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.
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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
The analyzed quarterly financial data reveal several notable trends in earnings, cash flow, working capital, investing, and financing activities over the examined periods.
- Net earnings and discontinued operations
- Net earnings exhibit significant volatility, peaking at $979 million in March 2015 and experiencing troughs such as $300 million in September 2016. A pronounced decline appears around late 2015 to early 2016, followed by recovery and subsequent fluctuations. Earnings from discontinued operations present irregular impacts, including notable negative values in late 2015 and early 2016, and large positive adjustments around late 2016, corresponding to the divestiture gains noted elsewhere.
- Depreciation and amortization
- This expense remains relatively stable, averaging around $200 million across the timeline, with minor fluctuations such as the reduction to approximately $140 million during 2015-2016 before recovering in 2017 through 2020.
- Pension and tax impacts
- Pension expense appears only in the later periods with small positive amounts, while pension funding exhibits irregular negative cash flows indicating contributions. The transition impact of the Tax Act shows a one-time significant charge (~$189 million) in late 2017, which likely affected earnings and cash flows during that period.
- Receivables, inventories, and other current assets
- Receivables and inventories demonstrate volatile fluctuations, frequently alternating between positive and negative changes, which suggests variability in sales and inventory management. Other current assets also exhibit uneven patterns, sometimes dipping substantially, indicating changing operational circumstances affecting current asset composition.
- Accounts payable and accrued expenses
- Accounts payable and accrued expenses reflect considerable variability, with both positive and negative adjustments quarter-over-quarter. These swings suggest changing payment schedules and obligations timing, which would affect operating working capital dynamics.
- Changes in operating working capital
- The changes in operating working capital are highly irregular, alternating between substantial cash inflows and outflows. This variability aligns with fluctuations in receivables, inventories, payables, and accrued expenses, indicating a fluctuating operating cycle and working capital management.
- Cash provided by operating activities
- Operating cash flow generally shows strong cash generation, with peaks above $1 billion in several quarters, notably in mid-2014 and 2018. However, some quarters deliver comparatively modest amounts around $300-$400 million, reflecting the uneven impacts of working capital changes and net earnings fluctuations.
- Capital expenditures
- Capital expenditures fluctuate moderately between roughly $85 million and $300 million per quarter, with a notable spike near $303 million in the third quarter of 2018. This indicates ongoing investment activity with occasional periods of intensified spending.
- Business acquisitions and divestitures
- Purchases of businesses show sporadic and sometimes very large negative amounts, including a substantial outflow of nearly $3 billion in mid-2017, indicating significant acquisition activity. Divestitures, conversely, include notable positive inflows, especially in early 2015, reflecting monetization or divestment of assets. These strategic activities heavily influence investing cash flows.
- Cash used in investing activities
- Investing cash flows tend to be negative overall, consistent with capital expenditures and acquisitions, but occasionally include large positive spikes linked to divestitures, notably surpassing $1 billion in quarters coinciding with asset sales.
- Financing activities
- Cash flows from financing activities demonstrate volatility, with both significant inflows and outflows. Short-term borrowings show large swings, with substantial borrowings and repayments occurring in different quarters. Proceeds and payments related to long-term debt also fluctuate, reflecting active debt management. Dividends are consistently paid, mostly in the range of $300 million per quarter.
- Stock compensation and share repurchases
- Stock compensation expense data is sparse but includes a large amount around early 2020. Share repurchases occur irregularly, often in large amounts, which indicates active capital return policies.
- Effect of exchange rate changes
- Foreign exchange rate effects on cash show recurrent negative and positive impacts of varying magnitudes, reflecting exposure to currency fluctuations influencing reported cash balances.
- Cash and equivalents
- The net change in cash and equivalents varies widely between quarters, with some quarters showing large declines (e.g., early 2018 and late 2018) and others reflecting substantial increases, indicative of the combined effects of operating performance, investing, and financing activities.