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v3.22.4

Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2022 | Dec. 31, 2021
Operating activities: |  |
Net income for the year | $ 1,680 | $ 1,558
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 2,576 | 2,585
Program rights amortization | 61 | 68
Finance costs | 1,233 | 849
Income tax expense | 609 | 569
Post-employment benefits contributions, net of expense | 19 | (5)
Other | (24) | 2
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid | 6,154 | 5,626
Change in net operating assets and liabilities | (152) | 37
Income taxes paid | (455) | (700)
Interest paid, net | (1,054) | (802)
Cash provided by operating activities | 4,493 | 4,161
Investing activities: |  |
Capital expenditures | (3,075) | (2,788)
Additions to program rights | (47) | (54)
Changes in non-cash working capital related to capital expenditures and intangible assets | (200) | 67
Acquisitions and other strategic transactions, net of cash acquired | (9) | (3,404)
Other | 68 | 46
Cash used in investing activities | (3,263) | (6,133)
Financing activities: |  |
Net proceeds received from short-term borrowings | 707 | 971
Net issuance of long-term debt | 12,711 | 550
Net payments on settlement of debt derivatives and forward contracts | (11) | (8)
Transaction costs incurred | (726) | (31)
Principal payments of lease liabilities | (316) | (269)
Dividends paid | (1,010) | (1,010)
Cash provided by financing activities | 11,355 | 203
Change in cash and cash equivalents and restricted cash and cash equivalents | 12,585 | (1,769)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 13,300 | 715
Cash and cash equivalents and restricted cash and cash equivalents, end of period | 715 | 2,484
Cash and cash equivalents | 715 |
Restricted cash and cash equivalents | 12,837 | 0
Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ 13,300 | $ 715

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