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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Earnings $ 3,535 $ 413
Adjustments to reconcile earnings to net cash provided by operating activities:    
Depreciation and amortization 1,861 1,831
Deferred income tax expense/(recovery) 647 (223)
Changes in unrealized (gain)/loss on derivative instruments, net (Note 9) (448) 824
Income from equity investments (747) (490)
Distributions from equity investments 737 821
Impairment of equity investments (Note 8) 0 1,736
Gain on disposition (41) 0
Other (128) 210
Changes in operating assets and liabilities (625) 103
Net cash provided by operating activities 4,791 5,225
Investing activities    
Capital expenditures (3,463) (2,352)
Long-term investments and restricted long-term investments (155) (335)
Distributions from equity investments in excess of cumulative earnings 246 253
Additions to intangible assets (118) (104)
Proceeds from disposition 122 245
Affiliate loans, net 29 27
Net cash used in investing activities (3,339) (2,266)
Financing activities    
Net change in short-term borrowings 289 (543)
Net change in commercial paper and credit facility draws 739 854
Debenture and term note issues, net of issue costs 3,247 3,479
Debenture and term note repayments (1,888) (3,268)
Contributions from noncontrolling interests 9 20
Distributions to noncontrolling interests (143) (164)
Common shares issued 3 3
Preference share dividends (182) (190)
Common share dividends (3,382) (3,280)
Redemption of preferred shares held by subsidiary (115) 0
Other (40) (35)
Net cash used in financing activities (1,463) (3,124)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash (20) (14)
Net decrease in cash and cash equivalents and restricted cash (31) (179)
Cash and cash equivalents and restricted cash at beginning of period 490 676
Cash and cash equivalents and restricted cash at end of period $ 459 $ 497