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 Heinz Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
- Net Income (Loss)
- Net income exhibits significant volatility over the periods, with notable swings from positive to substantial negative values. A peak is observed in December 2017 with an unusually high net income of 7996 million USD, followed by a sharp decline to -12628 million USD in December 2018. Subsequently, net income stabilizes with fluctuations, including a negative value of -1652 million USD in June 2020.
- Depreciation and Amortization
- Depreciation and amortization remain relatively stable throughout the periods, generally fluctuating within a narrow range between approximately 227 and 363 million USD, indicating consistent asset-related expenses.
- Amortization of Postretirement Benefit Plans
- This expense shows a consistent negative amortization effect, typically between -30 and -116 million USD. The values do not demonstrate significant variation over time.
- Equity Award Compensation Expense
- Equity award compensation expense fluctuates, with occasional spikes such as in September 2015 (93 million USD) and towards mid-2020 where it increases up to 40 million USD. Otherwise, it generally remains under 20 million USD, with occasional negative values indicative of adjustments or reversals.
- Deferred Income Tax Provision (Benefit)
- This item shows highly volatile movements, including significant benefits such as -6959 million USD in December 2017 and -2071 million USD in December 2018. Positive spikes are also observed, with values exceeding 200 million USD in several quarters. The volatility suggests substantial tax-related adjustments or one-time events.
- Postemployment Benefit Plan Contributions
- Contributions mostly remain negative (cash outflows), with extraordinary outflows noted in December 2017 (-1344 million USD). Most other quarters show minor negative contributions, indicating occasional large benefit payments.
- Goodwill and Intangible Asset Impairment Losses
- There are intermittent large impairments recorded, prominently in December 2018 (15485 million USD), indicating a major write-down during this period. Smaller impairments occur sporadically, reflecting periodic reassessments of asset values.
- Nonmonetary Currency Devaluation
- This item reflects minor positive impacts occurring irregularly, generally small amounts usually under 100 million USD, suggesting currency translation effects that are not material.
- (Gain) Loss on Sale of Business
- Gains and losses from sale of business show sporadic activity. Notable items include gains of 640 and 1235 million USD in late 2017 and early 2018, and significant losses around 244 to 246 million USD in 2018, indicating strategic divestitures.
- Other Items, Net
- Other items demonstrate considerable volatility with both positive and negative values. The most pronounced outlier is a 239 million USD gain in December 2017 and a 170 million USD gain in June 2020, without a clear trend.
- Working Capital Changes (Trade Receivables, Inventories, Accounts Payable, and Other Current Assets/Liabilities)
- Working capital components exhibit large fluctuations. Trade receivables and inventories often show large negative movements, particularly between 2017 and 2019, indicating significant changes in operational liquidity. Accounts payable movements are mixed but occasionally show large positive spikes, such as in December 2016 and December 2017. The aggregated changes to current assets and liabilities reveal significant swings that impact cash flow, with large negative impacts in some quarters followed by strong positive recoveries.
- Operating Cash Flows
- Adjusted operating cash flows fluctuate widely, reflecting the volatility in earnings and working capital. There is a marked peak in December 2015 (1073 million USD adjustment) and an extraordinary positive adjustment of 14324 million USD in December 2018, following the significant net income loss and impairment in the same period.
- Net Cash Provided by (Used for) Operating Activities
- Operating cash flow shows substantial variability, with large positive inflows in several quarters, notably in December 2015 (1721 million USD), December 2016 (2372 million USD), and December 2018 (1696 million USD). Conversely, substantial outflows occurred in March 2017 (-615 million USD) and June 2018 (-192 million USD). Despite volatility, more quarters show positive cash flow, reflecting underlying operational cash generation capacity.
- Investing Activities
- Investing cash flows include large negative impacts from acquisitions (notably -9468 million USD in September 2015) and capital expenditures, which decline somewhat over time from a high of -411 million USD in December 2016 to around -127 million USD in June 2020. Proceeds from sales of businesses appear sporadically and provide positive cash inflows in 2017 and 2018. The net cash from investing activities shows high volatility but trends toward smaller net outflows in later periods.
- Financing Activities
- Financing cash flows are highly variable, influenced by significant debt issuances and repayments. Large repayments of long-term debt occur in September 2015 (-10345 million USD) and in various quarters in 2017 and 2019. Proceeds from long-term debt issuance peak in September 2015 (12823 million USD). Issuance of commercial paper shows active short-term borrowing and repayment cycles mostly between 2016 and 2018. There is a notable issuance of common stock in June 2015 (10000 million USD). Dividend payments on common stock are consistent but show a decrease in amounts paid in later years, below 500 million USD by 2020. Overall, financing activities reflect strategic debt management and capital structure adjustments.
- Effect of Exchange Rate Changes
- Currency effects on cash and equivalents show relatively minor impact compared to other cash flow components, mostly small positive or negative values without a sustained trend.
- Cash, Cash Equivalents, and Restricted Cash
- Ending cash balances experience large fluctuations, with sharp declines such as in March 2017 (-973 million USD) and June 2018 (-2008 million USD), contrasted by strong increases in December 2015 (2290 million USD) and June 2020 (3124 million USD). These variations correspond to the volatile net income and cash flow generation patterns observed.