NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)
| ($ in millions) | Three months ended | ||||||||||
|
March 29,
2020 |
December 31,
2019 |
March 31,
2019 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | (13 | ) | $ | 123 | $ | (16 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||
| Depreciation and amortization | 540 | 522 | 502 | ||||||||
| Stock-based compensation | 107 | 89 | 86 | ||||||||
| Amortization of discount on debt | — | 8 | 11 | ||||||||
| Amortization of debt issuance costs | 1 | 3 | 3 | ||||||||
| Net (gain) loss on sale of assets | (110 | ) | — | — | |||||||
| Results relating to equity-accounted investees | 1 | 1 | (4 | ) | |||||||
| Deferred tax expense (benefit) | (75 | ) | (49 | ) | (63 | ) | |||||
| Changes in operating assets and liabilities: | |||||||||||
| (Increase) decrease in receivables and other current assets | 27 | 144 | (42 | ) | |||||||
| (Increase) decrease in inventories | (35 | ) | (7 | ) | 38 | ||||||
| Increase (decrease) in accounts payable and other liabilities | 64 | (35 | ) | (250 | ) | ||||||
| (Increase) decrease in other non-current assets | 4 | 7 | 20 | ||||||||
| Exchange differences | (4 | ) | 9 | 6 | |||||||
| Other items | 5 | (1 | ) | 5 | |||||||
| Net cash provided by (used for) operating activities | 512 | 814 | 296 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of identified intangible assets | (45 | ) | (30 | ) | (28 | ) | |||||
| Capital expenditures on property, plant and equipment | (143 | ) | (138 | ) | (144 | ) | |||||
| Purchase of interests in businesses, net of cash acquired | (10 | ) | (1,698 | ) | — | ||||||
| Proceeds from sale of interests in businesses | 161 | — | 37 | ||||||||
| Purchase of investments | — | — | (2 | ) | |||||||
| Proceeds from sale of investments | — | — | 1 | ||||||||
| Net cash provided by (used for) investing activities | (37 | ) | (1,866 | ) | (136 | ) | |||||
| Cash flows from financing activities: | |||||||||||
| Payment of cash convertible note | — | (1,150 | ) | — | |||||||
| Proceeds from settlement of cash convertible note hedge | — | 144 | — | ||||||||
| Payment of bond hedge derivatives - convertible option | — | (144 | ) | — | |||||||
| Dividends paid to common stockholders | (105 | ) | (105 | ) | (73 | ) | |||||
| Proceeds from issuance of common stock through stock plans | 29 | 14 | 32 | ||||||||
| Purchase of treasury shares and restricted stock unit withholdings | (355 | ) | (74 | ) | (715 | ) | |||||
| Cash paid on behalf of shareholders for tax on repurchased shares | — | (128 | ) | — | |||||||
| Net cash provided by (used for) financing activities | (431 | ) | (1,443 | ) | (756 | ) | |||||
| Effect of changes in exchange rates on cash positions | (10 | ) | 3 | (1 | ) | ||||||
| Increase (decrease) in cash and cash equivalents | 34 | (2,492 | ) | (597 | ) | ||||||
| Cash and cash equivalents at beginning of period | 1,045 | 3,537 | 2,789 | ||||||||
| Cash and cash equivalents at end of period | 1,079 | 1,045 | 2,192 | ||||||||
| Net cash paid during the period for: | |||||||||||
| Interest | 53 | 95 | 25 | ||||||||
| Income tax | 39 | 34 | 209 | ||||||||
| Net gain (loss) on sale of assets: | |||||||||||
| Cash proceeds from the sale of assets | 161 | — | 37 | ||||||||
| Book value of these assets | (51 | ) | — | (34 | ) | ||||||
| Non-cash investing activities: | |||||||||||
| Non-cash capital expenditures | 78 | 133 | 89 | ||||||||
