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INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
CAD ($)
Jun. 30, 2022
CAD ($)
Jun. 30, 2023
CAD ($)
Jun. 30, 2022
CAD ($)
Operating activities        
Net income $ 1,325 $ 765 $ 2,125 $ 1,355
Reconciliation of net income to cash provided by operating activities:        
Depreciation and amortization 410 211 635 421
Deferred tax (recovery) expense (Note 4) (7,953) 114 (7,928) 113
Pension recovery and funding (Note 14) (78) (72) (155) (144)
Equity earnings of Kansas City Southern (Note 8, 9) (26) (208) (230) (406)
Remeasurement loss of Kansas City Southern (Note 8) 7,175 0 7,175 0
Dividend from Kansas City Southern (Note 9) 0 0 300 334
Other operating activities, net 28 (16) (19) (99)
Change in non-cash working capital balances related to operations 11 (87) (129) (254)
Cash provided by operating activities 892 707 1,774 1,320
Investing activities        
Additions to properties (628) (370) (1,034) (596)
Additions to Meridian Speedway properties (8) 0 (8) 0
Proceeds from sale of properties and other assets 12 11 16 26
Cash acquired on control of Kansas City Southern (Note 8) 298 0 298 0
Investment in government securities (Note 12) (267) 0 (267) 0
Other (24) (3) (24) 2
Cash used in investing activities (617) (362) (1,019) (568)
Financing activities        
Dividends paid (176) (176) (353) (353)
Issuance of Common Shares 19 1 37 9
Repayment of long-term debt, excluding commercial paper (Note 12) (610) (10) (1,096) (552)
Repayment of term loan 0 (132) 0 (132)
Net issuance of commercial paper (Note 12) 550 20 550 340
Acquisition-related financing fees (Note 12) (15) 0 (15) 0
Other (1) 0 (1) 0
Cash used in financing activities (233) (297) (878) (688)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents (7) 8 (3) 8
Cash position        
Increase (decrease) in cash, cash equivalents, and restricted cash 35 56 (126) 72
Cash, cash equivalents, and restricted cash at beginning of period 290 98 451 82
Cash and cash equivalents at end of period 325 154 325 154
Supplemental disclosures of cash flow information:        
Income taxes paid 259 93 443 252
Interest paid $ 271 $ 169 $ 418 $ 319