NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)
| ($ in millions) | Three months ended | Full-year | |||||||||||||||||
|
December 31,
2019 |
September 29,
2019 |
December 31,
2018 | 2019 | 2018 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income (loss) | $ | 123 | $ | 119 | $ | 289 | $ | 272 | $ | 2,258 | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||||
| Depreciation and amortization | 522 | 517 | 503 | 2,047 | 1,987 | ||||||||||||||
| Stock-based compensation | 89 | 84 | 93 | 346 | 314 | ||||||||||||||
| Amortization of discount on debt | 8 | 12 | 11 | 42 | 42 | ||||||||||||||
| Amortization of debt issuance costs | 3 | 2 | 3 | 11 | 10 | ||||||||||||||
| Net (gain) loss on sale of assets | — | (21 | ) | — | (20 | ) | — | ||||||||||||
| (Gain) loss on extinguishment of debt | — | 1 | — | 11 | 26 | ||||||||||||||
| Results relating to equity-accounted investees | 1 | 1 | (1 | ) | (1 | ) | (54 | ) | |||||||||||
| Deferred tax expense (benefit) | (49 | ) | (33 | ) | (52 | ) | (175 | ) | (211 | ) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| (Increase) decrease in receivables and other current assets | 144 | (17 | ) | 51 | 116 | 187 | |||||||||||||
| (Increase) decrease in inventories | (7 | ) | 13 | 5 | 128 | (65 | ) | ||||||||||||
| Increase (decrease) in accounts payable and other liabilities | (35 | ) | 43 | (188 | ) | (460 | ) | (129 | ) | ||||||||||
| (Increase) decrease in other non-current assets | 7 | 30 | 4 | 43 | (22 | ) | |||||||||||||
| Exchange differences | 9 | (1 | ) | 13 | 15 | 14 | |||||||||||||
| Other items | (1 | ) | (4 | ) | — | (2 | ) | 12 | |||||||||||
| Net cash provided by (used for) operating activities | 814 | 746 | 731 | 2,373 | 4,369 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchase of identified intangible assets | (30 | ) | (21 | ) | (4 | ) | (102 | ) | (50 | ) | |||||||||
| Capital expenditures on property, plant and equipment | (138 | ) | (138 | ) | (170 | ) | (526 | ) | (611 | ) | |||||||||
| Proceeds from the disposals of property, plant and equipment | — | 23 | — | 23 | 1 | ||||||||||||||
| Purchase of interests in businesses, net of cash acquired | (1,698 | ) | — | — | (1,698 | ) | (18 | ) | |||||||||||
| Proceeds from sale of interests in businesses | — | — | — | 37 | 159 | ||||||||||||||
| Proceeds from return of equity investment | — | — | — | — | 4 | ||||||||||||||
| Purchase of available-for-sale securities | — | (2 | ) | (2 | ) | (19 | ) | (9 | ) | ||||||||||
| Proceeds from the sale of securities | — | — | 2 | 1 | 2 | ||||||||||||||
| Net cash provided by (used for) investing activities | (1,866 | ) | (138 | ) | (174 | ) | (2,284 | ) | (522 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Payment of cash convertible note | (1,150 | ) | — | — | (1,150 | ) | — | ||||||||||||
| Proceeds from settlement of cash convertible note hedge | 144 | — | — | 144 | — | ||||||||||||||
| Payment of bond hedge derivatives - convertible option | (144 | ) | (1 | ) | — | (145 | ) | — | |||||||||||
| Repayment of Bridge Loan | — | — | (1,000 | ) | — | (1,000 | ) | ||||||||||||
| Proceeds from Bridge Loan | — | — | — | — | 1,000 | ||||||||||||||
| Repurchase of long-term debt | — | (47 | ) | — | (600 | ) | (1,273 | ) | |||||||||||
| Principal payments on long-term debt | — | — | — | — | (1 | ) | |||||||||||||
| Proceeds from the issuance of long-term debt | — | — | 1,997 | 1,750 | 1,997 | ||||||||||||||
| Cash paid for debt issuance costs | — | (1 | ) | (12 | ) | (24 | ) | (23 | ) | ||||||||||
| Cash paid for terminated acquisition adjustment event | — | — | (60 | ) | — | (60 | ) | ||||||||||||
| Dividends paid to non-controlling interests | — | — | — | — | (54 | ) | |||||||||||||
| Dividends paid to common stockholders | (105 | ) | (70 | ) | (74 | ) | (319 | ) | (74 | ) | |||||||||
| Proceeds from issuance of common stock through stock plans | 14 | 33 | 3 | 84 | 39 | ||||||||||||||
| Purchase of treasury shares and restricted stock unit withholdings | (74 | ) | (9 | ) | (424 | ) | (1,443 | ) | (5,006 | ) | |||||||||
| Cash paid on behalf of shareholders for tax on repurchased shares | (128 | ) | — | (142 | ) | (128 | ) | (142 | ) | ||||||||||
| Net cash provided by (used for) financing activities | (1,443 | ) | (95 | ) | 288 | (1,831 | ) | (4,597 | ) | ||||||||||
| Effect of changes in exchange rates on cash positions | 3 | (6 | ) | — | (2 | ) | (8 | ) | |||||||||||
| Increase (decrease) in cash and cash equivalents | (2,492 | ) | 507 | 845 | (1,744 | ) | (758 | ) | |||||||||||
| Cash and cash equivalents at beginning of period | 3,537 | 3,030 | 1,944 | 2,789 | 3,547 | ||||||||||||||
| Cash and cash equivalents at end of period | 1,045 | 3,537 | 2,789 | 1,045 | 2,789 | ||||||||||||||
| Net cash paid during the period for: | |||||||||||||||||||
| Interest | 95 | 44 | 74 | 242 | 177 | ||||||||||||||
| Income tax | 34 | 59 | 61 | 368 | 188 | ||||||||||||||
| Non-cash adjustment related to the adoption of ASC 606: | |||||||||||||||||||
| Receivables and other current assets | — | — | — | — | (36 | ) | |||||||||||||
| Inventories | — | — | — | — | 22 | ||||||||||||||
