| NXP Semiconductors | |||||||||||||||
| Table 3: Condensed consolidated statement of cash flows (unaudited) | |||||||||||||||
| ($ in millions) | Three Months Ended | ||||||||||||||
| July 3, 2016 | April 3, 2016 | July 5, 2015 | |||||||||||||
| Cash Flows from operating activities | |||||||||||||||
| Net income (loss) | $ | 1 | $ | (387 | ) | $ | 321 | ||||||||
| Adjustments to reconcile net income (loss): | |||||||||||||||
| Depreciation and amortization | 620 | 529 | 98 | ||||||||||||
| Stock-based compensation | 80 | 99 | 36 | ||||||||||||
| Excess tax benefits from share-based compensation plans | (1 | ) | (3 | ) | - | ||||||||||
| Change in fair value of warrant liability | - | - | (18 | ) | |||||||||||
| Amortization of discount on debt | 7 | 8 | 9 | ||||||||||||
| Amortization of debt issuance costs | 4 | 5 | - | ||||||||||||
| Net (gain) loss on sale of assets | (11 | ) | - | (1 | ) | ||||||||||
| Loss (gain) on extinguishment of debt | 23 | 3 | - | ||||||||||||
| Results relating to equity accounted investees | (1 | ) | (1 | ) | (1 | ) | |||||||||
| Changes in deferred taxes | (171 | ) | (221 | ) | (3 | ) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| (Increase) decrease in receivables and other current assets | (61 | ) | - | 11 | |||||||||||
| (Increase) decrease in inventories | 46 | 441 | (14 | ) | |||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | (120 | ) | (47 | ) | (73 | ) | |||||||||
| Decrease (Increase) in other non-current assets | (1 | ) | 4 | 10 | |||||||||||
| Exchange differences | 4 | 10 | (40 | ) | |||||||||||
| Other items | 15 | (26 | ) | 16 | |||||||||||
| Net cash provided by (used for) operating activities | 434 | 414 | 351 | ||||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of identified intangible assets | (7 | ) | (18 | ) | (4 | ) | |||||||||
| Capital expenditures on property, plant and equipment | (71 | ) | (88 | ) | (91 | ) | |||||||||
| Proceeds from disposals of property, plant and equipment | - | - | 2 | ||||||||||||
| Purchase of interests in businesses, net of cash acquired | - | (2 | ) | (2 | ) | ||||||||||
| Proceeds from sale of interests in businesses | 18 | - | 1 | ||||||||||||
| Other | 1 | 2 | - | ||||||||||||
| Net cash provided by (used for) investing activities | (59 | ) | (106 | ) | (94 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||
| Net (repayments) borrowings of short-term debt | (1 | ) | (5 | ) | 1 | ||||||||||
| Repurchase of long-term debt | (1,872 | ) | (204 | ) | - | ||||||||||
| Principal payments on long-term debt | (8 | ) | (14 | ) | (8 | ) | |||||||||
| Proceeds from the issuance of long-term debt | 1,750 | - | 1,000 | ||||||||||||
| Cash paid for debt issuance costs | (14 | ) | - | (10 | ) | ||||||||||
| Cash proceeds from exercise of stock options | 27 | 45 | 9 | ||||||||||||
| Purchase of treasury shares | (397 | ) | (266 | ) | (162 | ) | |||||||||
| Hold-back payments on prior acquisitions | - | - | (2 | ) | |||||||||||
| Excess tax benefits from share-based compensation plans | 1 | 3 | - | ||||||||||||
| Net cash provided by (used for) financing activities | (514 | ) | (441 | ) | 828 | ||||||||||
| Effect of changes in exchange rates on cash positions | (14 | ) | 7 | (5 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | (153 | ) | (126 | ) | 1,080 | ||||||||||
| Cash and cash equivalents at beginning of period | 1,488 | 1,614 | 1,355 | ||||||||||||
| Cash and cash equivalents at end of period | 1,335 | 1,488 | 2,435 | ||||||||||||
NXP Semiconductors Reports Second Quarter 2016 Results
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