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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 3,517 $ 2,852 $ 2,444
Reconciliation of net income to cash provided by operating activities:      
Depreciation and amortization 853 811 779
Deferred income tax expense 136 242 221
Pension recovery and funding (288) (249) (250)
Equity (earnings) loss of Kansas City Southern (1,074) 141 0
Foreign exchange gain on debt and lease liabilities 0 (7) (14)
Dividends from Kansas City Southern 1,157 0 0
Other operating activities, net (67) (36) 11
Change in non-cash working capital related to operations (92) (66) (389)
Cash provided by operating activities 4,142 3,688 2,802
Investing activities      
Additions to properties (1,557) (1,532) (1,671)
Investment in Kansas City Southern 0 (12,299) 0
Investment in Detroit River Tunnel Partnership 0 0 (398)
Investment in Central Maine & Quebec Railway 0 0 19
Proceeds from sale of properties and other assets 58 96 22
Other 3 5 (2)
Cash used in investing activities (1,496) (13,730) (2,030)
Financing activities      
Dividends paid (707) (507) (467)
Issuance of CP Common Shares 32 25 52
Purchase of CP Common shares 0 0 (1,509)
Issuance of long-term debt, excluding commercial paper 0 10,673 958
Repayment of long-term debt, excluding commercial paper (571) (359) (84)
Proceeds from term loan 0 633 0
Repayments of term loan (636) 0 0
Net (repayment) issuance of commercial paper (415) (454) 270
Net increase in short-term borrowings 0 0 5
Acquisition-related financing fees 0 (51) 0
Other 0 (24) 11
Cash used in financing activities (2,297) 9,936 (764)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 20 41 6
Cash position      
Increase (decrease) in cash, cash equivalents and restricted cash 369 (65) 14
Cash and cash equivalents at beginning of year 82 147 133
Cash and cash equivalents at end of year 451 82 147
Supplemental disclosures of cash flow information:      
Income taxes paid 408 552 582
Interest paid $ 641 $ 426 $ 443