NXP Semiconductors Reports Fourth Quarter and Full-Year 2016 Results


  NXP Semiconductors 
  Table 3: Condensed consolidated statement of cash flows (unaudited)
 
                        
             
             
 ($ in millions)  Three Months Ended  Full Year 
    December 31,
2016
  October 2,
2016
  December 31,
2015
 
2016
 
2015
 
             
  Cash Flows from operating activities           
  Net income (loss)    $     145    $     108    $     989    $     (133 )  $     1,599   
 Adjustments to reconcile net income (loss):           
 Depreciation and amortization  530   526   230   2,205   517  
 Stock-based compensation  82   77   111   338   216  
 Excess tax benefits from share-based compensation plans  -   (1)  -   (5)  -  
 Change in fair value of warrant liability  -   -       1       -       31    
  Amortization of discount on debt     10       9       11       34       39    
  Amortization of debt issuance costs     4       3       11       16       11    
  Net (gain) loss on sale of assets     -       -       (1,258 )     (11 )     (1,263 )  
  Loss (gain) on extinguishment of debt     -       6       -       32       -    
  Results relating to equity accounted investees     (4 )     (5 )     (2 )     (11 )     (9 )  
  Changes in deferred taxes     (77 )     (64 )     (174 )     (533 )     (168 )  
  Changes in operating assets and liabilities:                      
  (Increase) decrease in receivables and other current assets     67       (57 )     71       (51 )     (78 )  
  (Increase) decrease in inventories     24       57       154       568       82    
  Increase (decrease) in accounts payable and accrued liabilities     (39 )     50       95       (156 )     127    
  Decrease (Increase) in other non-current assets     6       (4 )     9       5       30    
  Exchange differences     (3 )     4       31       15       193    
  Other items     (8 )     9       (8 )     (10 )     3    
  Net cash provided by (used for) operating activities       737         718         271         2,303         1,330    
                         
  Cash flows from investing activities:                      
  Purchase of identified intangible assets     (25 )     (9 )     (5 )     (59 )     (12 )  
  Capital expenditures on property, plant and equipment     (131 )     (99 )     (92 )     (389 )     (341 )  
  Proceeds from disposals of property, plant and equipment     -       1       1       1       7    
  Purchase of businesses     -       (200 )     (1,587 )     (202 )     (1,692 )  
  Proceeds from sale of interests in businesses     -       2       1,604       20       1,605    
  Proceeds from return of equity investment     -       -       -       -       1    
  Other     (1 )     -       2       2       2    
  Net cash provided by (used for) investing activities       (157 )       (305 )       (77 )       (627 )       (430 )  
                         
  Cash flows from financing activities:                      
  Net (repayments) borrowings of short-term debt     -       -       (1 )     (6 )     (2 )  
  Amounts drawn under the revolving credit facility     -       200       -       200       -    
  Repayments under the revolving credit facility     (200 )     -       -       (200 )     -    
  Repurchase of long-term debt     -       (1,219 )     (3,586 )     (3,295 )     (3,586 )  
  Principal payments on long-term debt     (9 )     (7 )     (8 )     (38 )     (32 )  
  Proceeds from the issuance of long-term debt     -       1,509       2,680       3,259       3,680    
  Cash paid for debt issuance costs     -       (12 )     (22 )     (26 )     (32 )  
  Dividends paid to non-controlling interests     -       (126 )     -       (126 )     (51 )  
  Cash proceeds from exercise of stock options     25       18       18       115       51    
  Purchase of treasury shares     (62 )     (555 )     (151 )     (1,280 )     (475 )  
  Hold-back payments on prior acquisitions     -       -       -       -       (2 )  
  Excess tax benefits from share-based compensation plans     -       1       -       5       -    
  Net cash provided by (used for) financing activities       (246 )       (191 )       (1,070 )       (1,392 )       (449 )  
                         
  Effect of changes in exchange rates on cash positions     (9 )     12       (2 )     (4 )     (22 )  
  Increase (decrease) in cash and cash equivalents       325         234         (878 )       280         429    
  Cash and cash equivalents at beginning of period       1,569         1,335         2,492         1,614         1,185    
  Cash and cash equivalents at end of period       1,894         1,569         1,614         1,894         1,614    
                         
                         
  Net cash paid during the period for:                      
  Interest     109       57       63       348       172    
  Income taxes     16       19       19       67       40    
                         

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