Consolidated Statements of Income$($In millions of Canadian dollars, except per share amounts$)$Years ended December $312023202220212020$Revenue$19,30815,39614,65513,916$"Operating expenses:Operating costs"$10,7279,0038,7688,059$Depreciation and amortization$4,1212,5762,5852,618$Restructuring, acquisition and other$685310324185$Finance costs$2,0471,233849881$Other expense $($income$)362(15)21$Income before income tax expense$1,3662,2892,1272,172$Income tax expense$517609569580$Net income for the year$8491,6801,5581,592$"Earnings per share:Basic"$ $1\mathrm{.}62$$ $3\mathrm{.}33$$ $3\mathrm{.}09$$ $3\mathrm{.}15$Diluted$ $1\mathrm{.}62$$ $3\mathrm{.}32$$ $3\mathrm{.}07$$ $3\mathrm{.}13$The accompanying notes are an integral part of the consolidated financial statements.CONSOLIDATED FINANCIAL STATEMENTSConsolidated Statements of Financial Position$($In millions of Canadian dollars$)$As atAs atAs atAs atDecember $31$December $31$December $31$December $312023202220212020$Assets"Current assets:Cash and cash equivalents"$8004637152,484$Restricted cash and cash equivalents$12,837$Accounts receivable$4,9964,1843,8472,856$Inventories$456438535479$Current portion of contract assets$163111115533$Other current assets$1,202561497516$Current portion of derivative instruments$8068912061$Assets held for sale$137$Total current assets$7,83419,2835,8296,929$Property, plant and equipment$24,33215,57414,66614,018$Intangible assets$17,89612,25112,2818,926$Investments$5982,0882,4932,536$Derivative instruments$5718611,4311,378$Financing receivables$1,101886854748$Other long$-$term assets$670681385346$Goodwill$16,2804,0314,0243,973$Total assets$69,28255,65541,96338,854$Liabilities and shareholders equity"Current liabilities:Short$-$term borrowings"$1,7502,9852,2001,221$Accounts payable and accrued liabilities$4,2213,7223,4162,714$Income tax payable$115344$Other current liabilities$434252607243$Contract liabilities$773400394336$Current portion of long$-$term debt$1,1001,8281,5511,450$Current portion of lease liabilities$504362336278$Total current liabilities$8,7829,5498,6196,586$Provisions$54535042$Long$-$term debt$39,75529,90517,13716,751$Lease liabilities$2,0891,6661,6211,557$Other long$-$term liabilities$1,7837385651,149$Deferred tax liabilities$6,3793,6523,4393,196$Total liabilities$58,84245,56331,43129,281$Shareholders equity$10,44010,09210,5329,573$Total liabilities and shareholders equity$69,28255,65541,96338,854$GuaranteesCommitments and contingent liabilitiesSubsequent eventsConsolidated Statements of Cash Flows$($In millions of Canadian dollars$)02023202220212020$Operating activities:Net income for the year$8491,68015581592$Adjustments to reconcile net income to cash provided by operating activities:Depreciation and amortization$4,1212,57625852618$Program rights amortization$70616877$Finance costs$2,0471,233849881$Income tax expense$517609569580$Post$-$employment benefits contributions, net of expense$4619(5)13$Losses from associates and joint ventures$41231$Other$5(55)2119$Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid$80676,15456265880$Change in net operating assets and liabilities$(627)(152)37(333)$Income taxes paid$(439)(455)(700)(418)$Interest paid, net$(1,780)(1,054)(802)(808)$Cash provided by operating activities$5,2214,4934,1614,321$Investing activities:Capital expenditures$(3,934)(3,075)(2788)(2312)$Additions to program rights$(74)(47)(54)(57)$Changes in non$-$cash working capital related to capital expenditures and intangibleassets$(2)(200)67(37)$Acquisitions and other strategic transactions, net of cash acquired$(16,215)(9)(3404)(103)$Other$256846(49)$Cash used in investing activities$(20,200)(3,263)(6,133)(2,558)$Financing activities:Net $($repayment of$)$ proceeds received from short$-$term borrowings$(1,439)707971(1146)$Net issuance of long$-$term debt$5,04012,7115502540$ Net proceeds $($payments$)$ on settlement of debt derivatives and forward contracts$492(11)(8)80$ Transaction costs incurred$(284)(726)(31)(23)$Principal payments of lease liabilities$(370)(316)(269)(213)$Dividends paid$(960)(1,010)(1010)(1011)$Cash provided by financing activities$2,47911,355203227$ Change in cash and cash equivalents and restricted cash and cash equivalents$(12,500)12,585(1769)1990$ Cash and cash equivalents and restricted cash and cash equivalents, beginning of period$13,3007152484494$ Cash and cash equivalents and restricted cash and cash equivalents, end of period$80013,3007152484$ Cash and cash equivalents$800463$Restricted cash and cash equivalents$12,837$Cash and cash equivalents and restricted cash and cash equivalents, end of period$80013,3007152484$ "Cash and cash equivalents are defined as cash and short$-$term deposits that have an original maturity of less than $90$ days, less bank advances.The accompanying notes are an integral part of the consolidated financial statements."Short term solvency ratiosFormula$2023202220212020$Current ratioCurrent Assets $/$ Current Liabilities$0\mathrm{.}892\mathrm{.}020\mathrm{.}681\mathrm{.}05$Quick ratio $($Acid test$)($Current Assets Inventory$)/$ Current Liabilities$0\mathrm{.}841\mathrm{.}970\mathrm{.}610\mathrm{.}98$Cash ratio$($Cash $+$ Equivalents$)/$ Current Liabilities$0\mathrm{.}090\mathrm{.}050\mathrm{.}080\mathrm{.}38$Asset utilization ratiosFormulaTotal asset turnoverSales Revenue $/$ Total Assets$0\mathrm{.}280\mathrm{.}280\mathrm{.}350\mathrm{.}36$Inventory turnoverCost of Goods $/$ Inventory$\_/$E$27$Revenue $-$ COGS $=$ GPReceivables turnoverSales $/$ Accounts Receivable$3\mathrm{.}863\mathrm{.}683\mathrm{.}814\mathrm{.}87$Long term solvency ratiosFormulaTotal debt ratio $($Debt To Assets Ratio$)($Total Assets Total Equity$)/$ Total Assets $=$ Total liabilities $/$ Total assets$0\mathrm{.}850\mathrm{.}820\mathrm{.}750\mathrm{.}75$Debt equity ratioTotal Debt $/$ Total $($Shareholder$)$ Equity $=$ Total liabilities $/$ Total Equity $($Owners equity$)5\mathrm{.}644\mathrm{.}512\mathrm{.}983\mathrm{.}06$Equity multiplier $($F