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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Earnings $ 5,013 $ 4,490
Adjustments to reconcile earnings to net cash provided by operating activities:    
Depreciation and amortization 3,783 3,447
Deferred income tax expense 743 923
Unrealized derivative fair value loss/(gain), net (Note 10) 809 (270)
Income from equity investments (1,664) (1,338)
Distributions from equity investments 1,499 1,539
Gain on disposition of equity investments (1,091) 0
Other 198 137
Changes in operating assets and liabilities (352) 1,461
Net cash provided by operating activities 8,938 10,389
Investing activities    
Capital expenditures (4,165) (3,284)
Long-term, restricted and other investments (1,851) (487)
Distributions from equity investments in excess of cumulative earnings 646 865
Additions to intangible assets (157) (165)
Acquisitions (13,065) (487)
Proceeds from disposition of equity investments 2,724 0
Net change in affiliate loans 2 86
Other (49) (31)
Net cash used in investing activities (15,915) (3,503)
Financing activities    
Net change in short-term borrowings 528 (412)
Net change in commercial paper and credit facility draws 3,276 (9,855)
Debenture and term note issues, net of issue costs 8,614 9,611
Debenture and term note repayments (5,615) (2,881)
Contributions from noncontrolling interests 4 10
Distributions to noncontrolling interests (246) (281)
Common shares issued, net of issue costs 2,485 4,450
Common shares repurchased 0 (125)
Preference share dividends (286) (260)
Common share dividends (5,885) (5,390)
Net change in affiliate loans 99 69
Other (31) (82)
Net cash provided by/(used in) financing activities 2,943 (5,146)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash 151 0
Net change in cash and cash equivalents and restricted cash (3,883) 1,740
Cash and cash equivalents and restricted cash at beginning of period 5,985 907
Cash and cash equivalents and restricted cash at end of period [1] $ 2,102 $ 2,647
[1] As at September 30, 2024, long-term restricted cash of $94 million (2023 - nil) was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.