Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2012
- Return on Equity (ROE) since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Analysis of Debt
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Kraft Foods Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2015-03-28), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-27), 10-Q (reporting date: 2014-06-28), 10-Q (reporting date: 2014-03-29), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-28), 10-Q (reporting date: 2013-06-29), 10-Q (reporting date: 2013-03-30), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-30), 10-12B/A (reporting date: 2012-06-30), 10-12B/A (reporting date: 2012-03-31).
- Net earnings
- Net earnings exhibit considerable volatility over the periods, peaking notably at 931 million US dollars in December 2013, followed by a steep drop to a negative 398 million in December 2014, indicating a substantial loss. Throughout the other quarters, earnings fluctuate, suggesting variable operational performance or extraordinary items impact profitability.
- Depreciation and amortization
- Depreciation and amortization costs remain relatively stable, ranging generally between 79 and 102 million US dollars per quarter, reflecting consistent capital asset usage and amortization policies.
- Stock-based compensation expense
- This expense shows a gradual increase from mid-2012, peaking at 29 million in March 2014, then moderating somewhat thereafter, which may illustrate changes in compensation structures or stock performance incentives.
- Deferred income tax provision
- The deferred income tax provision is highly volatile, with significant spikes such as 567 million in September 2012 and notable negative adjustments as low as -435 million in December 2014. This inconsistency signals fluctuations in tax liabilities or accounting adjustments related to deferred taxes.
- Asset impairments
- In asset impairments, values are small with occasional negative or positive write-offs, but the data is incomplete. Some quarters show minor impairments or reversals, suggesting periodic reassessment of asset values.
- Market-based impacts to postemployment benefit plans
- These impacts are irregularly reported but show substantial negative values in mid to late 2013 and a large positive spike of 1364 million in December 2014. This suggests considerable actuarial or market-driven adjustments to benefit plan obligations.
- Other non-cash expense, net
- This category is variable without a clear trend, with amounts fluctuating between positive and negative values, indicating miscellaneous adjustments that do not directly affect cash flow but impact net income adjustments.
- Changes in working capital components (Receivables, Inventories, Accounts payable, Other current assets, Other current liabilities)
- Working capital changes reveal diverse movements. Receivables and inventories show oscillating increases and decreases, with some significant negative adjustments in inventory around early 2014. Accounts payable fluctuates but generally stays within moderate ranges, while other current liabilities display substantial variability, including large swings both positive and negative. Overall, the net change in assets and liabilities displays pronounced volatility, indicating active working capital management with fluctuating operational cash impacts.
- Change in pension and postretirement assets and liabilities, net
- These changes mostly show negative values, especially in 2013, implying net outflows or adjustments related to pension obligations, potentially increasing liabilities or reducing related assets.
- Adjustments to reconcile net earnings to operating cash flows
- Adjustments are notably volatile, with large positive spikes, especially in December 2014 (1538 million), signifying substantial non-cash items influencing the reconciliation between reported earnings and cash flow from operations. Negative spikes also occur, demonstrating periods of significant non-cash expense deductions.
- Net cash provided by operating activities
- Operating cash flow displays strong positive values during much of 2012 and late 2013 to 2014, peaking at 1193 million in June 2012 and 1140 million in December 2014, despite net earnings’ volatility. This indicates effective cash generation capability from core operations even amid fluctuating profitability.
- Capital expenditures
- Capital expenditures consistently show significant cash outflows, increasing somewhat over time with highs near 209 million in December 2014, reflecting ongoing investment in property, plant, and equipment.
- Proceeds from sale of property, plant and equipment
- Proceeds are sporadic and generally minor, occasionally providing offsets to capital expenditures with a notable receipt of 101 million in March 2013, suggesting asset sales to supplement cash.
- Other investing activities
- Reported values are limited but negative in the periods shown, reflecting small cash outflows related to other investing activities.
- Net cash used in investing activities
- Investing cash flow generally shows negative values consistent with capital spending, except for a positive inflow of 16 million in March 2013, underlining regular investment spending exceeding proceeds from asset sales.
- Dividends paid
- Dividends show a steady and increasing outflow from March 2013 onward, maintaining payments around 300 million per quarter, indicating a stable, committed return to shareholders.
- Repurchase of common stock
- Stock repurchases become significant starting late 2013, with increasing quarterly outflows reaching 267 million in December 2014, reflecting active capital return through share buybacks.
- Proceeds from stock option exercises
- Proceeds increase from 14 million in March 2013 to about mid-20 million by early 2015, evidencing employee stock option exercises contributing to cash inflows.
- Long-term debt proceeds and net transfers to Mondelēz International
- In the first half of 2012, there is a substantial inflow of 5959 million from long-term debt, paired with a large outflow of 6751 million as transfers to Mondelēz International. These significant movements likely reflect financing or restructuring activities.
- Other financing activities
- Other financing activities produce relatively minor cash flow fluctuations, both positive and negative, without a discernible trend.
- Net cash provided by or used in financing activities
- Financing activities chiefly reflect net outflows from mid-2012 onward, increasing in magnitude over time, corresponding with dividends, share repurchases, and other financing outflows.
- Effect of exchange rate changes on cash and cash equivalents
- Foreign exchange effects generally produce small negative impacts on cash balances, with occasional minor positive changes, indicating minor currency translation effects on cash.
- Cash and cash equivalents, increase (decrease)
- Cash balances vary substantially, with large increases in late 2012 and 2013, offset by decreases in some quarters of 2014, reflecting the conglomerate effects of operating, investing, and financing activities combined with currency fluctuations.