NXP Semiconductors Reports First Quarter 2018 Results

 

          
   NXP Semiconductors       
   Table 3: Condensed consolidated statement of cash flows (unaudited)     
                  
          
          
  ($ in millions)  Three Months Ended 
     April 1, 2018  December 31, 2017  April 2, 2017 
   Cash Flows from operating activities       
   Net income (loss)    $     70    $     768    $     1,318   
  Adjustments to reconcile net income (loss):       
  Depreciation and amortization    491     542     534  
  Stock-based compensation    69     78     68  
  Amortization of discount on debt    10     10     10  
  Amortization of debt issuance costs    3     3     3  
  Net gain on sale of assets    -     (4)    (1,597) 
  Loss on extinguishment of debt    -     -     41  
  Results relating to equity accounted investees    (2)     (8 )       (5 )  
    Changes in deferred taxes       (42 )       (593 )       25    
    Changes in operating assets and liabilities:              
    (Increase) decrease in receivables and other current assets       81         (25 )       4    
    (Increase) decrease in inventories       (36 )       (31 )       (28 )  
    Increase (decrease) in accounts payable and accrued liabilities     (26 )       82         244    
    Decrease (Increase) in other non-current assets       -         (92 )       (1 )  
    Exchange differences       5         5         12    
    Other items       (3 )       3         (3 )  
    Net cash provided by (used for) operating activities       620         738         625    
                   
    Cash flows from investing activities:              
    Purchase of identified intangible assets       (18 )       (10 )       (24 )  
    Capital expenditures on property, plant and equipment       (156 )       (133 )       (161 )  
    Proceeds from disposals of property, plant and equipment       -         1         -    
    Proceeds from sale of interests in businesses, net of cash divested       -         -         2,614    
    Other       -         7         (1 )  
    Net cash provided by (used for) investing activities       (174 )       (135 )       2,428    
                   
    Cash flows from financing activities:              
    Repurchase of long-term debt       -         -         (2,728 )  
    Principal payments on long-term debt       -         (4 )       (4 )  
    Cash proceeds from exercise of stock options       20         129         36    
    Purchase of treasury shares       (30 )       (248 )       (26 )  
    Net cash provided by (used for) financing activities       (10 )       (123 )       (2,722 )  
                   
    Effect of changes in exchange rates on cash positions       -         2         13    
    Increase (decrease) in cash and cash equivalents       436         482         344    
    Cash and cash equivalents at beginning of period       3,547         3,065         1,894    
    Cash and cash equivalents at end of period       3,983         3,547         2,238    
                   
                   
                   
    Net cash paid during the period for:              
    Interest     21       81       53    
    Income taxes     44       67       56    
    Non-cash adjustment related to the adoption of ASC 606:              
    Receivables and other current assets       (36 )       -         -    
    Inventories       22         -         -    
                   

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