Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Expense

Components of lease expense included in the Consolidated Statements of Income for the years ended December 31 are as follows:

(in millions of Canadian dollars)	2023		2022		2021
Operating lease cost	$	94	$	77	$	74
Short-term lease cost	29		17		16
Variable lease cost	10		9		5
Sublease income	(1)		(2)		(3)
Finance lease cost
Amortization of ROU assets	10		6		10
Interest on lease liabilities	2		4		10
Total lease costs	$	144	$	111	$	112

Supplemental Balance Sheet Information

Consolidated Balance Sheet are as follows:

As at December 31 (in millions of Canadian dollars)	Classification	2023		2022
ROU Assets
Operating leases	Other assets (long-term)	$	347	$	267
Finance leases	Properties	111		102
Lease Liabilities
Current liabilities
Operating leases	Accounts payable and accrued liabilities	102		68
Finance leases	Long-term debt maturing within one year	14		8
Long-term liabilities
Operating leases	Other long-term liabilities	242		202
Finance leases	Long-term debt	31		30

Weighted Average Remaining Lease Terms and Discount Rates

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

	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	5 years		5 years
Finance leases	4 years		6 years
Weighted-Average Discount Rate
Operating leases	3.93	%	3.20	%
Finance leases	6.18	%	6.89	%

Supplemental Information Related to Leases

Cash Flow information related to leases is as follows:

As at December 31 (in millions of Canadian dollars)	2023		2022		2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash outflows from operating leases	$	96	$	64	$	64
Operating cash outflows from finance leases	2		6		10
Financing cash outflows from finance leases	13		104		8
ROU assets obtained in exchange for lease liabilities
Operating leases	62		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, 2023:

(in millions of Canadian dollars)	Finance leases		Operating leases
2024	$	15	$	110
2025	14		86
2026	14		77
2027	1		50
2028	—		30
Thereafter	7		29
Total lease future payments	51		382
Imputed interest	(6)		(37)
Present value of future lease payments	$	45	$	345