Name: Carrier Global Corp. (NYSE:CARR) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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.

Download chart

Carrier Global Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income from operations	387)	278)	1,332)	587)	1,387)	332)	480)	497)	392)	887)	748)	269)	102)
Depreciation and amortization	136)	123)	102)	76)	79)	87)	83)	85)	83)	95)	82)	78)	81)
Deferred income tax provision	(24)	(17)	(90)	(65)	48)	(143)	36)	35)	(2)	(24)	(14)	—)	135)
Stock-based compensation costs	22)	19)	17)	20)	21)	32)	20)	21)	19)	21)	21)	22)	13)
Equity method investment net earnings	(44)	(40)	(63)	(101)	(58)	(48)	(76)	(87)	(38)	(59)	(62)	(57)	(29)
Impairment charge on minority-owned joint venture investments	—)	—)	—)	—)	—)	—)	2)	—)	—)	—)	—)	1)	71)
Gain on extinguishment of debt	—)	—)	—)	—)	(36)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on sale of investments	(16)	29)	(725)	(7)	(1,112)	6)	(4)	—)	—)	(871)	(252)	—)	—)
Accounts receivable, net	(157)	288)	50)	(276)	(207)	193)	(2)	(205)	(83)	166)	(144)	46)	(19)
Contract assets, current	(28)	150)	23)	(70)	(154)	19)	(25)	3)	(44)	111)	20)	(101)	(39)
Inventories, net	(126)	158)	(57)	(45)	(390)	(64)	(134)	38)	(248)	(3)	88)	(61)	(264)
Other assets, current	(60)	107)	34)	(22)	(15)	9)	7)	(4)	(23)	(49)	20)	42)	(10)
Accounts payable and accrued liabilities	(25)	(119)	101)	(53)	132)	333)	128)	217)	151)	(292)	377)	176)	(24)
Contract liabilities, current	64)	(5)	(8)	29)	13)	8)	1)	3)	39)	2)	7)	(14)	51)
Changes in operating assets and liabilities	(332)	579)	143)	(437)	(621)	498)	(25)	52)	(208)	(65)	368)	88)	(305)
Defined benefit plan contributions	(6)	(6)	(4)	(2)	(4)	(18)	(2)	(3)	(24)	(12)	(2)	(2)	(25)
Distributions from equity method investments	3)	93)	40)	4)	11)	94)	23)	30)	12)	81)	39)	39)	10)
Other operating activities, net	(6)	65)	38)	(43)	83)	73)	42)	(69)	(50)	146)	9)	71)	(6)
Adjustments to reconcile net income to net cash flows from operating activities	(267)	845)	(542)	(555)	(1,589)	581)	99)	64)	(208)	(688)	189)	240)	(55)
Net cash flows provided by (used in) operating activities	120)	1,123)	790)	32)	(202)	913)	579)	561)	184)	199)	937)	509)	47)
Capital expenditures	(70)	(140)	(91)	(66)	(56)	(138)	(74)	(79)	(53)	(161)	(57)	(46)	(48)
Investment in businesses, net of cash acquired	(52)	(34)	(434)	(29)	(9)	(152)	(47)	(161)	(6)	—)	—)	—)	—)
Dispositions of businesses	35)	(42)	—)	9)	2,935)	(3)	2)	1)	—)	—)	—)	—)	—)
Proceeds on sale of investments	—)	—)	—)	—)	—)	7)	—)	—)	—)	1,077)	300)	—)	—)
Settlement of derivative contracts, net	(18)	8)	(79)	(91)	(32)	22)	(12)	(14)	8)	(27)	90)	72)	(95)
Payment to former shareholders of TCC	—)	(104)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	5)	12)	4)	2)	(18)	(2)	6)	1)	2)	(13)	—)	(1)	15)
Net cash flows (used in) provided by investing activities	(100)	(300)	(600)	(175)	2,820)	(266)	(125)	(252)	(49)	876)	333)	25)	(128)
Increase (decrease) in short-term borrowings, net	10)	(15)	(103)	11)	(33)	30)	(4)	(41)	28)	(1)	(5)	27)	(44)
Issuance of long-term debt	5)	11)	400)	7)	14)	18)	48)	23)	51)	22)	28)	773)	10,961)
Repayment of long-term debt	(2)	(90)	(58)	(4)	(1,123)	(12)	(87)	(35)	(570)	(1,787)	(88)	(2)	(34)
Repurchases of common stock	(62)	(119)	(247)	(280)	(734)	(252)	(145)	(94)	(36)	—)	—)	—)	—)
Dividends paid on common stock	(154)	(125)	(127)	(128)	(129)	(104)	(104)	(105)	(104)	(68)	(70)	—)	—)
Dividends paid to non-controlling interest	—)	(24)	—)	(22)	—)	(10)	(2)	(25)	(5)	(31)	(9)	—)	(8)
Net transfers to UTC	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	589)	(10,948)
Other financing activities, net	(10)	15)	(15)	2)	(15)	(7)	(33)	22)	(7)	11)	2)	4)	(3)
Net cash flows provided by (used in) financing activities	(213)	(347)	(150)	(414)	(2,020)	(337)	(327)	(255)	(643)	(1,854)	(142)	1,391)	(76)
Effect of foreign exchange rate changes on cash and cash equivalents	20)	59)	(74)	(40)	(1)	(1)	(13)	7)	(9)	45)	17)	11)	(28)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(173)	535)	(34)	(597)	597)	309)	114)	61)	(517)	(734)	1,145)	1,936)	(185)
Change in cash balances classified as assets held for sale	—)	—)	—)	—)	—)	14)	(74)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents and restricted cash	(173)	535)	(34)	(597)	597)	323)	40)	61)	(517)	(734)	1,145)	1,936)	(185)

