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.
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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 quarterly financial data reveals several notable trends and patterns across various financial metrics over the examined periods.
- Net Earnings
- Net earnings generally displayed volatility with peaks in late 2024 at 3,215 million US dollars and a significant dip to negative 486 million in the quarter ending December 31, 2024. Earlier periods show fluctuations around the 2,000 to 2,500 million range, indicating variability in profitability.
- Depreciation and Amortization Expense
- There is a general upward trend in depreciation and amortization expense, rising from around 229-241 million in early 2020 to approximately 480 million by the first quarter of 2025, suggesting increasing capital intensity or asset base adjustments.
- Impairments
- Costs related to impairments are sporadic but notable, including a large impairment of 680 million in the middle of 2023 and a substantial charge of 2,316 million associated with the RBH equity investment in late 2024. There are also several smaller impairments related to acquisitions and expected sales, reflecting periodic asset revaluations or strategic shifts.
- Deferred Income Tax Provision (Benefit)
- The tax provision shows considerable fluctuations between positive and negative values, with significant tax benefits (-364 million) in late 2023 and varying benefits and provisions in other quarters. This volatility may be due to changes in tax positions or extraordinary items affecting taxable income.
- Working Capital Components
- Receivables, inventories, and accounts payable show irregular patterns with both positive and negative swings, indicating fluctuations in operational cash flow components and inventory management. Notably, accrued liabilities and other current assets exhibit substantial volatility, with large outflows and inflows across quarters, implying considerable spikes in current liabilities and operational adjustments.
- Operating Cash Flows
- Net cash from operating activities remained strong in many quarters, often exceeding 3,000 million, except for some quarters such as early 2023 and early 2025, which recorded negative or significantly lower values. The adjustments to reconcile net earnings to operating cash flows show occasional strong negative adjustments, reflecting working capital and non-cash impacts.
- Investing Activities
- Investing cash flows are variable, with significant outflows related to the acquisition of Swedish Match AB in 2022 (notably -13,976 million) and other acquisitions. Capital expenditures steadily increased over time, reaching close to 400 million in several recent quarters, indicating sustained investment in property and equipment.
- Financing Activities
- Financing activities are characterized by notable debt issuances and repayments, particularly linked to the Swedish Match acquisition. Short-term and long-term borrowings fluctuate considerably, with intermittent large repayments and issuances. Dividends paid show a steady, gradual increase, reflecting consistent shareholder distributions. Repurchases of common stock appear irregular and concentrated in few quarters.
- Cash and Cash Equivalents
- The cash balance shows negative increases or decreases in many periods, indicating net cash outflows or usage in operations, investing, or financing activities. Exchange rate effects also contribute notably to cash fluctuations, particularly in quarters showing large positive or negative impacts.
Overall, the data reflects a company undergoing strategic acquisitions and associated financing adjustments, with operational cash generation largely supporting capital expenditures and financing costs. Variability in net earnings and impairments suggests episodic charges impacting profitability, while strong dividend payments indicate a continued focus on shareholder returns despite fluctuations.