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Consolidated statements of cash flows - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities        
Net earnings $ 604 $ 397 $ 1,061 $ 1,185
Adjustments to reconcile net earnings to cash flows from operating activities        
Severance, acquisition and other costs 22 100 251 149
Depreciation and amortization 1,270 1,232 2,532 2,433
Post-employment benefit plans cost 31 21 75 52
Net interest expense 401 346 785 676
Impairment of assets 60 0 73 34
Losses (gains) on investments 2 (79) 8 (79)
Net equity losses from investments in associates and joint ventures 93 377 93 377
Income taxes 231 273 397 543
Contributions to post-employment benefit plans (10) (13) (28) (28)
Payments under other post-employment benefit plans (15) (17) (31) (32)
Severance and other costs paid (98) (39) (144) (64)
Interest paid (387) (270) (835) (709)
Income taxes paid (net of refunds) (131) (200) (466) (364)
Acquisition and other costs paid (11) (5) (26) (5)
Change in contract assets 28 33 56 78
Change in wireless device financing plan receivables 50 24 107 65
Net change in operating assets and liabilities (3) 185 (639) (699)
Cash flows from operating activities 2,137 2,365 3,269 3,612
Cash flows used in investing activities        
Capital expenditures (978) (1,307) (1,980) (2,393)
(Decrease) increase in short-term investments (50) 0 250 0
Business acquisitions (435) (196) (517) (221)
Business dispositions 0 208 0 208
Spectrum licences (414) (145) (518) (156)
Other investing activities (11) (16) (21) 15
Cash flows used in investing activities (1,888) (1,456) (2,786) (2,547)
Cash flows from (used in) financing activities        
Increase (decrease) in notes payable 404 (101) 1,383 (184)
Decrease in securitized receivables 0 (500) 0 0
Issue of long-term debt 1,617 1,199 3,808 2,703
Repayment of long-term debt (525) (346) (2,638) (645)
Repurchase of a financial liability 0 0 0 (149)
Issue of common shares 0 8 0 18
Purchase of shares for settlement of share-based payments (40) (42) (144) (135)
Repurchase of preferred shares (38) (32) (76) (63)
Cash dividends paid on common shares (910) (882) (1,793) (1,721)
Cash dividends paid on preferred shares (45) (46) (91) (101)
Cash dividends paid by subsidiaries to non-controlling interest (28) (1) (42) (22)
Other financing activities 4 (7) (14) (15)
Cash flows from (used in) financing activities 439 (750) 393 (314)
Net increase (decrease) in cash 609 (201) 851 351
Cash at beginning of period 789 651 547 99
Cash at end of period 1,398 450 1,398 450
Net increase in cash equivalents 79 360 25 400
Cash equivalents at beginning of period 171 90 225 50
Cash equivalents at end of period $ 250 $ 450 $ 250 $ 450