FINANCIAL FUNDAMENTALS - ANNUAL CASH FLOW
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | Year Ending Dec 2019 (Update) | Year Ending Dec 2018 (Update) | Year Ending Dec 2017 (Restated) | Year Ending Dec 2016 (Update) | Year Ending Dec 2015 (Update) | Year Ending Dec 2014 (Update) | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income/Starting Line Net Income/Starting Line is the first line of a cash flow statement when a company employs the Indirect Method in the operating cash flow section. | -2.24 | -4.49 | 9.84 | 6.26 | 3.29 | -3.89 | -1.79 | -0.59 | 5.84 | 6.50 |
| Depreciation – Supplemental Depreciation – Supplemental represents total non-cash depreciation expenses. Depreciation also represents the amount of expense charged against earnings by a company to write off the cost of a plant or machine over its useful life, giving consideration to wear and tear, obsolescence and salvage value. | 1.63 | 1.63 | 1.72 | 1.99 | 2.09 | 2.06 | 1.86 | 1.90 | 1.79 | 1.61 |
| Depreciation/Depletion Depreciation/Depletion represents the sum of Depreciation and Depletion. Depreciation/Depletion is usually the largest non-cash expense factored into net income under the Indirect Cash Flow Method. | 1.63 | 1.63 | 1.72 | 1.99 | 2.09 | 2.06 | 1.86 | 1.90 | 1.79 | 1.61 |
| Deferred Taxes Deferred Taxes represents income taxes, accounted for in a company’s net income computation on its income statement, but not affecting the cash flow position. | 0.12 | 1.23 | -1.73 | -0.28 | 1.06 | 1.17 | 2.14 | -1.29 | 0.09 | -1.63 |
| Unusual Items Unusual Items is applicable only if Net Income/Starting Line is income after gains/losses from unusual activities. Because the operating section of the cash flow pursues changes in cash flow from operating activities, any unusual gain/loss included in net income computation needs to be reversed. | 0.01 | -0.02 | 0.04 | -0.01 | 0.12 | 0.00 | 0.00 | 0.43 | 0.03 | -0.01 |
| Other Non-Cash Items Other Non-Cash Items represents noncash operating activities other than those included in: <br/>Depreciation/Depletion<br/>Amortization<br/>Deferred Taxes<br/>Accounting Change<br/>Discontinued Operations<br/>Extraordinary Items<br/>Unusual Items<br/>Purchased R&D<br/>Equity in Net Earnings/Loss<br/><br/>Other Non-Cash Items also includes reversal of gains (losses) on the sale of fixed assets, which is intended to avoid double counting of gains/losses on the sale of noncurrent assets, such as fixed assets, long-term investments in securities, etc. | 3.16 | 2.72 | 3.35 | 2.99 | 3.53 | 2.40 | 1.56 | 1.62 | 1.53 | 0.27 |
| Non-Cash Items Non-Cash Items represents the sum of: <br/>Accounting Change<br/>Discontinued Operations<br/>Extraordinary Items<br/>Unusual Items<br/>Purchased R&D<br/>Equity in Net Earnings/Loss<br/>Other Non-Cash Items. | 3.17 | 2.70 | 3.38 | 2.99 | 3.65 | 2.40 | 1.56 | 2.05 | 1.55 | 0.26 |
| Accounts Receivable Accounts Receivables represents changes in accounts receivable during the period. An increase in accounts receivable has a negative impact on cash flow from operating activities, and vice versa. | -0.43 | -0.18 | 0.52 | -0.23 | -0.86 | 0.24 | 0.38 | -2.09 | -0.27 | -0.71 |
| Inventories Inventories represents changes in inventories during the period. An increase in inventories has a negative impact on cash flow from operating activities, and vice versa. | -0.27 | -3.25 | 0.17 | -2.66 | 2.05 | -4.15 | 2.38 | -3.15 | 0.61 | 0.97 |
| Prepaid Expenses Prepaid Expenses represents changes in prepaid expenses during the period. An increase in prepaid expenses has a negative impact on cash flow from operating activities, and vice versa. | 1.35 | 1.30 | 0.14 | -0.74 | 1.71 | 0.41 | 1.54 | -0.12 | 0.46 | 0.95 |
| Other Assets Other Assets represents changes in other assets during the period. An increase in other assets has a negative impact on cash flow from operating activities, and vice versa. | 0.12 | 0.66 | 0.46 | -1.72 | 0.56 | 1.41 | -0.07 | 0.09 | 1.12 | -2.11 |
