2030
550 550 
7.38%
30-year debentures (2)
Oct 15, 2031
US$200 288 265 
3.85%
10-year notes (2)
Aug 5, 2032
US$800 1,151 1,059 
4.40%
10-year notes (2)
May 10, 2033
400 400 
5.85%
10-year notes (2)
Nov 1, 2033
US$300 431 397 
6.25%
30-year notes (2)
Aug 1, 2034
US$500 719 662 
4.38%
10-year notes (2)
Sep 18, 2034
US$750 1,079 — 
6.20%
30-year notes (2)
Jun 1, 2036
US$450 647 596 
6.71%
Puttable Reset Securities PURSSM (2)
Jul 15, 2036
US$250 360 331 
6.38%
30-year debentures (2)
Nov 15, 2037
US$300 431 397 
3.50%
30-year notes (2)
Nov 15, 2042
US$250 360 331 
4.50%
30-year notes (2)
Nov 7, 2043
US$250 360 331 
3.95%
30-year notes (2)
Sep 22, 2045
400 400 
3.20%
30-year notes (2)
Aug 2, 2046
US$650 935 861 
3.60%
30-year notes (2)
Aug 1, 2047
500 500 
3.65%
30-year notes (2)
Feb 3, 2048
US$600 863 795 
3.60%
30-year notes (2)
Jul 31, 2048
450 450 
4.45%
30-year notes (2)
Jan 20, 2049
US$650 935 861 
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$600 863 795 
4.40%
30-year notes (2)
Aug 5, 2052
US$700 1,007 927 
4.70%
30-year notes (2)
May 10, 2053
800 800 
6.13%
30-year notes (2)
Nov 1, 2053
US$300 431 397 
5.10%
30-year notes (2)
May 2, 2054
550 — 
4.00%
50-year notes (2)
Sep 22, 2065
100 100 
Illinois Central series:
7.70%
100-year debentures
Sep 15, 2096
US$125 180 165 
BC Rail series:
Non-interest bearing 90-year subordinated notes (3)
Jul 14, 2094
842 842 
Total notes and debentures19,684 16,917 
Other
Commercial paper721 1,801 
Finance leases7 38 
Equipment loans and other (4)
1,489 715 
Total debt, gross21,901 19,471 
Net unamortized discount and debt issuance costs (3)
(1,007)(998)
Total debt (5)
20,894 18,473 
Less: Current portion of long-term debt1,166 2,340 
Total long-term debt$19,728 $16,133 
(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, 2024, these notes were recorded as a discounted debt of $16 million (2023 - $15 million) using an imputed interest rate of 5.75% (2023 - 5.75%). The discount of $826 million (2023 - $827 million) is included in Net unamortized discount and debt issuance costs.
(4)Includes $1,449 million (2023 - $677 million) of equipment loans under the non-revolving credit facilities. Also included is $40 million (2023 - $38 million) of other loans payable monthly at a weighted average interest rate of 2.35% (2023 - 2.11%).
(5)See Note 22 – Financial instruments for the fair value of debt.
Schedule of issuances and repayments of commercial paper
In millionsYear ended December 31,202420232022
Commercial paper with maturities less than 90 days
Issuance$18,564 $13,767 $11,799 
Repayment(19,851)(13,090)(11,087)
Change in commercial paper with maturities less than 90 days, net$(1,287)$677 $712 
Commercial paper with maturities of 90 days or greater
Issuance$1,682 $1,871 $440 
Repayment(1,776)(1,640)(589)
Change in commercial paper with maturities of 90 days or greater, net$(94)$231 $(149)
Change in commercial paper, net$(1,381)$908 $563 
Schedule of debt maturities
Debt maturities

In millions
Debt (1)
2025$1,165 
2026799 
202781 
20281,116 
20291,134 
2030 & thereafter16,592 
Total20,887 
Finance lease liabilities (2)
7 
Total debt$20,894 
(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
Amount of US dollar-denominated debt

In millionsAs at December 31,20242023
Notes and debenturesUS$8,650 US$8,250 
Commercial paper501 1,360 
Finance lease liabilities5 27 
Equipment loans and other 506 540 
Total amount of US dollar-denominated debt in US$US$9,662 US$10,177 
Total amount of US dollar-denominated debt in C$$13,898 $13,477