NXP Semiconductors | |||||||||||
Table 3: Condensed consolidated statement of cash flows (unaudited) | |||||||||||
($ in millions) | Three Months Ended | ||||||||||
July 1, 2018 | April 1, 2018 | July 2, 2017 | |||||||||
Cash Flows from operating activities | |||||||||||
Net income (loss) | $ | 66 | $ | 70 | $ | 63 | |||||
Adjustments to reconcile net income (loss): | |||||||||||
Depreciation and amortization | 496 | 491 | 560 | ||||||||
Stock-based compensation | 69 | 69 | 67 | ||||||||
Amortization of discount on debt | 11 | 10 | 10 | ||||||||
Amortization of debt issuance costs | 2 | 3 | 3 | ||||||||
Net gain on sale of assets | - | - | (14 | ) | |||||||
Loss on extinguishment of debt | 26 | - | - | ||||||||
Results relating to equity accounted investees | 1 | (2 | ) | (3 | ) | ||||||
Changes in deferred taxes | (67 | ) | (42 | ) | (120 | ) | |||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in receivables and other current assets | 86 | 81 | 49 | ||||||||
(Increase) decrease in inventories | (76 | ) | (36 | ) | (37 | ) | |||||
Increase (decrease) in accounts payable and accrued liabilities | (225 | ) | (26 | ) | (137 | ) | |||||
Decrease (Increase) in other non-current assets | 10 | - | (2 | ) | |||||||
Exchange differences | (5 | ) | 5 | 5 | |||||||
Other items | 9 | (3 | ) | (3 | ) | ||||||
Net cash provided by (used for) operating activities | 403 | 620 | 441 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of identified intangible assets | (10 | ) | (18 | ) | (16 | ) | |||||
Capital expenditures on property, plant and equipment | (129 | ) | (156 | ) | (96 | ) | |||||
Purchase of interests in businesses, net of cash acquired | (18 | ) | - | - | |||||||
Proceeds from sale of interests in businesses, net of cash divested | 32 | - | 54 | ||||||||
Purchase of available-for-sale securities | (7 | ) | - | - | |||||||
Net cash provided by (used for) investing activities | (132 | ) | (174 | ) | (58 | ) | |||||
Cash flows from financing activities: | |||||||||||
Repurchase of long-term debt | (1,273 | ) | - | - | |||||||
Principal payments on long-term debt | (1 | ) | - | (4 | ) | ||||||
Cash proceeds from exercise of stock options | 10 | 20 | 32 | ||||||||
Purchase of treasury shares | (2 | ) | (30 | ) | (10 | ) | |||||
Net cash provided by (used for) financing activities | (1,266 | ) | (10 | ) | 18 | ||||||
Effect of changes in exchange rates on cash positions | (7 | ) | - | 3 | |||||||
Increase (decrease) in cash and cash equivalents | (1,002 | ) | 436 | 404 | |||||||
Cash and cash equivalents at beginning of period | 3,983 | 3,547 | 2,238 | ||||||||
Cash and cash equivalents at end of period | 2,981 | 3,983 | 2,642 | ||||||||
Net cash paid during the period for: | |||||||||||
Interest | 75 | 21 | 84 | ||||||||
Income taxes | 3 | 44 | 119 | ||||||||
Non-cash adjustment related to the adoption of ASC 606: | |||||||||||
Receivables and other current assets | - | (36 | ) | - | |||||||
Inventories | - | 22 | - | ||||||||
NXP Semiconductors Reports Second Quarter 2018 Results
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