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Consolidated statements of cash flows - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities        
Net earnings $ 644 $ 604 $ 1,327 $ 1,061
Adjustments to reconcile net earnings to cash flows from operating activities        
Severance, acquisition and other costs 41 22 288 251
Depreciation and amortization 1,287 1,270 2,559 2,532
Post-employment benefit plans cost 19 31 48 75
Net interest expense 427 401 824 785
Impairment of assets 8 60 17 73
Losses on investments 8 2 10 8
Net equity losses from investments in associates and joint ventures 0 93 0 93
Income taxes 240 231 497 397
Contributions to post-employment benefit plans (12) (10) (30) (28)
Payments under other post-employment benefit plans (15) (15) (29) (31)
Severance and other costs paid (198) (98) (279) (144)
Interest paid (308) (387) (869) (835)
Income taxes paid (net of refunds) (50) (131) (124) (466)
Acquisition and other costs paid (6) (11) (14) (26)
Net change in operating assets and liabilities (138) 75 (707) (476)
Cash flows from operating activities 1,947 2,137 3,518 3,269
Cash flows used in investing activities        
Capital expenditures (763) (978) (1,492) (1,980)
(Increase) decrease in short-term investments 0 (50) 400 250
Business acquisitions (24) (435) (23) (517)
Business dispositions 36 0 38 0
Spectrum licences 0 (414) 0 (518)
Other investing activities 1 (11) (12) (21)
Cash flows used in investing activities (750) (1,888) (1,089) (2,786)
Cash flows (used in) from financing activities        
Increase (decrease) in notes payable 405 404 (726) 1,383
Issue of long-term debt 318 1,617 4,755 3,808
Repayment of long-term debt (1,725) (525) (5,981) (2,638)
Purchase of shares for settlement of share-based payments (32) (40) (96) (144)
Repurchase of preferred shares (39) (38) (76) (76)
Cash dividends paid on common shares (608) (910) (1,210) (1,793)
Cash dividends paid on preferred shares (38) (45) (77) (91)
Cash dividends paid by subsidiaries to non-controlling interest 0 (28) (13) (42)
Other financing activities (20) 4 (67) (14)
Cash flows (used in) from financing activities (1,739) 439 (3,491) 393
Net (decrease) increase in cash (542) 609 (1,065) 851
Cash at beginning of period 1,049 789 1,572 547
Cash at end of period 507 1,398 507 1,398
Net increase in cash equivalents 0 79 3 25
Cash equivalents at beginning of period 3 171 0 225
Cash equivalents at end of period $ 3 $ 250 $ 3 $ 250