Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent events

KCS

[If STB approval is received before 10-K filing: On [approval date], the STB approved CP’s control application for KCS, with an effective date of [effective date], [subject to certain conditions]. On or after the effective date and the Company’s determination that none of the conditions imposed by the STB would cause the Company to decline to exercise control, the voting trust will be terminated and CP (through an indirect wholly owned subsidiary) will acquire control of the shares and take control of KCS (the date on which such control occurs, the "Control Date"), subject to conditions imposed in the STB’s approval decision. [The Company may also (or alternatively) determine to seek review of the conditions imposed by the STB (e.g., via a petition for reconsideration to the STB or petition for review filed with a U.S. Court of Appeals).] Until the Control Date, the Company continues to record its investment in KCS using the equity method of accounting (see Note 10 and Note 11).

Upon acquiring control of KCS, the voting Trust will cease. This change in control will be accounted for as a business combination achieved in stages, using the acquisition method of accounting, with the date of control reflecting the business combination acquisition date. Accordingly, the identifiable assets acquired and the liabilities assumed will be measured and recorded as of this acquisition date.

The fair values of the previously held equity interest in KCS, and the identifiable assets acquired and the liabilities and non-controlling interest assumed will be determined using valuation techniques, including but not limited to, market approach, cost approach, multi-period excess earnings method, replacement cost method, and net asset value approach.]