| Accounts Payable Accounts Payable represents changes in accounts payable during the period. An increase in accounts payable has a positive impact on cash flow from operating activities, and vice versa. | -1.43 | 0.04 | -2.22 | 2.54 | -5.66 | 3.25 | 1.23 | 4.59 | -2.53 | -2.81 |
| Accrued Expenses Accrued Expenses represents changes in accrued expenses during the period. An increase in accrued expenses has a positive impact on cash flow from operating activities, and vice versa. When not delineated separately, Accrued Expenses is classified as Accounts Payable/Accrued. | -2.31 | -3.59 | -1.66 | -2.38 | -1.65 | -0.10 | -0.32 | -1.10 | -0.39 | 0.85 |
| Taxes Payable Taxes Payable represents changes in taxes payable during the period. An increase in income taxes payable has a positive impact on cash flow from operating activities, and vice versa. | -1.76 | 1.13 | 0.75 | -0.79 | -0.47 | 0.25 | 1.23 | 0.23 | -1.82 | 0.80 |
| Other Liabilities Other Liabilities represents changes in other liabilities during the period. An increase in other liabilities has a positive impact on cash flow from operating activities, and vice versa. | -0.32 | 0.24 | -0.61 | 1.06 | -0.86 | -3.29 | 0.18 | -0.53 | -2.06 | 4.75 |
| Changes in Working Capital Changes in Working Capital represents the sum of: <br/>Loan Loss Provision (for banks)<br/>Accounts Receivable (for insurance companies, industrial companies and utility companies)<br/>Prepaid Expenses (for insurance companies and utility companies)<br/>Other Assets (for banks, insurance companies and utility companies)<br/>Accounts Payable (for insurance companies, industrial companies and utility companies)<br/>Accrued Expenses (for insurance companies, industrial companies and utility companies)<br/>Payable/Accrued (for banks, insurance companies, industrial companies and utility companies)<br/>Taxes Payable (for banks, insurance companies, industrial companies and utility companies)<br/>Other Liabilities (for banks, insurance companies, industrial companies and utility companies)<br/>Other Assets & Liabilities, Net (for banks, insurance companies, industrial companies and utility companies)<br/>Investment Securities, Gains/Losses (for banks and insurance companies)<br/>Loans, Gains/Losses (for banks)<br/>Other Real Estate Owned (for banks)<br/>Sale of Loans (for banks)<br/> Loss Adjustment (for insurance companies)<br/>Policy Benefits/Liabilities (for insurance companies)<br/>Deferred Policy Acquisition Costs (for insurance companies)<br/>Policy Refunds (for insurance companies)<br/>Reinsurance Receivable (for insurance companies)<br/>Reinsurance Payable (for insurance companies)<br/>Insurance Reserves (for insurance companies)<br/>Unearned Premiums (for insurance companies)<br/> | -5.05 | -3.66 | -2.44 | -4.93 | -5.17 | -1.97 | 6.55 | -2.09 | -4.89 | 2.68 |
| Cash from Operating Activities Cash From Operating Activities represents the sum of: <br/>Net Income/Starting Line<br/>Depreciation/Depletion<br/>Amortization<br/>Deferred Taxes<br/>Non-Cash Items<br/>Cash Receipts<br/>Cash Payments<br/>Cash Taxes Paid<br/>Cash Interest paid<br/>Changes in Working Capital. | -2.37 | -2.60 | 10.77 | 6.03 | 4.92 | -0.22 | 10.32 | -0.02 | 4.39 | 9.42 |
| Purchase of Fixed Assets Purchase of Fixed Assets is commonly referred to as Capital Expenditures. Capital Expenditures encompass all expenditures for factories and equipment that have a useful life of more than one year. These expenditures are not treated as an expense on the income statement when they are incurred. Rather, they are capitalized, meaning that they are expensed over time. | -0.75 | -1.06 | -0.65 | -0.95 | -1.22 | -2.34 | -1.34 | -2.29 | -1.98 | -1.53 |
