Other comprehensive income (loss) and accumulated other comprehensive loss (Tables)

12 Months Ended

Dec. 31, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Other comprehensive (loss) income and related tax effects

The components of Other comprehensive income (loss) and the related tax effects are as follows:

(in millions of Canadian dollars)	Before tax amount		Income tax (expense) recovery		Net of tax amount
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 19)	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
For the year ended December 31, 2020
Unrealized foreign exchange (loss) gain on:
Translation of the net investment in U.S. subsidiaries	$	(118)	$	—	$	(118)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19)	136		(18)		118
Realized loss on derivatives designated as cash flow hedges recognized in income(1)	10		(3)		7
Change in pension and other benefits actuarial gains and losses	(403)		108		(295)
Change in prior service pension and other benefit costs	(4)		1		(3)
Equity accounted investments(1)	(1)		—		(1)
Other comprehensive loss	$	(380)	$	88	$	(292)
For the year ended December 31, 2019
Unrealized foreign exchange (loss) gain on:
Translation of the net investment in U.S. subsidiaries	$	(251)	$	—	$	(251)
Translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries (Note 19)	288		(38)		250
Realized loss on derivatives designated as cash flow hedges recognized in income(1)	12		(2)		10
Change in pension and other benefits actuarial gains and losses	(661)		175		(486)
Equity accounted investments(1)	(2)		—		(2)
Other comprehensive loss	$	(614)	$	135	$	(479)

(1) Comparative figures have been reclassified to conform with current period presentation.

Accumulated other comprehensive loss, Net of tax

The components of Accumulated other comprehensive loss, net of tax, are as follows:

(in millions of Canadian dollars)	2021		2020
Unrealized foreign exchange gain on translation of the net investment in U.S. subsidiaries	$	177	$	493
Unrealized foreign exchange loss on translation of the U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries	(359)		(381)
Net deferred losses on derivatives(1)	(4)		(40)
Amounts for defined benefit pension and other post-retirement plans not recognized in income (Note 24)	(1,915)		(2,878)
Equity accounted investments(1)	(2)		(8)
Accumulated other comprehensive loss	$	(2,103)	$	(2,814)

(1) Comparative figures have been reclassified to conform with current period presentation.

Changes in Accumulated other comprehensive loss by component

Changes in Accumulated other comprehensive loss by component are as follows:

(in millions of Canadian dollars)	Foreign currency net of hedging activities(1)		Derivatives(1)(2)		Pension and post- retirement defined benefit plans(1)		Equity accounted investments(1)(2)		Total(1)
Opening balance, January 1, 2021	$	112	$	(40)	$	(2,878)	$	(8)	$	(2,814)
Other comprehensive (loss) income before reclassifications	(294)		28		808		6		548
Amounts reclassified from accumulated other comprehensive loss	—		8		155		—		163
Net other comprehensive (loss) income	(294)		36		963		6		711
Closing balance, December 31, 2021	$	(182)	$	(4)	$	(1,915)	$	(2)	$	(2,103)
Opening balance, January 1, 2020	$	112	$	(47)	$	(2,580)	$	(7)	$	(2,522)
Other comprehensive loss before reclassifications	—		(1)		(430)		(1)		(432)
Amounts reclassified from accumulated other comprehensive loss	—		8		132		—		140
Net other comprehensive income (loss)	—		7		(298)		(1)		(292)
Closing balance, December 31, 2020	$	112	$	(40)	$	(2,878)	$	(8)	$	(2,814)

(1) Amounts are presented net of tax.

(2) Comparative figures have been reclassified to conform with current period presentation.

Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL

Amounts in Pension and post-retirement defined benefit plans reclassified from Accumulated other comprehensive loss are as follows:

(in millions of Canadian dollars)	2021		2020
Amortization of prior service costs(1)	$	—	$	(1)
Recognition of net actuarial loss(1)	210		180
Total before income tax	210		179
Income tax recovery	(55)		(47)
Total net of income tax	$	155	$	132

(1) Impacts "Other components of net periodic benefit recovery" on the Consolidated Statements of Income.