CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023 CAD ($)	Sep. 30, 2022 CAD ($)
Operating activities
Earnings	$ 4,490	$ 4,047
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization	3,447	3,195
Deferred income tax expense	923	600
Unrealized derivative fair value (gain)/loss, net	(270)	1,691
Income from equity investments	(1,338)	(1,537)
Distributions from equity investments	1,539	1,293
Gain on joint venture merger transaction	0	(1,076)
Other	137	6
Changes in operating assets and liabilities	1,461	(602)
Net cash provided by operating activities	10,389	7,617
Investing activities
Capital expenditures	(3,284)	(3,204)
Long-term, restricted and other investments	(487)	(566)
Distributions from equity investments in excess of cumulative earnings	865	426
Additions to intangible assets	(165)	(131)
Acquisitions	(487)	(295)
Proceeds from sale of equity method investments	0	522
Affiliate loans, net	86	90
Other	(31)	0
Net cash used in investing activities	(3,503)	(3,158)
Financing activities
Net change in short-term borrowings	(412)	367
Net change in commercial paper and credit facility draws	(9,855)	386
Debenture and term note issues, net of issue costs	9,611	4,739
Debenture and term note repayments	(2,881)	(2,244)
Contributions from noncontrolling interests	10	10
Distributions to noncontrolling interests	(281)	(189)
Common shares issued, net of issue costs	4,450	3
Common shares repurchased	(125)	(151)
Preference share dividends	(260)	(254)
Common share dividends	(5,390)	(5,226)
Redemption of preference shares	0	(1,003)
Affiliate loans, net	69	0
Other	(82)	(223)
Net cash used in financing activities	(5,146)	(3,785)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash	0	63
Net change in cash and cash equivalents and restricted cash	1,740	737
Cash and cash equivalents and restricted cash at beginning of period	907	320
Cash and cash equivalents and restricted cash at end of period	$ 2,647	$ 1,057