NXP Semiconductors Reports Fourth Quarter and Full-year 2020 Results


NXP Semiconductors

Table 3: Condensed consolidated statement of cash flows (unaudited)

($ in millions) Three months ended  Full-year
  December 31,
2020
  September 27,
2020
  December 31,
2019
  2020  2019
Cash flows from operating activities:         
Net income (loss) $ 320   $ (18 )  $ 123   $ 80   $ 272 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:         
Depreciation and amortization316  589  522  1,988  2,047 
Stock-based compensation89  83  89  384  346 
Amortization of discount (premium) on debt, net    8  (1) 42 
Amortization of debt issuance costs 2     3     3     9     11  
Net (gain) loss on sale of assets (4 )   (1 )       (115 )   (20 )
(Gain) loss on extinguishment of debt 60             60     11  
Results relating to equity-accounted investees 1     1     1     4     (1 )
Gain (loss) on equity securities, net (21 )           (21 )    
Deferred tax expense (benefit) (75 )   (118 )   (49 )   (349 )   (175 )
Changes in operating assets and liabilities:                  
(Increase) decrease in receivables and other current assets (50 )   (252 )   144     (51 )   116  
(Increase) decrease in inventories 34     164     (7 )   163     128  
Increase (decrease) in accounts payable and other liabilities 333     82     (35 )   319     (460 )
(Increase) decrease in other non-current assets 23     (9 )   7     7     43  
Exchange differences 10     5     9     16     15  
Other items (9 )   (2 )   (1 )   (11 )   (2 )
Net cash provided by (used for) operating activities 1,029     527     814     2,482     2,373  
                   
Cash flows from investing activities:                  
Purchase of identified intangible assets (35 )   (22 )   (30 )   (130 )   (102 )
Capital expenditures on property, plant and equipment (104 )   (70 )   (138 )   (392 )   (526 )
Proceeds from the disposals of property, plant and equipment 1     2         4     23  
Purchase of interests in businesses, net of cash acquired (13 )       (1,698 )   (34 )   (1,698 )
Proceeds from sale of interests in businesses, net of cash divested             161     37  
Purchase of investments (15 )   (15 )       (30 )   (19 )
Proceeds from the sale of investments 2             2     1  
Proceeds from return of equity investments 1             1      
Net cash provided by (used for) investing activities (163 )   (105 )   (1,866 )   (418 )   (2,284 )
                   
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 )       (145 )
Repurchase of long-term debt (1,809 )           (1,809 )   (600 )
Principal payments on long-term debt                  
Proceeds from the issuance of long-term debt             2,000     1,750  
Cash paid for debt issuance costs             (15 )   (24 )
Dividends paid to non-controlling interests (1 )   (34 )       (35 )    
Dividends paid to common stockholders (105 )   (105 )   (105 )   (420 )   (319 )
Proceeds from issuance of common stock through stock plans 8     27     14     72     84  
Purchase of treasury shares and restricted stock unit withholdings (257 )   (12 )   (74 )   (627 )   (1,443 )
Cash paid on behalf of shareholders for tax on repurchased shares         (128 )       (128 )
Other, net (1 )           (1 )    
Net cash provided by (used for) financing activities (2,165 )   (124 )   (1,443 )   (835 )   (1,831 )
                   
Effect of changes in exchange rates on cash positions 8     2     3     1     (2 )
Increase (decrease) in cash and cash equivalents (1,291 )   300      (2,492 )   1,230      (1,744 )
Cash and cash equivalents at beginning of period 3,566     3,266     3,537     1,045     2,789  
Cash and cash equivalents at end of period 2,275     3,566     1,045     2,275     1,045  
                   
Net cash paid during the period for:                  
Interest 125     54     95     336     242  
Income tax 45     39     34     148     368  
Net gain (loss) on sale of assets:                  
Cash proceeds from the sale of assets 2     2         165     21  
Book value of these assets 2     (1 )       (50 )   (1 )
Non-cash investing activities:                  
Non-cash capital expenditures 119     62     133     119     133  

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