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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Billions
12 Months Ended
Dec. 31, 2018
CAD ($)
Dec. 31, 2017
CAD ($)
Dec. 31, 2016
CAD ($)
Operating activities      
Earnings $ 3,333 $ 3,266 $ 2,309
Depreciation and amortization 3,246 3,163 2,240
Deferred income tax (recovery)/expense (148) (2,877) 43
Changes in unrealized (gain)/loss on derivative instruments, net (Note 24) 903 (1,242) (509)
Earnings from equity investments (1,509) (1,102) (656)
Distributions from equity investments 1,539 1,264 827
Impairment of long-lived assets 1,104 4,463 1,620
Goodwill impairment 1,019 102 0
(Gain)/loss on dispositions 8 (120) (848)
Other 92 79 547
Changes in operating assets and liabilities (Note 27) 915 (338) (368)
Net cash provided by operating activities 10,502 6,658 5,205
Investing activities      
Capital expenditures (6,806) (8,287) (5,128)
Long-term investments (1,312) (3,586) (514)
Distributions from equity investments in excess of cumulative earnings 1,277 125 0
Additions to intangible assets (540) (789) (127)
Acquisitions 0 0 (644)
Cash acquired in Merger Transaction (Note 8) 0 682 0
Proceeds from dispositions 4,452 628 1,379
Reimbursement of capital expenditures 0 212 0
Other (88) (22) (118)
Net cash used in investing activities (3,017) (11,037) (5,152)
Financing activities      
Net change in short-term borrowings (Note 18) (420) 721 (248)
Net change in commercial paper and credit facility draws (2,256) (1,249) (2,297)
Debenture and term note issues, net of issue costs 3,537 9,483 4,080
Debenture and term note repayments (4,445) (5,054) (1,946)
Sale of noncontrolling interest in subsidiary 1,289 0 0
Purchase of interest in consolidated subsidiary 0 (227) 0
Contributions from noncontrolling interests 24 832 28
Distributions to noncontrolling interests (857) (919) (720)
Contributions from redeemable noncontrolling interests 70 1,178 591
Distributions to redeemable noncontrolling interests (325) (247) (202)
Sponsored Vehicle buy-in cash payment (64) 0 0
Preference shares issued 0 489 737
Redemption of preferred shares (210) 0 0
Common shares issued 21 1,549 2,260
Preference share dividends (364) (330) (293)
Common share dividends (3,480) (2,750) (1,150)
Other (23) 0 0
Net cash (used in)/provided by financing activities (7,503) 3,476 840
Effect of translation of foreign denominated cash and cash equivalents and restricted cash 68 (72) (19)
Net increase/(decrease) in cash and cash equivalents and restricted cash 50 (975) 874
Cash and cash equivalents and restricted cash at beginning of year 587 1,562 688
Cash and cash equivalents and restricted cash at end of year 637 587 1,562
Supplementary cash flow information      
Cash paid for income taxes 277 172 194
Cash paid for interest, net of amount capitalized 2,508 2,668 1,820
Property, plant and equipment non-cash accruals $ 847 $ 889 $ 773