Cash Flow Statement
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: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The analysis of the annual financial data reveals several notable trends and fluctuations in various financial metrics over the five-year period.
- Net Earnings (Losses)
- Net earnings displayed considerable volatility, starting with a substantial loss in 2019, followed by meaningful profits in subsequent years, peaking significantly in 2023. This suggests a strong recovery and improved profitability trajectory.
- Depreciation and Amortization
- Depreciation and amortization expenses remained relatively stable, fluctuating slightly but generally maintaining a consistent level across the years.
- Deferred Income Tax Benefit
- The deferred income tax benefit showed a negative trend with increasingly large negative amounts primarily in 2021 and 2022, before a lesser negative figure in 2023, indicating variability in tax-related adjustments.
- Unrecognized Tax Benefit
- This item appeared only from 2021 onward, showing a sharp increase in 2023, which may suggest the recognition of prior uncertain tax positions or settlements.
- Income (Losses) from Investments in Equity Securities
- Investments in equity securities exhibited wide swings, with a major loss in 2019, positive gains for several years including a peak in 2021, and a reversal to loss again in 2023, reflecting high variability in equity investment performance.
- Dividends from ABI and Other Income Items
- Dividends from ABI remained relatively steady, with a modest increase in 2023. Other income components such as loss on Cronos-related financial instruments and impairment of JUUL securities showed significant impact in earlier years but diminished or ceased in recent years.
- Working Capital Components
- Receivables fluctuated close to zero with no consistent trend, inventories showed minor volatility with a negative closing position in 2023, and accounts payable increased over the period but declined in 2023. Accrued liabilities and other current assets were variable, with a notable positive increase towards 2023.
- Cash Effects of Changes in Operating Capital
- These cash effects were quite volatile year-over-year, with a marked negative impact in 2022, indicating significant working capital adjustments affecting operating cash flows.
- Pension and Postretirement Contributions
- Both pension plan contributions and the net pension and postretirement figures showed consistent negative values, although contributions declined slightly over time, suggesting ongoing but tapering obligations.
- Adjustments to Reconcile Net Earnings to Operating Cash Flows
- These adjustments demonstrated a downward trend from very high levels in 2019 to lower values in 2023, which may reflect changes in non-cash items or operational adjustments.
- Net Cash Provided by Operating Activities
- Operating cash flows generally increased moderately over the period, reaching the highest value in 2023, indicating strong operational cash generation despite earnings volatility.
- Capital Expenditures
- Capital expenditures were fairly stable, with a slight decrease overall, reflecting consistent but controlled investment in property, plant, and equipment.
- Investing Activities
- Investing cash flows were variable, with positive inflows in the middle period attributable to proceeds from asset sales and transactions, but negative outflows in 2019 and 2023, possibly due to business acquisitions and investments in new ventures.
- Financing Activities
- Cash used in financing activities was consistently negative, indicating net outflows, predominantly for debt repayments and dividends paid. Repurchases of common stock were substantial in some years but decreased notably in 2023. Debt issuance and repayment activities reflected active management of the capital structure.
- Cash Balance Trends
- The ending cash balance peaked dramatically in 2020, followed by a gradual decrease in subsequent years, reaching a lower position in 2023 compared to the peak, but still above the initial 2019 level, indicating relatively strong liquidity management despite fluctuations.