Consolidated Statements of Cash Flows For the years ended December 31 (Stated in thousands of Canadian dollars) Note 2018 2017() Operating activities: Net earnings 91,465 279,058 Items not involving cash: Depreciation and amortization 429,906 403,021 Change in maintenance provisions 50,637 47,439 Amortization of transaction costs 4,250 4,807 Unrealized (gain) loss on derivatives (690) 4,059 Gain on disposal of property and equipment (4,049) (6,562) Share-based payment expense 12 15,988 19,050 Deferred income tax expense 29,605 60,237 Unrealized foreign exchange (gain) loss (7,592) 2,496 Change in non-cash working capital 221,148 243,858 Change in restricted cash (5,916) (7,051) Change in other assets (9,133) (1,296) Change in other liabilities (96) 6,379 Purchase of shares pursuant to compensation plans (6,268) (4,784) Maintenance provision settlements (50,675) (38,638) 758,580 1,012,073 Investing activities: Aircraft additions (524,272) (881,069) Aircraft disposals 6,282 9,511 Other property and equipment and intangible additions and disposals (121,708) (48,855) Purchases of marketable securities (58,908) (231,293) Maturities of marketable securities 201,415 Change in non-cash working capital 9,793 (16,009) (487,398) (1,167,715) Financing activities: Increase in long-term debt 41,131 186,796 Repayment of long-term debt (157,451) (154,249) Shares repurchased 12 (2,386) (90,317) Dividends paid 13 (63,845) (64,886) Cash interest paid (61,410) (63,188) Change in non-cash working capital (13,680 (14,597) (257,641) 200,441) Cash flow from/(used in) operating, investing and financing activities 13,541 (356,083) Effect of foreign exchange on cash and cash equivalents 25,189 (17,663) Net change in cash and cash equivalents 38,730 (373,746) Cash and cash equivalents, beginning of year 1,147,076 1,520,822 Cash and cash equivalents, end of year 1,185,806 1,147,076