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Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023
Operating activities: |  |
Net income for the year | $ 1,734 | $ 849
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 4,616 | 4,121
Program rights amortization | 63 | 70
Finance costs | 2,295 | 2,047
Income tax expense | 572 | 517
Post-employment benefits contributions, net of expense | 82 | 46
(Income) losses from associates and joint ventures | (8) | 412
Other | (166) | 5
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid | 9,188 | 8,067
Change in net operating assets and liabilities | (876) | (627)
Income taxes paid | (545) | (439)
Interest paid, net | (2,087) | (1,780)
Cash provided by operating activities | 5,680 | 5,221
Investing activities: |  |
Capital expenditures | (4,041) | (3,934)
Additions to program rights | (72) | (74)
Changes in non-cash working capital related to capital expenditures and intangible assets | 136 | (2)
Acquisitions and other strategic transactions, net of cash acquired | (475) | (16,215)
Other | (3) | 25
Cash used in investing activities | (4,455) | (20,200)
Financing activities: |  |
Net proceeds received from (repayment of) short-term borrowings | 1,138 | (1,439)
Net (repayment) issuance of long-term debt | (1,103) | 5,040
Net proceeds on settlement of debt derivatives and forward contracts | 107 | 492
Transaction costs incurred | (47) | (284)
Principal payments of lease liabilities | (478) | (370)
Dividends paid to common shareholders | (739) | (960)
Other | (5) | 0
Cash provided by (used in) financing activities | (1,127) | 2,479
Change in cash and cash equivalents and restricted cash and cash equivalents | 98 | (12,500)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 800 | 13,300
Cash and cash equivalents, end of period | $ 898 | $ 800

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