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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 5,625 $ 5,118 $ 4,899
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,817 1,729 1,598
Pension income and funding (418) (387) (314)
Amortization of bridge financing and other fees 0 0 97
Recovery on assets held for sale 0 0 (137)
Gain on disposal of property (129) 0 0
Deferred income taxes (288) 404 513
Changes in operating assets and liabilities:      
Accounts receivable 71 (290) (22)
Material and supplies (18) (82) (7)
Accounts payable and other (191) (9) 141
Other current assets 85 (30) 35
Other operating activities, net 411 214 168
Net cash provided by operating activities 6,965 6,667 6,971
Investing activities      
Property additions (3,187) (2,750) (2,891)
Advance for acquisition and other transaction-related costs 0 0 (908)
Refund of advance for acquisition 0 0 886
Business acquisitions and combinations (390) 0 0
Proceeds from asset held for sale 0 273 0
Proceeds from disposal of property 129 0 0
Other investing activities, net (20) (33) 40
Net cash used in investing activities (3,468) (2,510) (2,873)
Financing activities      
Issuance of debt 2,554 1,899 403
Repayment of debt (250) (383) (861)
Change in commercial paper, net 908 563 66
Bridge financing and other fees 0 0 (97)
Settlement of foreign exchange forward contracts on debt 38 79 (8)
Issuance of common shares for stock options exercised 49 61 52
Withholding taxes remitted on the net settlement of equity settled awards (51) (44) (37)
Repurchase of common shares (4,551) (4,709) (1,582)
Purchase of common shares for settlement of equity settled awards (4) (24) (27)
Purchase of common shares by Share Trusts (28) (105) (26)
Dividends paid (2,071) (2,004) (1,740)
Net cash used in financing activities (3,406) (4,667) (3,857)
Effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents (1) 3 0
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 90 (507) 241
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 834 1,341 1,100
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 924 834 1,341
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents, end of year 475 328 838
Restricted cash and cash equivalents, end of year 449 506 503
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 924 834 1,341
Supplemental cash flow information      
Interest paid (776) (542) (512)
Income taxes paid $ (1,197) $ (1,288) $ (759)