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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Raytheon Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 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: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
- Net Income and Operating Performance
- Net income demonstrates a general upward trend over the periods, starting at 554 million USD in March 2015 and reaching 881 million USD by December 2019, with some fluctuations. Income from continuing operations echoes this pattern. These figures indicate generally improving profitability, despite some intermittent declines notably in late 2017.
- Depreciation, Amortization, and Compensation
- Depreciation and amortization expenses gradually increased from 107 million USD to 159 million USD through the period, reflecting ongoing investment in capital assets. Stock-based compensation showed variability with peaks at 63 and 62 million USD during 2018 and 2019 respectively, implying fluctuating employee compensation costs linked to equity awards.
- Tax-Related Items
- Deferred income taxes experienced wide fluctuations—ranging from negative values such as -138 million USD to positive spikes like 389 million USD—suggesting variability in tax planning or timing differences. Income taxes receivable/payable similarly oscillated significantly, indicating inconsistent tax payment or refund status across quarters.
- Working Capital and Balance Sheet Components
- Components such as receivables, inventories, prepaid expenses, accounts payable, and accrued employee compensation displayed notable volatility. For instance, receivables ranged from substantial negative to positive values, indicating shifts in collections or billing timings. Inventories fluctuated frequently, reflecting varying inventory management or production cycles. Accounts payable and accrued employee compensation exhibited large swings, including periods of significant negative balances followed by high positive values, revealing volatile payment and accrual patterns.
- Contract Assets and Liabilities
- This account moved irregularly between significant negative and positive balances, indicating changes in revenue recognition, contract fulfillment, or billing practices over time. Its variability suggests it is a critical item affecting working capital management and revenue timing.
- Cash Flows from Operating Activities
- Operating cash flow displayed strong variability but with an overall positive tendency, starting modestly at 55 million USD and peaking at 2792 million USD in late 2019. Some quarters showed negative cash flow, notably in April 2017 and March 2019, reflecting episodic impacts on cash generation efficiency.
- Investing Activities
- Investing cash flows were generally negative, reflecting ongoing capital expenditures with additions to property, plant and equipment consistently in the range of approximately 55 to 289 million USD per quarter. Proceeds from sales of property and equipment were smaller and sporadic. The company periodically purchased and sold short-term investments, contributing to the variability in investing cash flows. Significant cash outflows associated with acquisitions were also recorded, showing investment in growth.
- Financing Activities
- Financing cash flows were consistently negative, driven primarily by dividends paid and substantial repurchases of common stock. Dividends remain fairly stable at around 200 to 265 million USD per quarter, while stock repurchases show periodic bursts, sometimes exceeding 400 million USD. Debt repayments and commercial paper transactions also contributed to financing cash flow trends, including a notable repayment of long-term debt around late 2016.
- Cash and Cash Equivalents
- The net increase or decrease in cash and equivalents reflected wide fluctuations, with significant declines such as -1116 million USD in April 2017 and gains such as 1636 million USD in December 2019. These swings correlate with the timing of operating, investing, and financing cash flows.
- Discontinued Operations
- Income and cash flows from discontinued operations were minimal and sporadic, with small magnitude values that do not materially impact overall financial performance or liquidity.
- Overall Insights
- The financial data reveal a company with improving profitability accompanied by active capital investment and consistent shareholder returns via dividends and share buybacks. Working capital accounts exhibit notable fluctuations, reflecting operational timing and contract complexities. Cash flow patterns highlight the dynamic nature of operating efficiency, investing commitments, and financing strategies. Periodic large acquisitions and asset sales further illustrate strategic portfolio adjustments. Monitoring of tax-related items and working capital components is warranted due to their significant variability.