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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DuPont de Nemours Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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DuPont de Nemours Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The financial data over the five-year period reveals notable fluctuations in profitability, cash flows, and capital management activities.
- Net Income
- Net income shows a declining trend from 2015 to 2019, dropping sharply from $7.8 billion in 2015 to just $600 million in 2019. The lowest point occurred in 2017 with $1.6 billion, followed by a slight recovery in 2018 before plunging again in 2019.
- Depreciation and Amortization
- This expense increased consistently from 2015, peaking in 2018 at $5.9 billion before dropping mid-2019. The trend suggests growing investments in fixed assets until 2018, followed by a reduction in chargeable amortization or asset base in 2019.
- Tax Provisions
- The provision for deferred income tax and related items exhibits a negative pattern except for the initial positive amount in 2015, indicating probable deferred tax benefits recognized from 2016 onward.
- Nonconsolidated Affiliates
- Earnings from these affiliates fluctuate, with a significant increase in 2019 reaching $909 million, potentially reflecting improved performance or accounting changes in investments.
- Pension and Related Contributions
- Net periodic pension benefit costs appear only from 2017 onward, starting at $1 billion, then sharply declining. Pension contributions show large outflows throughout all years, reaching a peak outflow in 2018 of almost $3 billion, which tapered considerably in 2019.
- Gains and Losses on Sales
- Net gains on asset sales are mostly negative but less severe after 2015’s large loss of $4.6 billion, indicating normalization of asset disposals. Step acquisition transactions show a similar volatile pattern with large negative amounts early and small gains or nil thereafter.
- Restructuring and Asset Charges
- These charges rise substantially in 2017, reflecting increased restructuring efforts, followed by a decline but remaining elevated through 2019, consistent with ongoing operational adjustments.
- Goodwill Impairments
- Reported impairments occur selectively in 2017 and 2019, with substantial charges exceeding $1 billion in both years, signaling periodic reassessments of asset values with material write-downs.
- Inventory and Working Capital Changes
- Inventories and receivables show volatility, with marked decreases in 2017 and 2018, suggesting inventory reductions or write-offs and tighter receivables management. Accounts payable movements are irregular, including a large negative swing in 2019, which may reflect payment timing variations or supplier negotiations.
- Operating Cash Flows
- Cash provided by operating activities is highest in 2017 at nearly $8.7 billion but declines sharply after, reaching $1.4 billion in 2019. This corresponds with net income trends and indicates weakening core operating cash generation.
- Investing Activities
- Capital expenditures remained relatively steady around $3.5 to $3.8 billion annually until 2018 before decreasing to $2.5 billion in 2019. The cash flow from investing activities fluctuates, with a major inflow in 2017 due to large proceeds from sales of property/businesses juxtaposed against significant outflows in other years.
- Financing Activities
- Financing cash flows are predominantly negative throughout, reflecting repayments of debt, substantial repurchases of treasury stock (notably increasing in 2018), and dividend payments which peak in 2018 and reduce considerably in 2019. Issuance of long-term debt spikes dramatically in 2018, suggesting financing of acquisitions or restructuring initiatives.
- Liquidity and Cash Position
- Total cash, cash equivalents, and restricted cash shows an overall increase from 2015 through 2018, doubling from about $8.5 billion to $14 billion, before plummeting in 2019 to approximately $1.5 billion. The dramatic decrease in 2019 highlights significant cash outflows possibly related to large distributions or operational challenges.
In summary, the data reflects a company undergoing considerable operational and financial restructuring across the period, with declining profitability and operating cash generation, aggressive asset impairment and restructuring charges, fluctuating capital expenditures and investment activity, and significant debt management changes. The large reduction in liquidity at the end of 2019 suggests exceptional cash demands or distributions impacting financial flexibility.