Name: Kraft Foods Group Inc. (NASDAQ:KRFT) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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Kraft Foods Group Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 28, 2015	Dec 27, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014	Dec 28, 2013	Sep 28, 2013	Jun 29, 2013	Mar 30, 2013	Dec 29, 2012	Sep 30, 2012	Jun 30, 2012	Mar 31, 2012
Net earnings	429)	(398)	446)	482)	513)	931)	499)	829)	456)	90)	466)	603)	483)
Depreciation and amortization	102)	102)	92)	95)	96)	97)	92)	102)	102)	167)	92)	90)	79)
Stock-based compensation expense	16)	23)	20)	23)	29)	15)	18)	17)	15)	15)	12)	13)	14)
Deferred income tax provision	(51)	(435)	36)	52)	(14)	216)	191)	268)	33)	(117)	567)	17)	3)
Asset impairments	—)	—)	—)	—)	—)	(4)	(1)	—)	33)	(37)	16)	17)	32)
Market-based impacts to postemployment benefit plans	77)	1,364)	26)	—)	(49)	(782)	(175)	(604)	—)	225)	(2)	—)	—)
Other non-cash expense, net	7)	51)	(15)	26)	5)	64)	30)	19)	25)	46)	68)	40)	5)
Receivables, net	(129)	(5)	134)	(2)	(149)	36)	110)	54)	(165)	450)	(50)	75)	(255)
Inventories	(198)	327)	(31)	(106)	(243)	197)	22)	42)	(26)	165)	(32)	117)	(229)
Accounts payable	89)	36)	(35)	7)	37)	94)	13)	(10)	(52)	(295)	178)	21)	(145)
Other current assets	(24)	(56)	13)	26)	(24)	(18)	7)	9)	(7)	(34)	(4)	20)	(43)
Other current liabilities	41)	260)	(326)	(164)	66)	163)	(179)	(61)	(140)	405)	(345)	180)	(35)
Change in assets and liabilities	(221)	562)	(245)	(239)	(313)	472)	(27)	34)	(390)	691)	(253)	413)	(707)
Change in pension and postretirement assets and liabilities, net	(25)	(129)	(120)	(50)	(16)	(85)	(119)	(286)	(42)	(112)	—)	—)	(1)
Adjustments to reconcile net earnings to operating cash flows	(95)	1,538)	(206)	(93)	(262)	(7)	9)	(450)	(224)	878)	500)	590)	(575)
Net cash provided by (used in) operating activities	334)	1,140)	240)	389)	251)	924)	508)	379)	232)	968)	966)	1,193)	(92)
Capital expenditures	(139)	(209)	(140)	(110)	(76)	(183)	(162)	(127)	(85)	(158)	(101)	(90)	(91)
Proceeds from sale of property, plant and equipment	—)	—)	—)	2)	—)	23)	4)	3)	101)	15)	1)	2)	—)
Other investing activities	(3)	—)	—)	(2)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(142)	(209)	(140)	(110)	(76)	(160)	(158)	(124)	16)	(143)	(100)	(88)	(91)
Dividends paid	(324)	(325)	(313)	(315)	(313)	(313)	(300)	(298)	(296)	—)	—)	—)	—)
Repurchase of common stock under share repurchase program	(7)	(267)	(237)	(123)	(113)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from stock option exercises	26)	22)	15)	38)	40)	15)	12)	36)	33)	14)	—)	—)	—)
Long-term debt proceeds	—)	—)	—)	—)	—)	—)	—)	—)	—)	6)	(2)	5,959)	—)
Net transfers to Mondelēz International	—)	—)	—)	—)	—)	—)	—)	—)	—)	10)	(614)	(6,751)	145)
Other financing activities	12)	4)	4)	7)	10)	(3)	—)	(2)	(55)	160)	(13)	(313)	41)
Net cash provided by (used in) financing activities	(293)	(566)	(531)	(393)	(376)	(301)	(288)	(264)	(318)	190)	(629)	(1,105)	186)
Effect of exchange rate changes on cash and cash equivalents	(14)	(7)	(4)	2)	(3)	(8)	5)	(8)	(4)	(4)	4)	—)	—)
Cash and cash equivalents, increase (decrease)	(115)	358)	(435)	(112)	(204)	455)	67)	(17)	(74)	1,011)	241)	—)	3)

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).

The analysis of the quarterly cash flow data reveals a company with consistent operating cash generation, though this is frequently decoupled from net earnings due to significant non-cash adjustments. While net earnings exhibited volatility, including a notable loss in the quarter ending December 27, 2014, the net cash provided by operating activities remained positive across all periods, indicating a resilient underlying cash-generating capacity.

Operating Cash Flow and Net Earnings: A recurring pattern of divergence exists between net earnings and operating cash flows. For instance, in the quarter ending December 27, 2014, net earnings fell to -398 million, yet operating cash flow surged to 1,140 million. This disparity is primarily attributed to large adjustments to reconcile net earnings, specifically driven by deferred income tax provisions and market-based impacts to postemployment benefit plans, which reached 1,364 million in the same period.
Investing Activities and Capital Expenditure: Investing activities are characterized by consistent outflows, primarily driven by capital expenditures. These expenditures showed a general upward trend, increasing from 91 million in March 2012 to a peak of 209 million in December 2014. The stability of these outflows suggests a sustained commitment to infrastructure or asset maintenance, with minimal offsets from the sale of property, plant, and equipment.
Financing and Shareholder Returns: The financing profile is marked by a disciplined dividend policy, with quarterly payments remaining remarkably stable between 296 million and 325 million from March 2013 through March 2015. A shift in capital allocation is observed starting in mid-2014, with the introduction of a common stock repurchase program that peaked at 267 million in December 2014. Early periods in 2012 were dominated by significant restructuring events, including 5,959 million in long-term debt proceeds and substantial net transfers to Mondelēz International.
Working Capital Management: Volatility is evident in the change in assets and liabilities. Significant fluctuations in receivables and inventories suggest seasonal variations or shifts in working capital efficiency. A notable positive impact of 562 million was recorded in December 2014, which contributed heavily to the operating cash flow during a period of negative net earnings.

Overall, the financial trajectory indicates a transition from a period of significant corporate restructuring in 2012 to a phase of stabilized operations focused on consistent shareholder returns through dividends and buybacks, supported by strong operating cash flows despite fluctuations in GAAP net income.

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Kraft Foods Group Inc. (NASDAQ:KRFT)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data