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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 4,448 $ 5,625 $ 5,118
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,892 1,817 1,729
Pension income and funding (385) (418) (387)
Loss on assets held for sale 78 0 0
Gain on disposal of property 0 (129) 0
Deferred income taxes 325 (288) 404
Changes in operating assets and liabilities:      
Accounts receivable 205 71 (290)
Material and supplies (6) (18) (82)
Accounts payable and other (107) (191) (9)
Other current assets 0 85 (30)
Other operating activities, net 249 411 214
Net cash provided by operating activities 6,699 6,965 6,667
Investing activities      
Property additions (3,549) (3,187) (2,750)
Business acquisitions and combinations 0 (390) 0
Proceeds from assets held for sale 0 0 273
Proceeds from disposal of property 0 129 0
Other investing activities, net (58) (20) (33)
Net cash used in investing activities (3,607) (3,468) (2,510)
Financing activities      
Issuance of debt 3,483 2,554 1,899
Repayment of debt (1,038) (250) (383)
Change in commercial paper, net (1,381) 908 563
Settlement of foreign exchange forward contracts on debt 120 38 79
Issuance of common shares for stock options exercised 41 49 61
Withholding taxes remitted on the net settlement of equity settled awards (52) (51) (44)
Repurchase of common shares (2,600) (4,551) (4,709)
Purchase of common shares for settlement of equity settled awards (5) (4) (24)
Purchase of common shares by Share Trusts (50) (28) (105)
Dividends paid (2,138) (2,071) (2,004)
Net cash used in financing activities (3,620) (3,406) (4,667)
Effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents 5 (1) 3
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (523) 90 (507)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 924 834 1,341
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 401 924 834
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents, end of year 389 475 328
Restricted cash and cash equivalents, end of year 12 449 506
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 401 924 834
Supplemental cash flow information      
Interest paid (926) (776) (542)
Income taxes paid $ (1,221) $ (1,197) $ (1,288)