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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD
CAD in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Operating activities        
Earnings CAD 352 CAD 423 CAD 1,699 CAD 202
Depreciation and amortization 555 485 1,114 959
Deferred income taxes (recovery)/expense (26) 183 348 (139)
Changes in unrealized (gains)/loss on derivative instruments, net (Note 12) 77 (352) (765) 1,131
Cash distributions in excess of equity earnings 43 80 3 126
Impairment (Note 6) 187 456 187 456
Gain on disposition   (29)   (34)
Hedge ineffectiveness (Note 12) 5 (12) 31 (30)
Inventory revaluation allowance 10 2 178 45
Unrealized (gains)/loss on intercompany loan (5) 16 55 (55)
Other 85 4 172 (31)
Changes in environmental liabilities, net of recoveries 23 (10) 14 (20)
Changes in operating assets and liabilities 64 115 195 272
Net operating activities 1,370 1,361 3,231 2,882
Investing activities        
Additions to property, plant and equipment (1,314) (1,973) (2,959) (3,563)
Joint venture financing 5   (5)  
Long-term investments (114) (37) (247) (179)
Restricted long-term investments (16) (11) (28) (22)
Additions to intangible assets (29) (43) (56) (62)
Acquisition (Note 4) (485)   (539) (106)
Proceeds from disposition   34   34
Affiliate loans, net (117) 3 (115) 6
Changes in restricted cash (10) (9) 17 (21)
Net investing activities (2,080) (2,036) (3,932) (3,913)
Financing activities        
Net change in bank indebtedness and short-term borrowings (103) (95) 140 (551)
Net change in commercial paper and credit facility draws 758 1,215 (406) 2,236
Debenture and term note repayments (423) (19) (423) (395)
Contributions from noncontrolling interests 12 54 28 579
Distributions to noncontrolling interests (178) (166) (362) (324)
Contributions from redeemable noncontrolling interests 563   567  
Distributions to redeemable noncontrolling interests (53) (26) (95) (53)
Common shares issued 6 32 2,233 40
Preference share dividends (71) (71) (144) (142)
Common share dividends (281) (238) (557) (479)
Net financing activities 230 686 981 911
Effect of translation of foreign denominated cash and cash equivalents 2 7 (38) 68
Increase/(decrease) in cash and cash equivalents (478) 18 242 (52)
Cash and cash equivalents at beginning period 1,735 1,191 1,015 1,261
Cash and cash equivalents at end of period CAD 1,257 CAD 1,209 CAD 1,257 CAD 1,209