CP 2018 ANNUAL REPORT  /  70 CONSOLIDATED BALANCE SHEETS As at December 31 (in millions of Canadian dollars, except Common Shares) 2018 2017 Assets Current assets Cash and cash equivalents $ 61 $ 338 Accounts receivable, net (Note 10) 815 687 Materials and supplies 173 152 Other current assets 68 97 1,117 1,274 Investments (Note 12) 203 182 Properties (Note 13) 18,418 17,016 Goodwill and intangible assets (Note 14) 202 187 Pension asset (Note 21) 1,243 1,407 Other assets (Note 15) 71 69 Total assets $ 21,254 $ 20,135 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities (Note 16) $ 1,449 $ 1,238 Long-term debt maturing within one year (Note 17, 18) 506 746 1,955 1,984 Pension and other benefit liabilities (Note 21) 718 749 Other long-term liabilities (Note 19) 237 231 Long-term debt (Note 17, 18) 8,190 7,413 Deferred income taxes (Note 6) 3,518 3,321 Total liabilities 14,618 13,698 Shareholders’ equity Share capital (Note 20) Authorized unlimited Common Shares without par value. Issued and outstanding are 140.5 million and 144.9 million at December 31, 2018 and 2017, respectively. 2,002 2,032 Authorized unlimited number of first and second preferred shares; none outstanding. Additional paid-in capital 42 43 Accumulated other comprehensive loss (Note 8) (2,043) (1,741) Retained earnings 6,635 6,103 6,636 6,437 Total liabilities and shareholders’ equity $ 21,254 $ 20,135 Commitments and contingencies (Note 24). See Notes to Consolidated Financial Statements. Approved on behalf of the Board: /s/ JANE L. PEVERETT Jane L. Peverett, Director, Chair of the Audit Committee /s/ ANDREW F. REARDON Andrew F. Reardon, Director, Chair of the Board