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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Earnings $ 2,664 $ 3,535
Adjustments to reconcile earnings to net cash provided by operating activities:    
Depreciation and amortization 2,119 1,861
Deferred income tax expense 469 647
Unrealized derivative fair value (gain)/loss, net 415 (448)
Income from equity investments (1,001) (747)
Distributions from equity investments 878 737
Gain on disposition 0 (41)
Other 67 (128)
Changes in operating assets and liabilities (138) (363)
Net cash provided by operating activities 5,473 5,053
Investing activities    
Capital expenditures (2,002) (3,725)
Long-term investments and restricted long-term investments (388) (155)
Distributions from equity investments in excess of cumulative earnings 296 246
Additions to intangible assets (91) (118)
Proceeds from disposition 0 122
Affiliate loans, net 65 29
Net cash used in investing activities (2,120) (3,601)
Financing activities    
Net change in short-term borrowings 105 289
Net change in commercial paper and credit facility draws 1,031 739
Debenture and term note issues, net of issue costs 2,642 3,247
Debenture and term note repayments (1,333) (1,888)
Contributions from noncontrolling interests 8 9
Distributions to noncontrolling interests (127) (143)
Common shares issued 3 3
Common shares repurchased (151) 0
Preference share dividends (173) (182)
Common share dividends (3,485) (3,382)
Redemption of preferred shares held by subsidiary 0 (115)
Redemption of preference shares (1,003) 0
Other (122) (40)
Net cash used in financing activities (2,605) (1,463)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash 20 (20)
Net change in cash and cash equivalents and restricted cash 768 (31)
Cash and cash equivalents and restricted cash at beginning of period 320 490
Cash and cash equivalents and restricted cash at end of period $ 1,088 $ 459