CP 2020 ANNUAL REPORT 122 Indemnifications 27. Segmented and geographic information Operating segment Geographic information 28. Selected quarterly data (unaudited) Pursuant to a trust and custodial services agreement with the trustee of the Canadian Pacific Railway Company Pension Plan, the Company has undertaken to indemnify and save harmless the trustee, to the extent not paid by the fund, from any and all taxes, claims, liabilities, damages, costs, and expenses arising out of the performance of the trustee’s obligations under the agreement, except as a result of misconduct by the trustee. The indemnity includes liabilities, costs, or expenses relating to any legal reporting or notification obligations of the trustee with respect to the defined benefit and defined contribution options of the pension plans, or otherwise with respect to the assets of the pension plans that are not part of the fund. The indemnity survives the termination or expiry of the agreement with respect to claims and liabilities arising prior to the termination or expiry. At December 31, 2020, the Company had not recorded a liability associated with this indemnification as it does not expect to make any payments pertaining to it. The Company operates in only one operating segment: rail transportation. Operating results by geographic areas, railway corridors, or other lower-level components or units of operation are not reviewed by the Company’s chief operating decision-maker to make decisions about the allocation of resources to, or the assessment of performance of, such geographic areas, corridors, components, or units of operation. In the years ended December 31, 2020, 2019, and 2018, no one customer comprised more than 10% of total revenues and accounts receivable. All of the company's revenue and long-lived assets excluding financial instruments are held within Canada and the United States. (in millions of Canadian dollars) Canada United States Total 2020 Revenues $ 5,829 $ 1,881 $ 7,710 Long-term assets excluding financial instruments and pension assets 14,258 7,165 21,423 2019 Revenues 5,675  2,117  7,792  Long-term assets excluding financial instruments and pension assets 13,131  7,020  20,151  2018 Revenues 5,232  2,084  7,316  Long-term assets excluding financial instruments and pension assets 12,133  6,759  18,892  For the quarter ended 2020 2019 (in millions of Canadian dollars, except per share data) Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Total revenues $ 2,012 $ 1,863 $ 1,792 $ 2,043 $ 2,069  $ 1,979  $ 1,977  $ 1,767  Operating income 928 779 770 834 890  869  822  543  Net income 802 598 635 409 664  618  724  434  Basic earnings per share $ 5.97 $ 4.42 $ 4.68 $ 2.99 $ 4.84  $ 4.47  $ 5.19  $ 3.10  Diluted earnings per share $ 5.95 $ 4.41 $ 4.66 $ 2.98 $ 4.82  $ 4.46  $ 5.17  $ 3.09  (1) (1) Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding. (1) 