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.
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Earnings (Loss)
- The net earnings exhibit considerable volatility across the periods, with significant losses at the end of 2020 and early 2024, contrasted by strong positive earnings in most other quarters. The largest loss is observed in December 2020 (-10,027 million USD) and March 2024 (-11,908 million USD), while the highest earnings peak is recorded in March 2021 (2,029 million USD). The recent quarters show a general recovery with positive earnings except for a sharp decline in March 2024. This suggests episodic challenges or one-time impacts affecting profitability.
- Depreciation and Amortization
- Depreciation and amortization remain relatively stable over the periods, mostly fluctuating between 2,400 and 2,700 million USD, except a decline in the last two reported quarters. This consistency indicates stable asset usage and capital expenditure patterns outside of the most recent reported decrease.
- Deferred Income Taxes
- The deferred income taxes show a mixed and volatile pattern with both positive and negative values, indicating changing tax assets and liabilities. Notably large negative values occur sporadically, emphasizing potentially significant deferred tax assets adjustments or liabilities impacting the periods unevenly.
- Stock-Based Compensation
- Stock-based compensation remains fairly consistent over time, hovering around 100 to 150 million USD per quarter, reflecting steady employee compensation costs related to equity awards.
- Impairment Charges
- Impairment charges spike dramatically at certain quarters, such as December 2020 and late 2024, suggesting the recognition of significant write-downs or asset impairments during specific periods. For other periods, impairment charges remain relatively low.
- Divestiture Gains and Royalties
- Divestiture gains and royalties are consistently negative across almost all periods, indicating ongoing expenses or losses related to these activities, with values generally between -100 and -300 million USD.
- Acquired IPRD
- The spending or capitalization on acquired in-process research and development demonstrates sharp spikes at specific dates such as December 2020 and March 2024, indicating substantial investment or acquisition activities in certain quarters, while remaining relatively modest otherwise.
- Equity Investment Gains and Losses, Net
- Equity investment results fluctuate between gains and losses without a sustained trend, showing no consistent impact on the overall financials but indicating volatility in equity-related investments.
- Working Capital Components (Receivables, Inventories, Accounts Payable)
- The working capital accounts show irregular movements: receivables and inventories fluctuate significantly, highlighting changes in operational cycles or sales volumes. Accounts payable also vary widely, reflecting changes in payment timing or supplier negotiations. Notably, rebates and discounts display extreme variability, indicating shifts in pricing strategies or customer incentives.
- Income Taxes Payable and Other Adjustments
- Income taxes payable reveal large swings both positive and negative, which likely reflect timing differences and settlement of tax obligations. Other adjustments are mostly erratic, showing no clear trend, suggesting miscellaneous operating or non-operating factors affecting cash flow adjustments.
- Changes in Operating Assets and Liabilities
- This category indicates substantial variability with some quarters showing significant outflows and others inflows, aligning with the fluctuations observed in working capital accounts and affecting the operating cash flow reconciliation.
- Adjustments to Reconcile Net Earnings to Operating Cash Flow
- The adjustments fluctuate widely, with very high values in December 2020 and March 2024, correlating to periods of large net losses, which implies substantial non-cash or extraordinary items impacting net earnings.
- Net Cash from Operating Activities
- Operating cash flow generally remains positive throughout the periods, demonstrating ongoing cash generation despite earnings volatility, with some declines corresponding to quarters with significant net losses.
- Investing Activities
- Investing cash flows show large outflows during acquisition-related periods, notably at the end of 2020 and early 2024, reflecting substantial acquisition payments. Marketable securities transactions fluctuate, with sales and purchases variably balancing out, while capital expenditures remain stable without major increases or decreases.
- Financing Activities
- Financing cash flows feature considerable variability, including large repurchases of common stock in early 2021 and late 2021, significant issuance and repayment of long-term debt, and fluctuating short-term debt movements. Dividend payments show a consistent gradual increase, evidencing steady shareholder returns.
- Effect of Exchange Rates on Cash
- The effects of currency exchange rates on cash are relatively minor but fluctuate in direction, reflecting the multinational nature and exposure to currency movements.
- Overall Cash Position Changes
- The net changes in cash, cash equivalents, and restricted cash exhibit significant swings, influenced heavily by the large operational, investing, and financing cash flows. Some quarters show strong increases while others experience significant declines, consistent with overall cash management responding to operational performance and capital deployment.