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

12 Months Ended

Dec. 31, 2024

The components of Other comprehensive income (loss) 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, 2024
Unrealized foreign exchange gain (loss) on:
Translation of net investment in U.S. subsidiaries and equity method investees	$	2,920	$	—	$	2,920
Translation of U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 17)	(380)		36		(344)
Realized loss on derivatives designated as cash flow hedges recognized in income	6		(1)		5
Change in pension and other benefits actuarial gains and losses	990		(257)		733
Change in prior service pension and other benefit costs	(11)		3		(8)
Equity accounted investments	(8)		—		(8)
Other comprehensive income	$	3,517	$	(219)	$	3,298
For the year ended December 31, 2023
Unrealized foreign exchange (loss) gain on:
Translation of net investment in U.S. subsidiaries and equity method investees	$	(840)	$	—	$	(840)
Translation of U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 17)	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 net investment in U.S. subsidiaries and equity method investees	$	2,099	$	—	$	2,099
Translation of U.S. dollar-denominated long-term debt designated as a hedge of the net investment in U.S. subsidiaries and equity method investees (Note 17)	(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

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
Balance as at January 1, 2024	$	837	$	5	$	(1,463)	$	3	$	(618)
Other comprehensive income (loss) before reclassifications	2,576		—		690		(8)		3,258
Amounts reclassified from AOCI	—		5		35		—		40
Net other comprehensive income (loss)	2,576		5		725		(8)		3,298
Balance as at December 31, 2024	$	3,413	$	10	$	(738)	$	(5)	$	2,680
Balance as at 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)
Balance as at December 31, 2023	$	837	$	5	$	(1,463)	$	3	$	(618)