| 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 | ||||||||||||||||
NXP Semiconductors Reports Fourth Quarter and Full Year 2017 Results
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