| Capital Expenditures Capital Expenditures represents the sum of: <br/>Purchase of Fixed Assets<br/>Purchase/Acquisition of Intangibles<br/>Software Development Costs. | -0.75 | -1.06 | -0.65 | -0.95 | -1.22 | -2.34 | -1.34 | -2.29 | -1.98 | -1.53 |
| Sale of Fixed Assets Sale of Fixed Assets represents cash inflow from the sale of fixed assets. | 0.00 | -- | 0.00 | -- | 0.06 | 0.00 | 0.00 | -- | 0.01 | |
| Other Investing Cash Flow Items, Total Other Investing Cash Flow Items, Total represents the sum of: <br/>Acquisition of Business<br/>Sale of Business<br/>Sale of Fixed Assets<br/>Sale/Maturity of Investment<br/>Purchase of Investments<br/>Principal Payments From Securities<br/>Sale of Intangible Assets<br/>Intangible, Net<br/>Loans<br/>Loans Origination – Investing<br/>Foreclosed Real Estate<br/>Policy Loans<br/>Other Investing Cash Flow. | 0.00 | -- | 0.00 | -- | 0.06 | 0.00 | 0.00 | -- | 0.01 | |
| Cash from Investing Activities Cash From Investing Activities represents the sum of: <br/>Capital Expenditures<br/>Other Investing Cash Flow Items, Total. | -0.75 | -1.06 | -0.65 | -0.95 | -1.22 | -2.28 | -1.34 | -2.29 | -1.98 | -1.53 |
| Other Financing Cash Flow Other Financing Cash Flow represents cash flow from financing activities other than the following items: <br/>Increase/decrease in Deposits<br/>Increase/decrease in FHLB<br/>Increase/decrease in Federal Funds Sold/Securities Purchase Under Resale Agreement<br/>Total Cash Dividends Paid<br/>Issuance/Retirement of Stock, Net<br/>Issuance/Retirement of Debt, Net<br/><br/>Other Financing Cash Flow Includes:<br/>Increase/decrease in debt issue costs<br/>Increase/decrease in financing costs<br/>Increase/decrease in minority interest<br/>Increase/decrease in advance to officers when reported as part of financing activities<br/>Increase/decrease in customer advances when reported as part of financing activities<br/>Increase/decrease in restructuring costs when reported as part of financing activities. | -- | 0.03 | ||||||||
| Financing Cash Flow Items Financing Cash Flow Items represents the sum of: <br/>Increase/decrease in Deposits<br/>Increase/decrease in FHLB<br/>Increase/decrease in Federal Funds Sold/REPOs<br/>Other Financing Cash Flow. | -- | 0.03 | ||||||||
| Cash Dividends Paid - Common Cash Dividends Paid – Common represents cash dividends paid to common stockholders. This amount may be different from the dividends declared in the same period. | -0.75 | -1.53 | -4.35 | -3.36 | -1.20 | -3.09 | -1.35 | -0.67 | ||
| Total Cash Dividends Paid Cash Dividends Paid represents cash dividends paid to shareholders, which is the sum of Cash Dividends Paid – Common and Cash Dividends Paid – Preferred. | -0.75 | -1.53 | -4.35 | -3.36 | -1.20 | -3.09 | -1.35 | -0.67 | ||
| Repurchase/Retirement of Common Repurchase/Retirement of Common represents cash outflow on the repurchase of common stock (increase in treasury stock) or the reduction of capital. | -0.18 | -1.98 | -5.05 | -5.93 | -0.29 | -7.54 | -0.23 | -0.27 | ||
| Common Stock, Net Common Stock, Net represents the sum of Sales/Issuance of Common and Repurchase/Retirement of Common. | -0.18 | -1.98 | -5.05 | -5.93 | -0.29 | -7.54 | -0.23 | -0.27 | ||
| Options Exercised Options Exercised represents cash inflow due to stock options exercised, which results in an increase of common stock. | 0.01 | -- | 0.55 | -- | 0.11 | 0.08 | 0.04 | 0.03 | 0.08 | |
| Issuance (Retirement) of Stock, Net Issuance (Retirement) of Stock, Net represents the sum of: <br/>Common Stock, Net<br/>Preferred Stock, Net<br/>Sale/Issuance of Common/Preferred<br/>Repurchase/Retirement of Common/Preferred<br/>Options Exercised<br/>Warrants Converted<br/>Treasury Stock. | -0.16 | -1.98 | -4.51 | -5.93 | -0.29 | -7.43 | -0.14 | -0.24 | 0.03 | 0.08 |
| Short Term Debt Issued Short Term Debt Issued represents cash inflow due to the issuance of short-term debt. | -- | 1.64 | ||||||||