Based on: 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).

The cash flow profile exhibits significant volatility across operating, investing, and financing activities, reflecting a period of strategic restructuring and portfolio optimization. While net income from operations has shown sporadic growth, the conversion of this income into operating cash flow has been inconsistent due to substantial swings in working capital.

Operating Cash Flow Dynamics: Net cash flows provided by operating activities demonstrate high variance, with a notable trough in the first half of 2022 before recovering sharply to 1,123 million US$ by December 31, 2022. This volatility is primarily driven by fluctuations in operating assets and liabilities. Specifically, inventories have consistently acted as a drag on cash flow in most quarters, with significant outflows peaking at 390 million US$ in March 2022, offset by a substantial liquidation or reduction of 158 million US$ in December 2022.
Investment Strategy and Asset Divestitures: Investing activities are characterized by a shift from steady capital expenditures to large-scale strategic divestments. Capital expenditures have remained relatively stable, typically ranging between 45 million US$ and 160 million US$ per quarter. A pivotal event occurred in March 2022, where a disposition of businesses generated 2,935 million US$, drastically altering the net investing cash flow for that period. This suggests a strategic pivot toward shedding non-core assets to improve liquidity or refocus business operations.
Financing and Capital Allocation: Financing activities indicate a transition from heavy borrowing to aggressive debt reduction and shareholder returns. An initial massive issuance of long-term debt in March 2020 (10,961 million US$) was almost immediately offset by a transfer to UTC. Subsequently, a trend of debt repayment emerged, most notably in March 2022 with a payment of 1,123 million US$. Simultaneously, capital return to shareholders has intensified; common stock repurchases accelerated through 2021 and 2022, while quarterly dividends on common stock have steadily increased from approximately 104 million US$ to 154 million US$ by March 2023.
Liquidity and Cash Position: The net change in cash balances reflects the timing of the aforementioned strategic moves. The substantial cash influx from the March 2022 divestiture provided the necessary liquidity to fund concurrent debt repayments and share buybacks. However, the overall cash position remains sensitive to the timing of working capital adjustments and the settlement of derivative contracts, which have fluctuated between positive and negative contributions throughout the analyzed period.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Carrier Global Corp. (NYSE:CARR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data