Stock Analysis on Net
Stock Analysis on Net

Reynolds American Inc. (NYSE:RAI)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 3, 2017.

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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Reynolds American Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Net income
Income from discontinued operations, net of tax
Gain on divestitures
Asset impairment and exit charges
Loss on early extinguishment of debt and related expenses
Depreciation and amortization expense
Trademark and other intangible asset impairment charges
Deferred income tax expense (benefit)
Pension and postretirement
Tobacco settlement accruals
Income taxes payable
Other, net
Adjustments to reconcile to net cash flows from (used in) operating activities
Net cash flows from (used in) operating activities
Capital expenditures
Proceeds from settlement of short-term investments
Acquisition, net of cash acquired
Proceeds from divestiture
Proceeds from termination of joint venture
Other, net
Net cash flows (used in) from investing activities
Dividends paid on common stock
Repurchase of common stock
Proceeds from BAT Share Purchase
Repayments of long-term debt
Early extinguishment of debt
Premiums paid for early extinguishment of debt
Payment to settle forward starting interest rate contracts
Proceeds from termination of interest rate swaps
Debt financing fees
Issuance of long-term debt
Borrowings under revolving credit facility
Repayments of borrowings under revolving credit facility
Principal borrowings under term-loan credit facility
Repayments under term-loan credit facility
Excess tax benefit on stock-based compensation plans
Other, net
Net cash flows from (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents

Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

Net Income
Net income shows considerable volatility across the quarters, with notable peaks in several periods, particularly in the first quarter of 2015 (1928 million USD) and the fourth quarter of 2016 (861 million USD). These spikes indicate occasional exceptional earnings, possibly linked to extraordinary items or operational gains. The overall trend reveals alternating periods of strong and weaker performance, with net income generally maintaining positive values throughout the timeframe.
Income from Discontinued Operations and Gain on Divestitures
The few recorded figures for income from discontinued operations and gain on divestitures reflect significant one-time impacts, such as a large negative divestiture gain of -3499 million USD in the first quarter of 2015 and -4861 million USD in the fourth quarter of 2015. These large, irregular figures suggest substantial restructuring or asset sales during this period, which likely contributed to the large swings in net income.
Depreciation and Amortization Expense
This expense remains relatively stable over the quarters, fluctuating slightly around 25 to 35 million USD, suggesting consistent asset management and capital utilization.
Deferred Income Tax Expense (Benefit)
This item exhibits high variability with both significant positive and negative values, indicating fluctuating tax positions and potential tax planning activities. Instances of large negative deferred tax benefits, such as -407 million USD in the second quarter of 2015, suggest periods of substantial tax credits or adjustments impacting the after-tax earnings.
Pension and Postretirement
Charges and credits related to pension and postretirement costs show wide swings, alternating between negative and positive values. This pattern reflects changes in actuarial assumptions or plan amendments, leading to irregular expense recognition that can affect overall income volatility.
Tobacco Settlement Accruals
These accruals demonstrate sharp fluctuations, with large negative and positive values alternating irregularly, indicating adjustments related to settlement obligations. This volatility suggests ongoing updates to settlement estimates, which can have a substantial impact on operating expenses and net income.
Other, Net
The "Other, net" line contains significant volatile entries, including a large positive amount of 2333 million USD in the second quarter of 2015 and a negative swing of -2183 million USD in the following quarterly period. This volatility points to miscellaneous or non-recurring items affecting financial results unevenly over time.
Net Cash Flows from Operating Activities
Operating cash flows show notable volatility, closely following net income patterns but with larger negative dips during several quarters, particularly the second quarter of 2012 and the second quarter of 2016. Overall, the company manages to generate positive operational cash inflows in many periods, demonstrating operational cash generation capability despite income volatility.
Capital Expenditures
Capital spending generally remains consistent, with expenditures mostly ranging between -20 to -70 million USD per quarter, indicating stable investment in property, plant, and equipment.
Investing Activities
The net cash flow from investing activities experiences dramatic swings, especially driven by large acquisitions and divestitures. The acquisition expense of over -17 billion USD in the first quarter of 2015 is a key factor, followed by significant proceeds from divestitures during subsequent quarters. These large capital transactions markedly influence the investing cash flows and likely affect asset base and future earnings potential.
Financing Activities
Financing cash flows fluctuate substantially, with large inflows due to issuance of long-term debt and proceeds from share purchases interspersed with repayments of debt, dividends, and stock repurchases. Dividends paid and stock repurchases represent significant and consistent cash outflows, reflecting shareholder return priorities. Additionally, considerable debt restructuring activity occurs, as evidenced by early extinguishments and related expenses during the later years, impacting financing costs and capital structure.
Cash and Cash Equivalents Changes
The net change in cash and cash equivalents is highly irregular, marked by periods of steep increase and decline. The fluctuations correlate with the timing of major investing and financing activities. Despite this volatility, the company manages several quarters with positive cash inflows, suggesting prudent liquidity management in the face of operational and capital expenditure demands.