| Short Term Debt, Net Short Term Debt, Net represents the sum of Short Term Debt Issued and Short Term Debt Reduction. | -- | 1.64 | ||||||||
| Long Term Debt Issued Long Term Debt Issued represents cash inflow on the issuance of long-term debt instruments in a company. Long-term debt may include long-term bank borrowings, corporate bonds, convertible bonds, etc. | -- | 2.24 | ||||||||
| Long Term Debt Reduction Long Term Debt Reduction represents cash outflow on the repayment of long-term debt in a company. | -0.99 | -0.82 | -0.44 | -2.87 | -1.22 | -1.54 | -1.57 | -1.55 | -1.53 | -1.54 |
| Long Term Debt, Net Long Term Debt, Net represents the sum of Long Term Debt Issued and Long Term Debt Reduction. | -0.99 | -0.82 | -0.44 | -0.63 | -1.22 | -1.54 | -1.57 | -1.55 | -1.53 | -1.54 |
| Issuance (Retirement) of Debt, Net Issuance (Retirement) of Debt, Net represents net changes in cash flow due to the changes in the level of debt of a company, which is the sum of: <br/>Short Term Debt, Net<br/>Long Term Debt, Net<br/>Total Debt Issued<br/>Total Debt Reduction. | -0.99 | -0.82 | -0.44 | -0.63 | -1.22 | -1.54 | -1.57 | -1.55 | 0.11 | -1.54 |
| Cash from Financing Activities Cash From Financing Activities represents the sum of: <br/>Financing Cash Flow Items<br/>Cash Dividends Paid<br/>Issuance (Retirement) of Stock, Net<br/>Issuance (Retirement) of Debt, Net. | -1.90 | -4.33 | -9.29 | -9.92 | -2.71 | -12.06 | -3.06 | -2.46 | 0.14 | -1.42 |
| Foreign Exchange Effects Foreign Exchange Effects represents the increase/decrease in cash and cash equivalents due to changes in exchange rates. | -0.79 | -2.44 | -2.70 | 1.33 | -0.57 | -1.62 | 4.21 | 1.46 | 1.45 | 1.13 |
| Net Change in Cash Net Change in Cash represents the sum of: <br/>Cash From Operating Activities<br/>Cash From Investing Activities<br/>Cash From Financing Activities<br/>Foreign Exchange Effects. | -5.81 | -10.44 | -1.87 | -3.50 | 0.42 | -16.18 | 10.14 | -3.31 | 4.00 | 7.60 |
| Net Cash - Beginning Balance Net Cash – Beginning Balance represents the beginning balance of cash and cash equivalents, as defined by a company. This is the ending balance of cash and cash equivalents of the previous fiscal period, with exceptions for certain cases when there are changes in the scope of businesses consolidated. The only situation in which this would vary is the restatement of the cash flow for the previous fiscal period. | 15.20 | 25.63 | 27.50 | 31.00 | 30.58 | 46.76 | 36.63 | 31.99 | 28.00 | 20.40 |
| Net Cash - Ending Balance Net Cash – Ending Balance represents the sum of Net Change in Cash and Net Cash – Beginning Balance. This value will be the ending balance of cash and cash equivalents of the current fiscal period, with exceptions in certain cases where there are changes in the scope of businesses consolidated. | 9.39 | 15.20 | 25.63 | 27.50 | 31.00 | 30.58 | 46.76 | 28.69 | 31.99 | 28.00 |
| Cash Interest Paid Cash Interest Paid represents interest paid in cash during the period. Cash Interest Paid is utilized when the Direct Method is employed for the operating section of the cash flow statement. When a company uses the Indirect Method, this information is classified as Cash Interest Paid and compiled in the supplemental section of the cash flow statement. | 0.10 | 0.03 | 0.03 | 0.07 | 0.13 | 0.06 | 0.07 | 0.11 | 0.09 | 0.12 |
| Cash Taxes Paid Cash Taxes Paid represents taxes paid in cash. Cash Taxes Paid is utilized when the Direct Method is employed for the cash flow statement. When a company uses the Indirect Method, this information is classified as Cash Taxes Paid and compiled in the supplemental section of the cash flow statement. | 2.55 | 0.72 | 0.14 | 0.99 | 1.00 | 0.80 | 1.69 | 1.78 | 4.66 | 4.25 |
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