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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
CAD ($)
Dec. 31, 2021
CAD ($)
Dec. 31, 2020
CAD ($)
Operating activities      
Earnings $ 2,938 $ 6,314 $ 3,416
Adjustments to reconcile earnings to net cash provided by operating activities:      
Depreciation and amortization 4,317 3,852 3,712
Deferred income tax expense (Note 25) 957 1,091 447
Unrealized derivative fair value (gain)/loss, net (Note 24) 1,280 (173) (756)
Income from equity investments (Note 13) (2,056) (1,711) (1,136)
Distributions from equity investments 1,827 1,630 1,392
Impairment of long-lived assets 541 0 0
Impairment of equity investments (Note 13) 0 111 2,351
Impairment of goodwill (Note 16) 2,465 0 0
Gain on joint venture merger transaction (Note 13) (1,076) 0 0
(Gain)/loss on dispositions 12 (319) (6)
Other 37 (73) 268
Changes in operating assets and liabilities (Note 29) (12) (1,466) 93
Net cash provided by operating activities 11,230 9,256 9,781
Investing activities      
Capital expenditures (4,647) (7,818) (5,405)
Long-term investments and restricted long-term investments (1,041) (640) (487)
Distributions from equity investments in excess of cumulative earnings 763 533 705
Additions to intangible assets (174) (275) (215)
Acquisitions (828) (3,785) (24)
Proceeds from joint venture merger transaction (Note 13) 522 0 0
Proceeds from dispositions 0 1,263 265
Affiliate loans, net 135 65 (16)
Net cash used in investing activities (5,270) (10,657) (5,177)
Financing activities      
Net change in short-term borrowings 481 394 223
Net change in commercial paper and credit facility draws (1,333) 2,960 1,542
Debenture and term note issues, net of issue costs 7,547 8,032 5,230
Debenture and term note repayments (4,198) (2,264) (4,463)
Sale of noncontrolling interest in subsidiary (Note 8) 1,092 0 0
Contributions from noncontrolling interests 13 15 23
Distributions to noncontrolling interests (259) (271) (300)
Common shares issued 3 5 5
Common shares repurchased (151) 0 0
Preference share dividends (338) (367) (380)
Common share dividends (6,968) (6,766) (6,560)
Redemption of preference shares (1,003) 0 0
Redemption of preferred shares held by subsidiary 0 (415) 0
Other (314) (87) (90)
Net cash provided by/(used in) financing activities (5,428) 1,236 (4,770)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash 55 (5) (20)
Net change in cash and cash equivalents and restricted cash 587 (170) (186)
Cash and cash equivalents and restricted cash at beginning of year 320 490 676
Cash and cash equivalents and restricted cash at end of year 907 320 490
Supplementary cash flow information      
Cash paid for income taxes 495 489 524
Cash paid for interest, net of amount capitalized 2,920 2,427 2,538
Property, plant and equipment and intangible assets non-cash accruals $ 937 $ 831 $ 801