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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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Carrier Global Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income and Operating Performance
- Net income from operations experienced a decline from 2006 million in 2020 to 1701 million in 2021, followed by a significant increase to 3584 million in 2022, indicating a strong recovery and growth in operational profitability in the latest year.
- Depreciation, Amortization, and Tax Provision
- Depreciation and amortization showed a gradual increase over the three years, rising from 336 million to 380 million, reflecting ongoing capital asset use and investment. The deferred income tax provision shifted from a positive 97 million in 2020 to negative figures in the following years (-74 million in 2021 and -124 million in 2022), which may suggest changes in tax strategies or timing differences.
- Compensation and Investment Earnings
- Stock-based compensation cost fluctuated, increasing from 77 million to 92 million in 2021, then returning to 77 million in 2022. Equity method investment net earnings consistently presented losses, deepening from -207 million in 2020 to -262 million in 2022, indicating ongoing challenges in associated investments.
- Gains, Losses, and Impairments
- There was a notable one-time gain on the sale of investments with a large positive figure of -1123 million (gain) in 2020, but a significant loss reappeared in 2022 (-1815 million). Additionally, the gain on extinguishment of debt appeared as a negative 36 million in 2022, suggesting a cost related to debt adjustments.
- Working Capital Changes
- Accounts receivable and contract assets showed increasing negative trends, indicating a reduction in these current assets. Inventories decreased notably from -240 million to -334 million, while accounts payable and accrued liabilities increased sharply to 829 million in 2021 before falling to 61 million in 2022. Overall changes in operating assets and liabilities rose substantially in 2021 but reversed to a negative figure in 2022 (-336 million), suggesting changes in operational cash flow management.
- Operating Activities and Cash Flow
- Net cash flows from operating activities rose from 1692 million in 2020 to 2237 million in 2021, then declined to 1743 million in 2022. Adjustments reconciling net income to operating cash flows were volatile, turning negative in 2022 (-1841 million), indicating significant non-cash items or working capital impacts that year.
- Investing Activities
- Capital expenditures grew modestly each year, reflecting sustained investment in assets. Investment in businesses increased in net outflows in 2021 and 2022, while dispositions of businesses resulted in a large inflow in 2022 (2902 million). Net cash flows from investing activities were positive in 2020 and 2022 but negative in 2021, highlighting fluctuating investment strategies over the period.
- Financing Activities
- Issuance of long-term debt dropped sharply after a peak of 11784 million in 2020 to 140 million and 432 million in subsequent years. Repayment of long-term debt was consistent but decreased over time. Share repurchases increased significantly in 2022, and dividends paid on common stock showed a rising trend throughout the period. Overall, net cash used in financing activities increased substantially in magnitude from -681 million in 2020 to -2931 million in 2022, indicating higher outflows for shareholder returns and debt repayment.
- Cash Position and Foreign Exchange
- Cash and equivalents increased significantly in 2020, declined slightly in 2021, then rose again in 2022, ending at 3527 million. Foreign exchange effects on cash were minor but negative in the last two years, which slightly reduced cash balances.