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Consolidated statements of cash flows - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net earnings $ 375 $ 2,327
Adjustments to reconcile net earnings to cash flows from operating activities    
Severance, acquisition and other costs 454 200
Depreciation and amortization 5,041 4,918
Post-employment benefit plans cost 142 98
Net interest expense 1,590 1,408
Impairment of assets 2,190 143
Gains on investments (57) (80)
Net equity losses from investments in associates and joint ventures 247 581
Income taxes 577 996
Contributions to post-employment benefit plans (52) (52)
Payments under other post-employment benefit plans (61) (64)
Severance and other costs paid (330) (178)
Interest paid (1,759) (1,486)
Income taxes paid (net of refunds) (783) (700)
Acquisition and other costs paid (52) (8)
Net change in operating assets and liabilities (534) (157)
Cash flows from operating activities 6,988 7,946
Cash flows used in investing activities    
Capital expenditures (3,897) (4,581)
Decrease (increase) in short-term investments 600 (1,000)
Business acquisitions (624) (222)
Business disposition 0 209
Spectrum licences (531) (183)
Other investing activities 14 (4)
Cash flows used in investing activities (4,438) (5,781)
Cash flow used in financing activities    
Increase (decrease) in notes payable 1,945 (646)
Issue of long-term debt 3,834 5,195
Repayment of long-term debt (3,303) (1,858)
Repurchase of financial liability 0 (149)
Issue of common shares 0 18
Purchase of shares for settlement of share-based payments (235) (223)
Repurchase of preferred shares (92) (140)
Cash dividends paid on common shares (3,613) (3,486)
Cash dividends paid on preferred shares (187) (182)
Cash dividends paid by subsidiaries to non-controlling interest (68) (47)
Other financing activities (31) (24)
Cash flow used in financing activities (1,750) (1,542)
Net increase in cash 1,025 448
Cash at beginning of year 547 99
Cash at end of year 1,572 547
Net (decrease) increase in cash equivalents (225) 175
Cash equivalents at beginning of year 225 50
Cash equivalents at end of year $ 0 $ 225