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: 2025-06-30), 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: 2024-03-03), 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).
- Net Income (Loss) from Continuing Operations
- The net income exhibited significant volatility over the period analyzed. An initial loss was recorded in mid-2020, followed by a robust recovery reaching a peak towards late 2021. Fluctuations continued thereafter with a notable negative dip in late 2023, then a resurgence in subsequent quarters.
- Depreciation and Amortization
- Depreciation and amortization values remained relatively stable, with modest fluctuations. Figures generally hovered between 1,000 and 1,150 US$ million, indicating consistent asset usage and amortization schedules.
- Deferred Income Tax Provision (Benefit)
- This item presented high variability, oscillating between significant positive and negative values. The fluctuations suggest varying tax planning effects or changes in tax liabilities throughout the periods, with no discernible trend toward increase or decrease.
- Stock Compensation Cost
- Stock compensation costs showed a mild upward trend from approximately 60 US$ million early in the period to around 110 US$ million in later quarters, reflecting possibly increased use of equity-based compensation.
- Net Periodic Pension Income
- This item consistently reflected negative values, indicating ongoing periodic pension expenses rather than income. The amounts were relatively stable but showed a slight increase in expense magnitude over time.
- Accounts Receivable
- Accounts receivable exhibited considerable fluctuation, with alternating positive and negative changes across quarters. No stable increasing or decreasing trend was identifiable, which might suggest variability in credit sales and collections.
- Contract Assets and Contract Liabilities
- Contract assets showed considerable volatility, alternating between increases and decreases, whereas contract liabilities exhibited a gradual increase, reaching peak values in late 2021 and early 2022. This may reflect changing contract billing and revenue recognition dynamics.
- Inventory
- Inventory levels fluctuated substantially, with both increases and decreases. There was no clear directional trend during the period, indicating variable inventory management or demand patterns.
- Accounts Payable and Accrued Liabilities
- This category showed marked variability with periods of sizeable increases and decreases. Notably, extremely high growth in accounts payable and accrued liabilities appeared around mid-2022 and early 2024, indicating changes in supplier credit terms or timing of payments.
- Change in Assets and Liabilities
- Changes in assets and liabilities were highly volatile, with large swings between significant negative and positive values. This reflects dynamic working capital management and operational activity impacts on cash flow.
- Other Operating Activities, Net
- Other operating activities generally reflected negative or minor positive fluctuations, suggesting limited impact on overall operating cash flow.
- Adjustments to Reconcile Net Income to Cash Flows from Operating Activities
- Adjustments presented substantial variance, with notable peaks in early 2021 and late 2022. These adjustments correspond to non-cash items and changes in working capital affecting cash flow reconciliation.
- Net Cash Flows Provided by (Used in) Operating Activities
- Cash flows from operations showed substantial variability. While some quarters generated strong positive operating cash flows, others experienced negative or minimal cash inflows, reflecting the volatile net income and working capital changes.
- Capital Expenditures
- Capital expenditures remained consistently negative, indicating ongoing investment in fixed assets. Values varied from approximately -320 to -1,070 US$ million quarterly, with some quarters demonstrating significant increases, possibly indicating expanded asset acquisition phases.
- Investments and Dispositions of Businesses
- Investments in businesses occurred sporadically and typically involved significant outflows. Dispositions of businesses showed intermittent inflows, including a notable spike in mid-2020 and late 2021, suggesting strategic divestments during those periods.
- Cash Acquired in Raytheon Merger
- A single substantial cash inflow was recorded in mid-2020, indicative of a major acquisition event contributing to the cash position.
- Customer Financing Assets and Payments
- Net receipts/payments related to customer financing assets were relatively minor and fluctuated around zero, indicating a neutral overall impact on cash flows.
- Increase in Other Intangible Assets
- Intangible asset increases primarily remained negative, with periods of larger expenditures, reflecting ongoing investments in intangible assets.
- Payments and Receipts from Settlements of Derivative Contracts, Net
- This item displayed frequent oscillations, without any persistent positive or negative trend, suggesting active but balanced derivative contract management.
- Other Investing Activities, Net
- Other investing activities fluctuated moderately, with no sustained trend, sometimes positive and sometimes negative, reflecting varied minor investing transactions.
- Net Cash Flows Used in Investing Activities
- Overall, investing activities consistently represented cash outflows, with occasional periods of smaller outflows or minor inflows. This underscores ongoing capital investments and acquisitions exceeding disposals.
- Proceeds from and Repayment of Long-term Debt
- Debt activities featured significant proceeds and repayments scattered throughout the periods. Notable large proceeds occurred sporadically, accompanied by substantial repayments, suggesting active debt refinancing and management.
- Bridge Loan Activity
- A sizable bridge loan was drawn in mid-2023 and fully repaid by the following quarter, indicating short-term financing measures during this period.
- Change in Commercial Paper and Other Short-term Borrowings
- Commercial paper and short-term borrowings fluctuated without a clear trend, reflecting flexible short-term funding management responsive to current needs.
- Dividends Paid
- Dividends remained relatively stable, with gradual increases over the analyzed periods, signaling consistent shareholder returns.
- Repurchase of Common Stock
- Share repurchases increased notably in frequency and magnitude, especially in late 2023, indicating aggressive capital return or stock price support strategies.
- Net Transfers to Discontinued Operations
- Transfers to discontinued operations were sporadic and relatively minor in comparison to total cash flow volumes.
- Other Financing Activities, Net
- Other financing activities showed small negative values, indicating limited net cash outflows associated with these activities.
- Net Cash Flows Provided by (Used in) Financing Activities
- Financing activities exhibited wide swings, with periods of significant net outflows contrasting with quarters like late 2022 reporting positive cash inflows, reflecting dynamic financing structuring.
- Net Cash Used in Discontinued Operations
- Some negative cash flows related to discontinued operations appeared early in the timeline but were absent in later periods, suggesting completed discontinuations or disposals.
- Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents
- Foreign exchange effects on cash were minor and fluctuated between positive and negative amounts, lacking a distinct pattern but adding modest volatility to cash balances.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- The net cash position demonstrated periods of both increase and decrease, with major positive spikes in late 2020 and 2022, and significant declines in mid-2022 and late 2023, reflective of the combined impact of operational, investing, and financing activities.