Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Expense

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

(in millions of Canadian dollars)	2022		2021
Operating lease cost	$	77	$	74
Short-term lease cost	17		16
Variable lease cost	9		5
Sublease income	(2)		(3)
Finance Lease Cost
Amortization of right-of-use assets	6		10
Interest on lease liabilities	4		10
Total lease costs	$	111	$	112

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:

(in millions of Canadian dollars)	Classification	2022		2021
Assets
Operating	Other assets	$	267	$	287
Finance	Properties, net book value	102		166
Liabilities
Current
Operating	Accounts payable and accrued liabilities	68		59
Finance	Long-term debt maturing within one year	8		104
Long-term
Operating	Other long-term liabilities	202		224
Finance	Long-term debt	30		36

Weighted Average Remaining Lease Terms and Discount Rates

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

	2022		2021
Weighted-Average Remaining Lease Term
Operating leases	5 years		6 years
Finance leases	6 years		2 years
Weighted-Average Discount Rate
Operating leases	3.20	%	3.18	%
Finance leases	6.89	%	6.96	%

Supplemental Information Related to Leases

Supplemental information related to leases is as follows:

(in millions of Canadian dollars)	2022		2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash outflows from operating leases	$	64	$	64
Operating cash outflows from finance leases	6		10
Financing cash outflows from finance leases	104		8
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	34		36
Finance leases	—		5

Maturities of Lease Liabilities

The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2022:

(in millions of Canadian dollars)	Finance Leases		Operating Leases
2023	$	10	$	75
2024	10		62
2025	9		49
2026	9		42
2027	—		28
Thereafter	7		37
Total lease payments	45		293
Imputed interest	(7)		(23)
Present value of lease payments	$	38	$	270