| NXP Semiconductors | ||||||||||||||||||||
| Table 3: Condensed consolidated statement of cash flows (unaudited) | ||||||||||||||||||||
| ($ in millions) | Three Months Ended | Full Year | ||||||||||||||||||
| Dec. 31, 2018 | Sept. 30, 2018 | Dec. 31, 2017 | 2018 | 2017 | ||||||||||||||||
| Cash Flows from operating activities | ||||||||||||||||||||
| Net income (loss) | $ | 289 | $ | 1,833 | $ | 768 | $ | 2,258 | $ | 2,272 | ||||||||||
| Adjustments to reconcile net income (loss): | ||||||||||||||||||||
| Depreciation and amortization | 503 | 497 | 542 | 1,987 | 2,173 | |||||||||||||||
| Stock-based compensation | 93 | 83 | 78 | 314 | 281 | |||||||||||||||
| Amortization of discount on debt | 11 | 10 | 10 | 42 | 40 | |||||||||||||||
| Amortization of debt issuance costs | 3 | 2 | 3 | 10 | 12 | |||||||||||||||
| Net gain on sale of assets | - | - | (4 | ) | - | (1,615 | ) | |||||||||||||
| Loss on extinguishment of debt | - | - | - | 26 | 41 | |||||||||||||||
| Results relating to equity accounted investees | (1 | ) | (52 | ) | (8 | ) | (54 | ) | (22 | ) | ||||||||||
| Changes in deferred taxes | (52 | ) | (50 | ) | (593 | ) | (211 | ) | (797 | ) | ||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| (Increase) decrease in receivables and other current assets | 51 | (31 | ) | (25 | ) | 187 | 31 | |||||||||||||
| (Increase) decrease in inventories | 5 | 42 | (31 | ) | (65 | ) | (120 | ) | ||||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | (188 | ) | 310 | 82 | (129 | ) | 225 | |||||||||||||
| Decrease (Increase) in other non-current assets | 4 | (36 | ) | (92 | ) | (22 | ) | (100 | ) | |||||||||||
| Exchange differences | 13 | 1 | 5 | 14 | 30 | |||||||||||||||
| Other items | - | 6 | 3 | 12 | (4 | ) | ||||||||||||||
| Net cash provided by (used for) operating activities | 731 | 2,615 | 738 | 4,369 | 2,447 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Purchase of identified intangible assets | (4 | ) | (18 | ) | (10 | ) | (50 | ) | (66 | ) | ||||||||||
| Capital expenditures on property, plant and equipment | (170 | ) | (156 | ) | (133 | ) | (611 | ) | (552 | ) | ||||||||||
| Proceeds from disposals of property, plant and equipment | - | 1 | 1 | 1 | 2 | |||||||||||||||
| Purchase of interests in businesses, net of cash acquired | - | - | - | (18 | ) | - | ||||||||||||||
| Proceeds from sale of interests in businesses, net of cash divested | - | 127 | - | 159 | 2,682 | |||||||||||||||
| Purchase of available-for-sale securities | (2 | ) | - | - | (9 | ) | - | |||||||||||||
| Proceeds from the sale of securities | 2 | - | - | 2 | - | |||||||||||||||
| Proceeds from return of equity investment | - | 4 | - | 4 | - | |||||||||||||||
| Other | - | - | 7 | - | 6 | |||||||||||||||
| Net cash provided by (used for) investing activities | (174 | ) | (42 | ) | (135 | ) | (522 | ) | 2,072 | |||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Repayment of Bridge loan | (1,000 | ) | - | - | (1,000 | ) | - | |||||||||||||
| Proceeds from Bridge loan | - | 1,000 | - | 1,000 | - | |||||||||||||||
| Repurchase of long-term debt | - | - | - | (1,273 | ) | (2,728 | ) | |||||||||||||
| Principal payments on long-term debt | - | - | (4 | ) | (1 | ) | (16 | ) | ||||||||||||
| Proceeds from the issuance of long-term debt | 1,997 | - | - | 1,997 | - | |||||||||||||||
| Cash paid for debt issuance costs | (12 | ) | (11 | ) | - | (23 | ) | - | ||||||||||||
| Cash paid for terminated acquisition adjustment event | (60 | ) | - | - | (60 | ) | - | |||||||||||||
| Dividends paid to non-controlling interests | - | (54 | ) | - | (54 | ) | (89 | ) | ||||||||||||
| Dividends paid to common stockholders | (74 | ) | - | - | (74 | ) | - | |||||||||||||
| Cash proceeds from exercise of stock options | 3 | 6 | 129 | 39 | 233 | |||||||||||||||
| Purchase of treasury shares and restricted stock unit withholdings | (424 | ) | (4,550 | ) | (248 | ) | (5,006 | ) | (286 | ) | ||||||||||
| Cash paid on behalf of shareholders for tax on repurchased shares | (142 | ) | - | - | (142 | ) | - | |||||||||||||
| Net cash provided by (used for) financing activities | 288 | (3,609 | ) | (123 | ) | (4,597 | ) | (2,886 | ) | |||||||||||
| Effect of changes in exchange rates on cash positions | - | (1 | ) | 2 | (8 | ) | 20 | |||||||||||||
| Increase (decrease) in cash and cash equivalents | 845 | (1,037 | ) | 482 | (758 | ) | 1,653 | |||||||||||||
| Cash and cash equivalents at beginning of period | 1,944 | 2,981 | 3,065 | 3,547 | 1,894 | |||||||||||||||
| Cash and cash equivalents at end of period | 2,789 | 1,944 | 3,547 | 2,789 | 3,547 | |||||||||||||||
| Net cash paid during the period for: | ||||||||||||||||||||
| Interest | 74 | 7 | 81 | 177 | 245 | |||||||||||||||
| Income taxes | 61 | 80 | 67 | 188 | 356 | |||||||||||||||
| Non-cash adjustment related to the adoption of ASC 606: | ||||||||||||||||||||
| Receivables and other current assets | - | - | - | (36 | ) | - | ||||||||||||||
| Inventories | - | - | - | 22 | - | |||||||||||||||
NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results
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