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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Kellanova pages available for free this week:
- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Kellanova, consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
- Net Income Trends
- Net income exhibited fluctuations over the periods, starting at moderate levels around 285 to 292 million USD in early 2019, rising significantly in some quarters such as the first quarter of 2021 (434 million USD). However, there was a notable dip into negative territory in the last quarter of 2022 (-100 million USD) before recovering to 347 million USD by mid-2024. This indicates volatility in profitability, with occasional sharp declines followed by recovery.
- Depreciation and Amortization
- Depreciation and amortization amounts remained relatively stable throughout, mostly fluctuating between 110 and 130 million USD, with a slight decrease noted towards 2024 (down to around 81 million USD). This stability points to consistent capital asset use and accounting policies over the quarters.
- Postretirement Benefit Plan Expense/(Benefit)
- The postretirement benefit plan expense/benefit was volatile, displaying both positive and negative values, with a pronounced benefit (negative expense) in some quarters like the fourth quarter of 2021 (-280 million USD), but shifting significantly to an expense in the fourth quarter of 2022 (429 million USD). This suggests variability in actuarial assumptions or funding changes impacting the income statement.
- Working Capital Components
- Trade receivables and inventories showed substantial volatility. Trade receivables swung from significant negative to positive changes, with a strong positive increase in mid-2020 and early 2021 quarters, suggesting fluctuating collection cycles or changes in sales patterns. Inventories also moved erratically, with large negative adjustments notably in 2022. Accounts payable reflected variability as well, with some quarters showing large increases, especially in mid-2021 and 2022, later reversing to significant decreases by 2024. These trends reflect shifting operational cycles and possibly supply chain or purchasing policy changes.
- Operating Cash Flows
- Net cash provided by operating activities showed an overall upward trend especially from mid-2020 to late 2023, peaking in some quarters above 700 million USD. This suggests strengthening cash generation capability despite volatility in net income. Adjustments reconciling net income to operating cash also fluctuated but generally contributed positively in recent quarters, indicating effective management of non-cash items.
- Investing Activities
- Net cash used in investing activities remained negative in most periods, reflecting consistent capital expenditures and investments, with few exceptions such as a large inflow in the third quarter of 2019 (1258 million USD). Additions to property were steady, typically ranging from 100 to 200 million USD each quarter, signaling ongoing investments in fixed assets.
- Financing Activities
- Cash flows from financing activities were highly variable, with large outflows in some quarters such as the end of 2020 and 2021 reflecting significant debt repayments and stock repurchases, but also periods of inflows generally tied to debt issuance and common stock issuances. Significant common stock repurchases occurred, particularly in 2019 and 2020. Dividends were consistently paid, with minor increases over time, indicating a stable dividend policy.
- Debt and Equity Movements
- There were significant fluctuations in long-term and short-term debt, with notable large repayments especially in late 2020 and mid-2022. Issuances of debt increased significantly in some quarters of 2021 and 2023, pointing to refinancing or capital raising activities. Common stock issuances also spiked, notably in mid-2022, possibly indicating equity financing or employee compensation issuance.
- Special Items and Notes
- Impairment of property was recorded only once in 2023 with 60 million USD, indicating a one-time write-down. There was also a notable loss related to a Russia divestiture in 2023 (113 million USD). Distributions and payments related to postretirement benefit plans also impacted cash flows inconsistently, with a large distribution noted in 2023 of 175 million USD. Tax payments related to divestitures appeared once in 2019, adding to one-time items affecting cash flow.
- Overall Liquidity and Cash Position
- Cash and cash equivalents fluctuated significantly, with increases and decreases reflecting the combined effects of operating, investing, and financing activities. Large swings were seen in 2020 and late 2023, corresponding to large investing and financing cash flows, but no sustained cash accumulation trend emerges over the period.