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 amortization | 316 | 589 | 522 | 1,988 | 2,047 | ||||||||||||||
| Stock-based compensation | 89 | 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 | ||||||||||||||
