INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net income	$ 909	$ 774
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	504	467
Deferred income tax expense	26	17
Pension recovery and funding (Note 11)	(95)	(76)
Settlement of Mexican taxes (Note 4)	(11)	0
Settlement of foreign currency forward contracts (Note 9)	0	(65)
Other operating activities, net	(11)	1
Changes in non-cash working capital balances related to operations	(166)	(103)
Net cash provided by operating activities	1,156	1,015
Investing activities
Additions to properties	(711)	(527)
Additions to Meridian Speedway properties	(12)	(4)
Proceeds from sale of properties and other assets	11	1
Other investing activities, net	(3)	(12)
Net cash used in investing activities	(715)	(542)
Financing activities
Dividends paid	(177)	(177)
Issuance of Common Shares	8	22
Purchase of Common Shares (Note 10)	(347)	0
Repayment of long-term debt, excluding commercial paper (Note 8)	(935)	(71)
Issuance of long-term debt, excluding commercial paper (Note 8)	1,710	0
Net repayment of commercial paper (Note 8)	(453)	(205)
Net repayment of short term borrowings (Note 8)	(285)	0
Other financing activities, net	(5)	0
Net cash used in financing activities	(484)	(431)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents	(1)	13
Cash position
Net (decrease) increase in cash and cash equivalents	(44)	55
Cash and cash equivalents at beginning of period	739	464
Cash and cash equivalents at end of period	695	519
Supplemental cash flow information
Income taxes paid	237	242
Interest paid	$ 180	$ 245