CP 2018 ANNUAL REPORT  /  56 Free Cash Foreign Exchange Adjusted % Change 2018 vs. 2017 2017 vs. 2016 (in millions) Reported 2018 Reported 2017 Reported 2016 Variance due to  FX FX Adjusted 2017 FX Adj. % Change Variance due to  FX FX Adjusted 2016 FX Adj. % Change Freight revenues by line of business Grain $ 1,566 $ 1,532 $ 1,480 $ — $ 1,532 2 $ (19) $ 1,461 5 Coal 673 631 606 — 631 7 (2 ) 604 4 Potash 486 411 338 (1) 410 19 (4) 334 23 Fertilizers and sulphur 243 241 284 (1 ) 240 1 (3 ) 281 (14 ) Forest products 284 265 275 (1) 264 8 (4) 271 (2) Energy, chemicals and plastics 1,243 898 852 (1 ) 897 39 (15 ) 837 7 Metals, minerals, and consumer products 797 739 564 (1) 738 8 (9) 555 33 Automotive 322 293 350 (2 ) 291 11 (5 ) 345 (15 ) Intermodal 1,538 1,365 1,311 (1) 1,364 13 (6) 1,305 5 Freight revenues 7,152 6,375 6,060 (8 ) 6,367 12 (67 ) 5,993 6 Non-freight revenues 164 179 172 — 179 (8) (1) 171 5 Total revenues $ 7,316 $ 6,554 $ 6,232 $ (8 ) $ 6,546 12 $ (68 ) $ 6,164 6 FX adjusted % change in revenues are further used in calculating FX adjusted % change in freight revenue per carload and RTM. These measures are discussed in Operating Revenues of this Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. FX adjusted % change allows certain financial results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Financial result variances at constant currency are obtained by translating the comparable period of the prior year results denominated in U.S. dollars at the foreign exchange rates of the current period. Free cash is calculated as Cash provided by operating activities, less Cash used in investing activities, adjusted for changes in cash and cash equivalents balances resulting from FX fluctuations and the cash settlement of hedges settled upon issuance of debt. Free cash is a measure that management considers to be an indicator of liquidity. Free cash is useful to investors and other external users of the Consolidated Financial Statements as it assists with the evaluation of the Company's ability to generate cash from its operations without incurring additional external financing. The cash settlement of forward starting swaps that occurred in the second quarter of 2018 in conjunction with the issuance of long-term debt is not an indicator of CP's ongoing cash generating ability and therefore has been excluded from free cash. Positive Free cash indicates the amount of cash available for reinvestment in the business, or cash that can be returned to investors through dividends, stock repurchase programs, debt retirements or a combination of these. Conversely, negative Free cash indicates the amount of cash that must be raised from investors through new debt or equity issues, reduction in available cash balances or a combination of these. Free cash should be considered in addition to, rather than as a substitute for, Cash provided by operating activities. Free cash is presented in Item 6. Selected Financial Data and discussed further in Liquidity and Capital Resources of this Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Reconciliation of Cash Provided by Operating Activities to Free Cash For the year ended December 31 (in millions) 2018 2017 2016 2015 2014 Cash provided by operating activities $ 2,712 $ 2,182 $ 2,089 $ 2,459 $ 2,123 Cash used in investing activities (1,458) (1,295) (1,069) (1,123) (1,161) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents 11 (13 ) (13 ) 45 7 Settlement of forward starting swaps on debt issuance 24 — — — — Free cash $ 1,289 $ 874 $ 1,007 $ 1,381 $ 969