v3.22.4
Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 5,118 $ 4,899 [1] $ 3,545 [2]
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,729 1,598 1,589
Pension income and funding (387) (314) [3] (211) [3]
Amortization of bridge financing and other fees 0 97 0
Deferred income taxes 404 513 [3] 481 [3]
Loss (recovery) on assets held for sale 0 (137) 486
Changes in operating assets and liabilities:      
Accounts receivable (290) (22) 158
Material and supplies (82) (7) 20
Accounts payable and other (9) 141 (49)
Other current assets (30) 35 0
Other operating activities, net 214 168 146
Net cash provided by operating activities 6,667 6,971 6,165
Investing activities      
Property additions (2,750) (2,891) (2,863)
Advance for acquisition and other transaction-related costs 0 (908) 0
Refund of advance for acquisition 0 886 0
Acquisitions, net of cash acquired 0 0 (8)
Proceeds from asset held for sale 273 0 0
Other investing activities, net (33) 40 (75)
Net cash used in investing activities (2,510) (2,873) (2,946)
Financing activities      
Issuance of debt 1,899 403 1,789
Repayment of debt (383) (861) (1,221)
Change in commercial paper, net 563 66 (1,273)
Bridge financing and other fees 0 (97) 0
Settlement of foreign exchange forward contracts on debt 79 (8) 26
Issuance of common shares for stock options exercised 61 52 56
Withholding taxes remitted on the net settlement of equity settled awards (44) (37) (48)
Repurchase of common shares (4,709) (1,582) (379)
Purchase of common shares for settlement of equity settled awards (24) (27) (9)
Purchase of common shares by Share Trusts (105) (26) (14)
Dividends paid (2,004) (1,740) (1,634)
Net cash used in financing activities (4,667) (3,857) (2,707)
Effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents 3 0 0
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (507) 241 512
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 1,341 1,100 588
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 834 1,341 1,100
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents, end of year 328 838 569
Restricted cash and cash equivalents, end of year 506 503 531
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 834 1,341 1,100
Supplemental cash flow information      
Interest paid (542) (512) (551)
Income taxes paid $ (1,288) $ (759) $ (353)
[1] In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. Comparative figures have been restated to conform to the change in methodology. See Note 2 – Change in accounting policy for additional information.
[2] In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. Comparative figures have been restated to conform to the change in methodology. See Note 2 – Change in accounting policy for additional information.
[3] In the first quarter of 2022, the Company changed its method of calculating market-related values of pension assets for its defined benefit plans using a retrospective approach. Comparative figures have been restated to conform to the change in methodology. See Note 2 – Change in accounting policy for additional information.