CP 2020 ANNUAL REPORT 108 The following table provides the Company's weighted-average remaining lease terms and discount rates: 2020 2019 Weighted-Average Remaining Lease Term Operating leases 7 years 7 years Finance leases 3 years 4 years Weighted-Average Discount Rate Operating leases 3.32  % 3.45  % Finance leases 7.06  % 7.07  % Supplemental information related to leases is as follows: (in millions of Canadian dollars) 2020 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 74  $ 82  Operating cash outflows from finance leases 10  10  Financing cash outflows from finance leases 8  6  Right-of-use assets obtained in exchange for lease liabilities Operating leases 34  38  Finance leases 4  4  (in millions of Canadian dollars) Finance Leases Operating Leases 2021 $ 11  $ 71  2022 107  59  2023 9  53  2024 8  42  2025 8  34  Thereafter 12  88  Total lease payments 155 347 Imputed interest (12) (36) Present value of lease payments $ 143 $ 311 The following table provides the maturities of lease liabilities for the next five years and thereafter as at December 31, 2020: The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares, and an unlimited number of Second Preferred Shares. At December 31, 2020, no First or Second Preferred Shares had been issued. 20. Shareholders’ equity Authorized and issued share capital