(in thousands of Canadian dollars)
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For the years ended December 31,
  2014 2013
     
OPERATING ACTIVITIES  
Net earnings $188,540 $176,530
Adjusting items  
Depreciation and amortization 78,076 60,164
Restructuring and other special charges (Note 10) 18,359 23,338
Stock-based compensation expense 6,459 4,079
Earnings from investments in associates (178) (698)
(Recovery of) provision for income taxes recognized in net earnings (40,937) 63,421
Financial charges recognized in net earnings 72,116 93,357
Past service costs (Note 11) –   (7,392)
Other non-cash items (8,127) 4,295
Change in operating assets and liabilities 5,205 38,462
Funding of post-employment benefit plans in excess of costs (18,453) (4,951)
Restructuring and other special charges (Note 10) (28,230) (17,564)
Income taxes paid, net (51,544) (16,231)
Interest paid (64,779) (76,130)
  156,507 340,680
INVESTING ACTIVITIES  
Acquisition of intangible assets (69,179) (54,584)
Acquisition of property, plant and equipment (14,771) (11,743)
Business acquisition, net of cash acquired (Note 5) –   (3,581)
Proceeds from the settlement of a note receivable (Note 22) 14,100 –  
Other (116) 359
  (103,470) (69,549)
FINANCING ACTIVITIES  
Repayment of long-term debt (140,098) (118,984)
Purchase of restricted shares (Note 17) (12,450) (6,630)
Optional redemption of long-term debt (Note 17) –   (36,670)
Recapitalization costs –   (6,641)
Deferred consideration –   (5,624)
Other –   (1,102)
  (152,548) (175,651)
NET INCREASE IN CASH AND CASH EQUIVALENTS 99,511 95,480
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 202,287 106,807
CASH AND CASH EQUIVALENTS, END OF YEAR $102,776 $202,287
Supplemental disclosure of cash flow information (Note 20)    
   
Cash and cash equivalents consist of:  
Cash $102,776 $72,287
Banker’s acceptances and treasury bills –   130,000
  $102,776 $202,287


The accompanying notes are an integral part of these consolidated financial statements.