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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Price to Operating Profit (P/OP) since 2010
- Price to Book Value (P/BV) since 2010
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Kinder Morgan Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Net Income (Loss)
- Net income exhibits significant volatility over the periods analyzed, with several quarters registering negative results, such as December 2015 and December 2017. Notably, there is a sizeable loss of 992 million USD in December 2017 and a substantial gain of 1005 million USD in March 2019. The trend shows a general pattern of fluctuating profit and loss without consistent growth or decline, indicating potential earnings instability.
- Depreciation, Depletion and Amortization
- This expense remains relatively stable across the periods, fluctuating modestly between approximately 538 million USD to 661 million USD. The consistency suggests steady asset usage and amortization policies without drastic changes in capital asset consumption.
- Deferred Income Taxes
- Deferred income taxes demonstrate considerable variation, with some quarters showing positive balances and others recording negative values. A notable spike occurs in December 2017 with 1.449 billion USD, an outlier compared to other periods. The variability may reflect changes in tax strategy, timing differences, or recognition of tax assets or liabilities.
- Amortization of Excess Cost of Equity Investments
- This item gradually increases from around 12-14 million USD per quarter in 2015 to approximately 21-32 million USD in later periods, indicating increasing amortization of purchase price allocations over time.
- Change in Fair Market Value of Derivative Contracts
- This value fluctuates significantly, with some quarters showing losses and others gains. The largest positive change is 99 million USD in June 2018, followed by a notable negative impact of -111 million USD in December 2018, showing exposure to market risks and the impact of derivatives on earnings.
- Loss on Impairment of Goodwill and Impairments/Divestitures
- A significant goodwill impairment loss of 1.15 billion USD occurred in December 2015, indicating a major write-down of intangible assets. Gains and losses from impairments and divestitures vary widely, with some quarters like March 2018 showing a large gain of 653 million USD and others large losses, reflecting active asset management and restructuring activities.
- Earnings/Losses from Equity Investments
- There is a mixed pattern in earnings or losses from equity investments, with many quarters showing losses but a few showing positive contributions, such as June 2016 and December 2019. The values indicate fluctuating performance of related investments.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- These adjustments vary significantly, with peaks above 2 billion USD in December 2015 and December 2017, suggesting large non-cash charges or changes in working capital affecting reported net income but not cash flow.
- Distributions from Equity Investment Earnings
- Distributions show a gradual increase over the years, rising from around 90 million USD in early 2015 to approximately 150-170 million USD in recent quarters, indicating growing cash returns from equity investments.
- Working Capital Components (Accounts Receivable, Inventories, Payables, Other Current Assets and Liabilities)
- These components demonstrate notable volatility. Accounts receivable swings between positive and negative impacts on cash flow, inventories fluctuate with no clear trend, and accounts payable generally decrease with some recovery in specific quarters. Changes in working capital are inconsistent, sometimes contributing positively and other times negatively to cash flow, reflecting operational variability.
- Net Cash Provided by Operating Activities
- Operating cash flow remains positive throughout the periods, with values typically ranging between 600 million USD and 1.6 billion USD per quarter. Peaks align with quarters of strong adjustments or distribution inflows, indicating resilient cash generation capacity despite earnings volatility.
- Investing Activities
- Net cash used in investing activities fluctuates widely, with large outflows in some quarters consistent with acquisitions and capital expenditures, and occasional large inflows reflecting asset sales, such as a 3 billion USD inflow in June 2018 from a sale. Capital expenditures generally decrease over time from 897 million USD in March 2015 to approximately 440 million USD in March 2020, indicating a reduction in investment spending.
- Financing Activities
- Financing cash flows are highly variable, with issuances and repayments of debt showing frequent large movements. Debt issuances peak in March 2018 at over 6 billion USD, while debt repayments also reach several billion USD in some quarters. Dividends on common stock remain consistently paid, generally around 280 million USD per quarter initially, increasing to approximately 570 million USD from mid-2018 onwards. Share repurchases occur sporadically with significant outflows in select quarters. The net cash flow from financing activities alternates between positive and negative, reflecting active management of capital structure.
- Effect of Exchange Rate Changes on Cash
- Exchange rate impacts on cash are generally small and fluctuate between slight positive and negative amounts, suggesting modest foreign currency exposure.
- Net Increase (Decrease) in Cash
- The overall quarterly change in cash balances is inconsistent, with some quarters exhibiting significant increases driven by investing or financing inflows (e.g., March 2018 with an increase of more than 3 billion USD), and others showing declines. The pattern aligns with the variable cash flows from investing and financing activities.