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

12 Months Ended

Dec. 31, 2022

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, 2022
Unrealized foreign exchange gain (loss) on:
Translation of the net investment in U.S. subsidiaries and equity method investees	$	2,099	$	—	$	2,099
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 16)	(471)		59		(412)
Realized loss on derivatives designated as cash flow hedges recognized in income	6		(2)		4
Change in pension and other benefits actuarial gains and losses	706		(182)		524
Change in prior service pension and other benefit costs	(26)		7		(19)
Equity accounted investments	(5)		3		(2)
Other comprehensive income	$	2,309	$	(115)	$	2,194
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 16)	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 16)	136		(18)		118
Realized loss on derivatives designated as cash flow hedges recognized in income	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)
Other comprehensive loss	$	(380)	$	88	$	(292)

Changes in Accumulated other comprehensive loss by component

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

(in millions of Canadian dollars)	Foreign currency net of hedging activities(1)		Derivatives(1)		Pension and post- retirement defined benefit plans(1)		Equity accounted investments(1)		Total(1)
Opening balance, January 1, 2022	$	(182)	$	(4)	$	(1,915)	$	(2)	$	(2,103)
Other comprehensive income before reclassifications	1,687		—		387		164		2,238
Amounts reclassified from accumulated other comprehensive loss	—		4		118		(166)		(44)
Net other comprehensive income (loss)	1,687		4		505		(2)		2,194
Closing balance, December 31, 2022	$	1,505	$	—	$	(1,410)	$	(4)	$	91
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)

(1) Amounts are presented net of tax.