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Consolidated statements of cash flows - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities        
Net earnings $ 817 $ 755 $ 1,608 $ 1,464
Adjustments to reconcile net earnings to cash flows from operating activities        
Severance, acquisition and other costs 39 24 63 24
Depreciation and amortization 1,111 1,008 2,214 2,000
Post-employment benefit plans cost 73 80 158 170
Net interest expense 273 243 551 481
Losses on investments 0 0 4 0
Income taxes 276 292 569 527
Contributions to post-employment benefit plans (70) (74) (151) (161)
Payments under other post-employment benefit plans (19) (19) (37) (38)
Severance and other costs paid (33) (33) (99) (68)
Interest paid (270) (252) (537) (488)
Income taxes paid (net of refunds) (127) (113) (416) (397)
Acquisition and other costs paid (21) (28) (50) (46)
Net change in operating assets and liabilities 44 174 (268) 85
Cash flows from operating activities 2,093 2,057 3,609 3,553
Cash flows used in investing activities        
Capital expenditures (972) (1,056) (1,822) (1,987)
Business acquisitions (50) (21) (50) (244)
Disposition of intangibles and other assets 0 0 0 68
Acquisition of spectrum licences 0 0 0 (36)
Other investing activities 32 (20) 8 (55)
Cash flows used in investing activities (990) (1,097) (1,864) (2,254)
Cash flows used in financing activities        
Increase in notes payable 277 97 844 40
(Decrease) increase in securitized trade receivables 0 (2) 31 (2)
Issue of long-term debt 1,405 0 1,405 1,466
Repayment of long-term debt (1,599) (1,068) (1,803) (1,241)
Issue of common shares 44 1 64 2
Purchase of shares for settlement of share-based payments (10) (49) (86) (137)
Repurchase of common shares 0 0 0 (175)
Cash dividends paid on common shares (712) (678) (1,390) (1,324)
Cash dividends paid on preferred shares (37) (35) (63) (68)
Cash dividends paid by subsidiaries to non-controlling interest (12) 0 (39) (13)
Return of capital to non-controlling interest 0 (12) 0 (41)
Other financing activities (33) (23) (39) (41)
Cash flows used in financing activities (677) (1,769) (1,076) (1,534)
Net increase (decrease) in cash 173 (421) 294 (188)
Cash at beginning of period 546 675 425 442
Cash at end of period 719 254 719 254
Net increase (decrease) in cash equivalents 253 (388) 375 (47)
Cash equivalents at beginning of period 122 524 0 183
Cash equivalents at end of period $ 375 $ 136 $ 375 $ 136