| NXP Semiconductors | ||||||||||||||||||||
| Table 3: Condensed consolidated statement of cash flows (unaudited) | ||||||||||||||||||||
| ($ in millions) | Three Months Ended | Full Year | ||||||||||||||||||
|
Dec. 31,
2015 |
Oct. 4,
2015 |
Dec. 31,
2014 | 2015 | 2014 | ||||||||||||||||
| Cash Flows from operating activities | ||||||||||||||||||||
| Net income (loss) | $ | 989 | $ | 379 | $ | 167 | $ | 1,599 | $ | 607 | ||||||||||
| Adjustments to reconcile net income (loss): | ||||||||||||||||||||
| Depreciation and amortization | 230 | 94 | 97 | 517 | 405 | |||||||||||||||
| Stock-based compensation | 111 | 34 | 34 | 216 | 133 | |||||||||||||||
| Change in fair value of the Warrant liability | 1 | (67 | ) | 2 | 31 | 2 | ||||||||||||||
| Amortization of discount on debt | 11 | 9 | 3 | 39 | 3 | |||||||||||||||
| Amortization of debt issuance costs | 11 | - | 13 | 11 | 13 | |||||||||||||||
| (Gain) loss on extinguishment of debt | - | - | - | - | 3 | |||||||||||||||
| Net (gain) loss on sale of assets | (1,258 | ) | (4 | ) | (3 | ) | (1,263 | ) | (10 | ) | ||||||||||
| Results relating to equity accounted investees | (2 | ) | (3 | ) | (3 | ) | (9 | ) | (8 | ) | ||||||||||
| Changes in deferred taxes | (69 | ) | 4 | (1 | ) | (63 | ) | 1 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| (Increase) decrease in receivables and other current assets | 71 | (96 | ) | 108 | (78 | ) | (111 | ) | ||||||||||||
| (Increase) decrease in inventories | 154 | (5 | ) | (27 | ) | 82 | (42 | ) | ||||||||||||
| Decrease (Increase) in other non-current assets | 9 | 1 | - | 30 | 13 | |||||||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | (10 | ) | (5 | ) | 71 | 22 | 222 | |||||||||||||
| Exchange differences | 31 | (6 | ) | 91 | 193 | 246 | ||||||||||||||
| Other items | (8 | ) | 5 | 4 | 3 | (9 | ) | |||||||||||||
| Net cash provided by (used for) operatin g activities | 271 | 340 | 556 | 1,330 | 1,468 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchase of identified intangible assets | (5 | ) | (1 | ) | (10 | ) | (12 | ) | (36 | ) | ||||||||||
| Capital expenditures on property, plant and equipment | (92 | ) | (78 | ) | (107 | ) | (341 | ) | (329 | ) | ||||||||||
| Proceeds from disposals of property, plant and equipment | 1 | 4 | 2 | 7 | 4 | |||||||||||||||
| Proceeds from disposals of assets held for sale | - | - | 3 | - | 6 | |||||||||||||||
| Purchase of interests in businesses | (1,587 | ) | - | (6 | ) | (1,692 | ) | (8 | ) | |||||||||||
| Proceeds from sale of interests in businesses | 1,604 | - | - | 1,605 | 1 | |||||||||||||||
| Proceeds from return of equity investment | - | 1 | ||||||||||||||||||
| Other | 2 | (1 | ) | (14 | ) | 2 | (25 | ) | ||||||||||||
| Net cash (used for) provided by investin g activities | (77 | ) | (76 | ) | (132 | ) | (430 | ) | (387 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Net (repayments) borrowings of short-term debt | (1 | ) | (1 | ) | - | (2 | ) | (17 | ) | |||||||||||
| Repayments under the revolving credit facility | - | - | (750 | ) | - | (950 | ) | |||||||||||||
| Amounts drawn under the revolving credit facility | - | - | - | - | 800 | |||||||||||||||
| Repurchase of long-term debt | (3,586 | ) | - | - | (3,586 | ) | (92 | ) | ||||||||||||
| Principal payments on long-term debt | (8 | ) | (6 | ) | (5 | ) | (32 | ) | (15 | ) | ||||||||||
| Proceeds from the issuance of long-term debt | 2,680 | - | 1,150 | 3,680 | 1,150 | |||||||||||||||
| Cash paid for debt issuance costs | (22 | ) | - | (16 | ) | (32 | ) | (16 | ) | |||||||||||
| Proceeds from the sale of warrants | - | - | 134 | - | 134 | |||||||||||||||
| Cash paid for Notes hedge derivatives | - | - | (208 | ) | - | (208 | ) | |||||||||||||
| Dividends paid to non-controlling interests | - | (51 | ) | - | (51 | ) | (50 | ) | ||||||||||||
| Cash proceeds from exercise of stock options | 18 | 8 | 48 | 51 | 145 | |||||||||||||||
| Purchase of treasury shares | (151 | ) | (158 | ) | (180 | ) | (475 | ) | (1,435 | ) | ||||||||||
| Hold-back payments on prior acquisitions | - | - | - | (2 | ) | - | ||||||||||||||
| Net cash provided by (used for) financin g activities | (1,070 | ) | (208 | ) | 173 | (449 | ) | (554 | ) | |||||||||||
| Effect of changes in exchange rates on cash positions | (2 | ) | 1 | (6 | ) | (22 | ) | (12 | ) | |||||||||||
| Increase (decrease) in cash and cash e quivalents | (878 | ) | 57 | 591 | 429 | 515 | ||||||||||||||
| Cash and cash equivalents at beginning of period | 2,492 | 2,435 | 594 | 1,185 | 670 | |||||||||||||||
| Cash and cash equivalents at end of per iod | 1,614 | 2,492 | 1,185 | 1,614 | 1,185 | |||||||||||||||
NXP Semiconductors Reports Fourth Quarter and Full-Year 2015 Results
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