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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
CAD ($)
Dec. 31, 2023
CAD ($)
Dec. 31, 2022
CAD ($)
Operating activities      
Net income (loss) $ 3,713 $ 3,923 $ 3,517
Reconciliation of net income to cash provided by operating activities:      
Depreciation and amortization (Note 10, 12, 14) 1,900 1,543 853
Deferred income tax expense (recovery) (Note 10) 28 (7,885) 136
Pension recovery and funding (Note 22) (305) (306) (288)
Equity earnings of Kansas City Southern (Note 10, 11) 0 (230) (1,074)
Remeasurement loss of Kansas City Southern (Note 10) 0 7,175 0
Dividends from Kansas City Southern (Note 11) 0   1,157
Settlement of Mexican taxes (Note 6) (12) (135) 0
Settlement of foreign currency forward contracts (Note 17) (65) 0 0
Other operating activities, net (14) 60 (67)
Change in non-cash working capital balances related to operations (Note 21) 24 (308) (92)
Net cash provided by operating activities 5,269 4,137 4,142
Investing activities      
Additions to properties (2,825) (2,468) (1,557)
Additions to Meridian Speedway properties (38) (31) 0
Proceeds from sale of properties and other assets 64 57 58
Cash acquired on control of Kansas City Southern (Note 10) 0 298 0
Investment in government securities (Note 16) 0 (267) 0
Proceeds from settlement of government securities (Note 16) 0 274 0
Other investing activities, net 3 (25) 3
Net cash used in investing activities (2,796) (2,162) (1,496)
Financing activities      
Dividends paid (709) (707) (707)
Issuance of Common Shares (Note 20) 69 69 32
Repayment of long-term debt, excluding commercial paper (Note 16) (2,327) (2,395) (571)
Repayment of term loan (Note 16) 0 0 (636)
Net issuance (repayment) of commercial paper (Note 16) 439 1,095 (415)
Net increase in short-term borrowings (Note 16) 274 0 0
Acquisition-related financing fees (Note 10) 0 (17) 0
Other financing activities, net 2 0 0
Net cash used in financing activities (2,252) (1,955) (2,297)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents 54 (7) 20
Cash position      
Increase in cash and cash equivalents 275 13 369
Cash and cash equivalents at beginning of period(1) [1] 464 451 82
Cash and cash equivalents at end of year 739 464 [1] 451 [1]
Supplemental disclosures of cash flow information:      
Income taxes paid 958 906 408
Interest paid $ 814 $ 825 $ 641
[1] As at January 1, 2022, cash and cash equivalents of $82 million included $13 million of restricted cash.