2025

2024

2023

Cash flows used for capital expenditures

Additions to property, plant and equipment

$

488.0

$

446.0

$

389.3

Additions to intangible assets (excluding acquisitions of spectrum licences)

127.3

119.6

146.7

615.3

565.6

536.0

Cash, cash equivalents and restricted cash consist of

Cash and cash equivalents

$

128.0

$

39.9

$

8.0

Restricted cash

35.2

34.2

—

163.2

74.1

8.0

Net change in non-cash balances related to operating activities (excluding the effect of business acquisitions and disposals)

Accounts receivable

$

67.3

$

(19.4)

$

(110.5)

Contract costs

32.2

16.4

(8.1)

Contract assets

35.1

2.7

(52.1)

Inventories

21.7

(1.9)

(29.3)

Accounts payable, accrued charges and provisions

(60.2)

(25.9)

144.9

Income taxes

2.3

24.3

(61.6)

Deferred revenue

1.3

(5.6)

(2.7)

Defined benefit plans

16.4

16.6

9.8

Stock-based compensation

32.0

1.0

2.7

Other

38.4

(5.7)

27.6

186.5

2.5

(79.3)

Interest and income taxes reflected as operating activities

Cash interest payments

$

332.3

$

368.7

$

374.4

Cash income tax payments (net of refunds)

254.5

214.9

274.0