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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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Air Products & Chemicals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
- Net Income Trends
- Net income generally exhibited variability across the periods analyzed, with notable fluctuations including a significant loss in the quarter ending March 31, 2016, followed by recovery and generally positive values thereafter. The net income attributable to the company fluctuated in a largely parallel pattern to total net income, with some quarters showing exceptionally high figures notably in the first quarter of 2017.
- Income from Continuing Operations
- Income from continuing operations attributable to the company showed resilience, particularly after March 2016. Although there were fluctuations, these gains were mostly positive and somewhat stable from 2017 onwards, indicating operational steadiness despite the earlier downturn.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a consistent increasing trend over the quarters. This likely reflects growing investments in fixed assets and possibly higher amortization due to acquisitions or capital expenditures.
- Deferred Income Taxes
- Deferred income taxes exhibited variability, with negative values in some quarters and positive in others, reflecting changing tax circumstances possibly influenced by tax reforms and income fluctuations.
- Significant One-Off Charges and Gains
- Several non-recurring items impacted earnings, including a large goodwill and intangible asset impairment charge in mid-2017 and an equity method investment impairment charge in the same period. Also, write-downs associated with cost reduction actions appeared sporadically. Tax reform repatriation benefits and losses on debt extinguishment were also periodically material.
- Equity Method Investment and Asset Sales
- Undistributed earnings or losses from equity investments showed considerable volatility, often negative, indicating fluctuating gains or losses from affiliated companies. Gains on sale of assets and investments were irregular, with occasional sizeable negative impacts.
- Share-Based Compensation
- Share-based compensation remained relatively stable, with minor fluctuations, suggesting steady use of equity incentives over the periods.
- Noncurrent Lease Receivables
- Noncurrent lease receivables increased significantly through the timeline, indicating either growing lease arrangements or adjustments in accounting for lease assets.
- Working Capital and Receivables
- Trade receivables and other working capital components were volatile, with some quarters showing large increases or decreases, impacting cash flows notably. Payables and accrued liabilities also fluctuated widely, including a few quarters with large positive changes that contributed cash to operations.
- Cash Flows from Operations
- Cash provided by operating activities was generally positive, with some quarters showing exceptionally strong cash generation, particularly in late 2020 and early 2021. However, earlier periods had considerable variability, linked to working capital and income fluctuations.
- Investing Activities
- Significant cash outflows were related to additions to plant and equipment, which increased notably in later years, indicating heavy capital investments. Acquisitions were irregular but could have substantial one-time impacts. Proceeds from sales of assets and investments showed inconsistency, and purchases of investments were substantial and lumpy, particularly in late 2016 and subsequent periods.
- Financing Activities
- Financing activities showed variability, with both proceeds from long-term debt and payments on such debt causing large fluctuations in cash flow. Commercial paper and short-term borrowings also contributed to cash flow variability. Dividends to shareholders steadily increased over the periods, reflecting ongoing shareholder distributions. There were occasional large inflows and outflows from financing activities, related both to debt management and stock option exercises.
- Cash Position and Exchange Effects
- Cash and cash equivalents showed significant changes, with some quarters displaying large increases, notably in early 2017 and late 2020 to mid-2021. Effects of exchange rate changes on cash were variable, sometimes positive and sometimes negative, indicating exposure to foreign currency fluctuations.
- Summary
- The financial data reveal periods of significant volatility in net income and cash flows, particularly related to operational earnings, working capital management, and investing activities. Heavy capital investments and acquisitions underpin asset growth but also press cash flows. The company maintained dividend payments with gradual increases, suggesting a commitment to returning capital to shareholders even through varied earnings cycles. Overall, the organization appears to have managed recovery from earlier losses, stabilized earnings from continuing operations, and invested significantly in operational capacity and assets.