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

12 Months Ended

Dec. 31, 2023

The components of Other comprehensive (loss) income and the related tax effects attributable to controlling shareholders 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, 2023
Unrealized foreign exchange (loss) gain on:
Translation of the net investment in U.S. subsidiaries and equity method investees	$	(840)	$	—	$	(840)
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 18)	194		(22)		172
Realized loss on derivatives designated as cash flow hedges recognized in income	7		(2)		5
Change in pension and other benefits actuarial gains and losses	(57)		16		(41)
Change in prior service pension and other benefit costs	(16)		4		(12)
Equity accounted investments	7		—		7
Other comprehensive loss	$	(705)	$	(4)	$	(709)
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 18)	(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 18)	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

Schedule of Changes in Accumulated Other Comprehensive Income Loss by Component, Net of Tax

Changes in AOCI attributable to controlling shareholders, net of tax, by component are as follows:


(in millions of Canadian dollars)	Foreign currency net of hedging activities		Derivatives		Pension and post- retirement defined benefit plans		Equity accounted investments		Total
Opening balance, January 1, 2023	$	1,505	$	—	$	(1,410)	$	(4)	$	91
Other comprehensive (loss) income before reclassifications	(668)		—		(79)		6		(741)
Amounts reclassified from AOCI	—		5		26		1		32
Net other comprehensive (loss) income	(668)		5		(53)		7		(709)
Closing balance, December 31, 2023	$	837	$	5	$	(1,463)	$	3	$	(618)
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 AOCI	—		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