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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Components of lease expense for the year ended December 31 are as follows:


(in millions of Canadian dollars)	2021		2020
Operating lease cost	$	74	$	83
Short-term lease cost	16		10
Variable lease cost	5		13
Sublease income	(3)		(3)

Finance Lease Cost
Amortization of right-of-use assets	10		9
Interest on lease liabilities	10		11
Total lease costs	$	112	$	123

Supplemental balance sheet information related to leases is as follows:


(in millions of Canadian dollars)	Classification	2021		2020
Assets
Operating	Other assets	$	287	$	316
Finance	Properties, net book value	166		171

Liabilities
Current
Operating	Accounts payable and accrued liabilities	59		63
Finance	Long-term debt maturing within one year	104		8
Long-term
Operating	Other long-term liabilities	224		248
Finance	Long-term debt	36		135

The following table provides the Company's weighted-average remaining lease terms and discount rates:


	2021		2020
Weighted-Average Remaining Lease Term
Operating leases	6 years		7 years
Finance leases	2 years		3 years

Weighted-Average Discount Rate
Operating leases	3.18	%	3.32	%
Finance leases	6.96	%	7.06	%

Supplemental information related to leases is as follows:


(in millions of Canadian dollars)	2021		2020
Cash paid for amounts included in measurement of lease liabilities
Operating cash outflows from operating leases	$	64	$	74
Operating cash outflows from finance leases	10		10
Financing cash outflows from finance leases	8		8

Right-of-use assets obtained in exchange for lease liabilities
Operating leases	36		34
Finance leases	5		4

The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2021:


(in millions of Canadian dollars)	Finance Leases		Operating Leases
2022	$	107	$	66
2023	9		62
2024	9		50
2025	9		39
2026	9		34
Thereafter	7		60
Total lease payments	150		311
Imputed interest	(10)		(28)
Present value of lease payments	$	140	$	283