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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating activities    
Earnings $ 1,278 $ 883
Adjustments for:    
Share of profit from equity accounted investees (411) (116)
Distributions from equity accounted investees 622 157
Depreciation and amortization 417 382
Unrealized gain on commodity-related derivative financial instruments (73) (23)
Net finance costs 279 185
Net interest paid (259) (153)
Income tax expense 464 142
Taxes paid (26) (30)
Share-based compensation expense 63 73
Share-based compensation payment (32) (22)
Loss on asset disposal 19 12
Net change in contract liabilities 11 41
Other (13) 0
Change in non-cash operating working capital (83) (18)
Cash flow from operating activities 2,256 1,513
Financing activities    
Bank borrowings and issuance of debt 1,366 2,542
Repayment of loans and borrowings (1,998) (1,279)
Issuance of preferred shares 0 400
Issuance of medium term notes 700 1,200
Issue costs and financing fees (8) (23)
Exercise of stock options 61 46
Dividends paid (net of shares issued under the dividend reinvestment plan) (1,247) (781)
Cash flow (used in) from financing activities (1,126) 2,105
Investing activities    
Capital expenditures (1,226) (1,839)
Contributions to equity accounted investees (58) (7)
Acquisitions 0 (1,338)
Interest paid during construction (35) (63)
Recovery of assets or proceeds from sale 5 2
Advances to related parties (84) (23)
Changes in non-cash investing working capital and other 87 (64)
Cash flow used in investing activities (1,311) (3,332)
Change in cash and cash equivalents (181) 286
Effect of movement in exchange rates on cash held 17 0
Cash and cash equivalents, beginning of year 321 35
Cash and cash equivalents, end of year $ 157 $ 321