NXP Semiconductors Reports Fourth Quarter and Full Year 2017 Results

 

            
NXP Semiconductors           
Table 3: Condensed consolidated statement of cash flows (unaudited)         
            
($ in millions)  Three Months Ended  Full Year 
   December 31,
2017
  October 1,
2017
  December 31,
2016
   2017    2016  
            
Cash Flows from operating activities           
Net income (loss)    $     768    $     123    $     537    $     2,272    $     259   
Adjustments to reconcile net income (loss):           
Depreciation and amortization    542     537     530     2,173     2,205  
Stock-based compensation    78     68     82     281     338  
Excess tax benefits from share-based compensation plans    -     -     -     -     (5) 
Amortization of discount on debt    10     10     10     40      34    
Amortization of debt issuance costs       3         3         4         12         16    
Net (gain) loss on sale of assets       (4 )       -         -         (1,615 )       (11 )  
Loss (gain) on extinguishment of debt       -         -         -         41         32    
Results relating to equity accounted investees       (8 )       (6 )       (4 )       (22 )       (11 )  
Changes in deferred taxes       (593 )       (109 )       (469 )       (797 )       (925 )  
Changes in operating assets and liabilities:                      
(Increase) decrease in receivables and other current assets       (25 )       3         67         31         (51 )  
(Increase) decrease in inventories       (31 )       (24 )       24         (120 )       568    
Increase (decrease) in accounts payable and accrued liabilities       82         36         (39 )       225         (156 )  
Decrease (Increase) in other non-current assets       (92 )       (5 )       6         (100 )       5    
Exchange differences       5         8         (3 )       30         15    
Other items       3         (1 )       (8 )       (4 )       (10 )  
Net cash provided by (used for) operating activities       738         643         737         2,447         2,303    
                       
Cash flows from investing activities:                      
Purchase of identified intangible assets       (10 )       (16 )       (25 )       (66 )       (59 )  
Capital expenditures on property, plant and equipment       (133 )       (162 )       (131 )       (552 )       (389 )  
Proceeds from disposals of property, plant and equipment       1         1         -         2         1    
Purchase of interests in businesses, net of cash acquired       -         -         -         -         (202 )  
Proceeds from sale of interests in businesses, net of cash divested   -         14         -         2,682         20    
Other       7         -         (1 )       6         2    
Net cash provided by (used for) investing activities       (135 )       (163 )       (157 )       2,072         (627 )  
                       
Cash flows from financing activities:                      
Net (repayments) borrowings of short-term debt       -         -         -         -         (6 )  
Amounts drawn under the revolving credit facility       -         -         -         -         200    
Repayments under the revolving credit facility       -         -         (200 )       -         (200 )  
Repurchase of long-term debt       -         -         -         (2,728 )       (3,295 )  
Principal payments on long-term debt       (4 )       (4 )       (9 )       (16 )       (38 )  
Proceeds from the issuance of long-term debt       -         -         -         -         3,259    
Cash paid for debt issuance costs       -         -         -         -         (26 )  
Dividends paid to non-controlling interests       -         (89 )       -         (89 )       (126 )  
Cash proceeds from exercise of stock options       129         36         25         233         115    
Purchase of treasury shares and restricted stock unit withholdings     (248 )       (2 )       (62 )       (286 )       (1,280 )  
Excess tax benefits from share-based compensation plans       -         -         -         -         5    
Net cash provided by (used for) financing activities       (123 )       (59 )       (246 )       (2,886 )       (1,392 )  
                       
Effect of changes in exchange rates on cash positions       2         2         (9 )       20         (4 )  
Increase (decrease) in cash and cash equivalents       482         423         325         1,653         280    
Cash and cash equivalents at beginning of period       3,065         2,642         1,569         1,894         1,614    
Cash and cash equivalents at end of period       3,547         3,065         1,894         3,547         1,894    
                       
Net cash paid during the period for:                      
Interest     81       27       109       245       348    
Income taxes     77       114       16       366       67    
                       

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