NXP Semiconductors Reports First Quarter 2017 Results


NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)



($ in millions)	Three Months Ended
	April 2, 2017			December 31, 2016			April 3, 2016

Cash Flows from operating activities
Net income (loss)	$	1,318		$	537		$	(387	)
Adjustments to reconcile net income (loss):
Depreciation and amortization		534			530			529
Stock-based compensation		68			82			99
Excess tax benefits from share-based compensation plans		-			-			(3	)
Amortization of discount on debt		10			10			8
Amortization of debt issuance costs		3			4			5
Net gain on sale of assets		(1,597	)		-			-
Loss on extinguishment of debt		41			-			3
Results relating to equity accounted investees		(5	)		(4	)		(1	)
Changes in deferred taxes		25			(469	)		(221	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		4			67			-
(Increase) decrease in inventories		(28	)		24			441
Increase (decrease) in accounts payable and accrued liabilities		244			(39	)		(47	)
Decrease (Increase) in other non-current assets		(1	)		6			4
Exchange differences		12			(3	)		10
Other items		(3	)		(8	)		(26	)
Net cash provided by (used for) operating activities		625			737			414

Cash flows from investing activities:
Purchase of identified intangible assets		(24	)		(25	)		(18	)
Capital expenditures on property, plant and equipment		(161	)		(131	)		(88	)
Purchase of interests in businesses, net of cash acquired		-			-			(2	)

Proceeds from sale of interests in businesses, net of cash divested		2,614			-			-
Other		(1	)		(1	)		2
Net cash provided by (used for) investing activities		2,428			(157	)		(106	)

Cash flows from financing activities:
Net (repayments) borrowings of short-term debt		-			-			(5	)
Repayments under the revolving credit facility		-			(200	)		-
Repurchase of long-term debt		(2,728	)		-			(204	)
Principal payments on long-term debt		(4	)		(9	)		(14	)
Cash proceeds from exercise of stock options		36			25			45
Purchase of treasury shares		(26	)		(62	)		(266	)
Excess tax benefits from share-based compensation plans		-			-			3
Net cash provided by (used for) financing activities		(2,722	)		(246	)		(441	)

Effect of changes in exchange rates on cash positions		13			(9	)		7
Increase (decrease) in cash and cash equivalents		344			325			(126	)
Cash and cash equivalents at beginning of period		1,894			1,569			1,614
Cash and cash equivalents at end of period		2,238			1,894			1,488


Net cash paid during the period for:
Interest		53			109			74
Income taxes		56			16			14

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