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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Kimberly-Clark Corp. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Kimberly-Clark Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
- Net income
- Net income shows a fluctuating trend over the period. There is a notable dip in the first quarter of 2018, coinciding with 97 million, which is significantly lower than all other periods. Following this, net income generally recovers and peaks at 680 million in the third quarter of 2019, then declines again in 2020 before showing a moderate recovery by the first quarter of 2021.
- Depreciation and amortization
- This expense remains relatively stable throughout the periods, generally fluctuating between 177 and 230 million, peaking slightly at year-end 2018, and trending slightly downward towards 189 million by the first quarter of 2021.
- Asset impairments
- Asset impairments appear sporadically and are largely absent until a 74 million charge at the end of 2017. Smaller amounts reappear in late 2020 and early 2021, suggesting occasional write-downs or impairment charges during these periods.
- Stock-based compensation
- The values fluctuate considerably, ranging from a negative figure of -4 million in December 2018 to a peak of 47 million in September 2020. The compensation appears inconsistent, potentially reflecting variable stock compensation expense or adjustments in accounting practice.
- Deferred income taxes
- Deferred income taxes are volatile with alternating positive and negative values. There is no clear trend, although notable spikes such as 75 million in June 2020 and large negative swings like -42 million in both September 2016 and September 2020 indicate varying tax-related timing differences or adjustments.
- Net (gains) losses on asset dispositions
- These gains and losses are inconsistent, with occasional significant gains such as 206 million in the first quarter of 2019 and notable losses like -172 million in the third quarter of 2019. This suggests the company engaged in substantial asset sales or write-offs during select periods which impacted financial results.
- Equity companies’ earnings (in excess of) less than dividends paid
- Values fluctuate between positive and negative, with no persistent trend. Variability indicates periodic differences between earnings from equity investments and associated dividends paid.
- Operating working capital
- Operating working capital demonstrates substantial volatility, with several sharp swings both positive and negative. For example, it drops to -400 million by March 2021 after reaching 634 million in June 2020. These fluctuations could indicate changes in current asset and liability management practices or seasonality effects.
- Postretirement benefits
- The values oscillate between positive and negative, reflecting varying funding or expense activities. Sharp declines and recoveries, such as -73 million in September 2018 and 62 million in December 2018, suggest adjustments in postretirement obligation accounting or funding contributions.
- Cash provided by operations
- Cash flows from operations show general strength, often exceeding net income by a significant margin. There is a peak of 1,579 million in June 2020, indicating strong cash generation. However, there are periods of lower cash from operations such as in March 2019 and March 2021.
- Capital spending
- Capital expenditures remain fairly steady, generally ranging between -158 and -352 million per quarter. There is a slight increasing trend in spending towards the end of the period, with peaks such as -352 million in the third quarter of 2019 and -323 million in the fourth quarter of 2020.
- Acquisition, net of cash acquired
- Limited data is available, but a significant acquisition cash outflow of -1,083 million appears in the fourth quarter of 2020, indicating a major investment activity during this period.
- Proceeds from dispositions of property
- Proceeds exhibit occasional spikes, including 206 million in the first quarter of 2019 and other smaller amounts scattered throughout, suggesting periodic property sales that augment cash inflows.
- Investments in time deposits
- Investments tend to be negative, implying net outflows into time deposits, with periodic increases in magnitude towards the later periods, reaching as low as -323 million in December 2020.
- Maturities of time deposits
- Maturities fluctuate widely between 0 and 286 million, showing timing differences in investment redemptions. These inflows partially offset investments in time deposits, contributing to cash flow variability.
- Cash used for investing
- Cash used in investing is generally negative across all periods, often between -150 and -350 million, with a large outflow of -1,328 million in the first quarter of 2021 related to acquisition activity. This suggests steady investing activities with occasional large cash outlays.
- Cash dividends paid
- Dividends paid remain consistently high and relatively stable, fluctuating narrowly around -350 million per quarter, indicating a strong commitment to returning cash to shareholders over time.
- Change in short-term debt
- Short-term debt changes are volatile, alternating between significant repayments and issuances. For instance, large positive changes such as 851 million in March 2019 contrast with large negative changes such as -675 million in March 2016, reflecting active debt management.
- Debt proceeds and repayments
- Debt proceeds occur intermittently with large spikes (e.g., 1,241 million in December 2019), whereas repayments also vary but appear more frequent and substantial in magnitude. Overall, these movements suggest active refinancing and debt restructuring strategies.
- Proceeds from exercise of stock options
- This inflow is variable but generally modest, with occasional peaks such as 134 million in June 2019. It appears to supplement financing activities through employee stock plans.
- Acquisitions of common stock for the treasury
- Significant and consistent repurchases occur throughout the periods, typically ranging from -49 to -256 million per quarter, indicating active share buyback programs to manage equity levels.
- Cash provided by (used for) financing
- Financing cash flows are generally negative, indicating that cash outflows from financing activities exceed inflows for most quarters. However, there are exceptions such as a positive inflow of 220 million in March 2020, showing occasional periods of net financing inflows.
- Effect of exchange rate changes on cash and cash equivalents
- Exchange rate effects on cash fluctuate between positive and negative, ranging from -28 million to 21 million. These movements cause minor swings in cash balances and indicate foreign exchange exposure impact on cash.
- Change in cash and cash equivalents
- The change in cash and cash equivalents shows a generally inconsistent pattern, with several quarters registering positive changes and others significant declines, notably -1,215 million in December 2020. Such volatility corresponds to large investing and financing cash outflows in certain periods.