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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
CAD ($)
Dec. 31, 2022
CAD ($)
Dec. 31, 2021
CAD ($)
Operating activities      
Earnings $ 6,058 $ 2,938 $ 6,314
Adjustments to reconcile earnings to net cash provided by operating activities:      
Depreciation and amortization 4,613 4,317 3,852
Deferred income tax expense (Note 24) 1,420 957 1,091
Unrealized derivative fair value (gain)/loss, net (Note 23) (1,180) 1,280 (173)
Income from equity investments (Note 13) (1,816) (2,056) (1,600)
Distributions from equity investments 1,998 1,827 1,630
Impairment of long-lived assets 419 541 0
Impairment of goodwill (Note 15) 0 2,465 0
Gain on joint venture merger transaction (Note 13) 0 (1,076) 0
(Gain)/loss on dispositions (Note 27) (15) 12 (319)
Other 393 37 (73)
Changes in operating assets and liabilities (Note 28) 2,311 (12) (1,466)
Net cash provided by operating activities 14,201 11,230 9,256
Investing activities      
Capital expenditures (4,654) (4,647) (7,818)
Long-term, restricted and other investments (1,276) (1,041) (640)
Distributions from equity investments in excess of cumulative earnings 1,151 763 533
Additions to intangible assets (222) (174) (275)
Acquisitions (954) (828) (3,785)
Proceeds from joint venture merger transaction (Note 13) 0 522 0
Proceeds from dispositions 0 0 1,263
Net change in affiliate loans (27) 135 65
Other (61) 0 0
Net cash used in investing activities (6,043) (5,270) (10,657)
Financing activities      
Net change in short-term borrowings (1,596) 481 394
Net change in commercial paper and credit facility draws (8,157) (1,333) 2,960
Debenture and term note issues, net of issue costs 15,377 7,547 8,032
Debenture and term note repayments (4,819) (4,198) (2,264)
Sale of noncontrolling interest in subsidiary (Note 8) 0 1,092 0
Contributions from noncontrolling interests 11 13 15
Distributions to noncontrolling interests (363) (259) (271)
Common shares issued, net of issue costs 4,450 3 5
Common shares repurchased (125) (151) 0
Preference share dividends (352) (338) (367)
Common share dividends (7,276) (6,968) (6,766)
Redemption of preference shares 0 (1,003) 0
Redemption of preferred shares held by subsidiary 0 0 (415)
Net change in affiliate loan 71 0 0
Other (85) (314) (87)
Net cash provided by/(used in) financing activities (2,864) (5,428) 1,236
Effect of translation of foreign denominated cash and cash equivalents and restricted cash (216) 55 (5)
Net change in cash and cash equivalents and restricted cash 5,078 587 (170)
Cash and cash equivalents and restricted cash at beginning of year 907 320 490
Cash and cash equivalents and restricted cash at end of year 5,985 907 320
Supplementary cash flow information      
Cash paid for income taxes 578 495 489
Cash paid for interest, net of amount capitalized 3,380 2,920 2,427
Property, plant and equipment and intangible assets non-cash accruals $ 813 $ 937 $ 831