NXP Semiconductors Reports Fourth Quarter and Full-year 2021 Results; Announces Increase of Quarterly Dividend and New 2022 Share Repurchase Program

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

($ in millions) Three months ended  Full-year
  December 31,
2021
  October 3,
2021
  December 31,
2020
   2021    2020 
Cash flows from operating activities:         
Net income (loss) $         610   $         526   $         320     $         1,906   $         80 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:         
Depreciation and amortization         310           306            316           1,262           1,988 
Stock-based compensation         88           81           89            353               384  
Amortization of discount (premium) on debt, net           —               —               —                1               (1 )
Amortization of debt issuance costs           2               2               2                 7               9  
Net (gain) loss on sale of assets           (1 )             —               (4 )             (1 )             (115 )
(Gain) loss on extinguishment of debt           22               —                60               22               60  
Results relating to equity-accounted investees           2               (3 )             1               2               4  
(Gain) loss on equity securities, net           4               (4 )             (21 )             2               (21 )
Deferred tax expense (benefit)           (26 )             (6 )             (75 )             (20 )             (349 )
Changes in operating assets and liabilities:                  
(Increase) decrease in receivables and other current assets           38               16               (50 )             (176 )             (51 )
(Increase) decrease in inventories           (16 )             (57 )             34               (159 )             163  
Increase (decrease) in accounts payable and other liabilities           6               118               333               248               319  
(Increase) decrease in other non-current assets           (244 )             (46 )             23               (350 )             7  
Exchange differences           (2 )             (3 )             10               (5 )             16  
Other items           (8 )             (6 )             (9 )             (15 )             (11 )
Net cash provided by (used for) operating activities            785                924                1,029                3,077                2,482  
                   
Cash flows from investing activities:                  
Purchase of identified intangible assets           (33 )             (27 )             (35 )             (132 )             (130 )
Capital expenditures on property, plant and equipment           (266 )             (201 )             (104 )             (767 )             (392 )
Purchase of equipment leased to others           (19 )             (14 )             —               (33 )             —   
Insurance recoveries received for equipment damage           3               7               —               10               —  
Proceeds from the disposals of property, plant and equipment           —               1               1               1               4  
Purchase of interests in businesses, net of cash acquired           (6 )             (16 )             (13 )             (23 )             (34 )
Proceeds from sale of interests in businesses, net of cash divested           —               —               —               —               161  
Purchase of investments           (2 )             —               (15 )             (8 )             (30 )
Proceeds from the sale of investments           —               —               2               8               2  
Proceeds from return of equity investments           7               2               1               10               1  
Net cash provided by (used for) investing activities            (316 )              (248 )              (163 )              (934 )              (418 )
                   
Cash flows from financing activities:                  
Repurchase of long-term debt           (1,021 )             —               (1,809 )             (1,021 )             (1,809 )
Proceeds from the issuance of long-term debt           2,000               —               —               4,000               2,000   
Cash paid for debt issuance costs           (25 )             —               —               (47 )             (15 )
Dividends paid to non-controlling interests           —               —               (1 )             —               (35 )
Dividends paid to common stockholders           (150 )             (152 )             (105 )             (562 )             (420 )
Proceeds from issuance of common stock through stock plans           2               29               8               62               72  
Purchase of treasury shares and restricted stock unit withholdings           (750 )             (1,157 )             (257 )             (4,015 )             (627 )
Other, net           (1 )             —               (1 )             (2 )             (1 )
Net cash provided by (used for) financing activities            55                (1,280 )              (2,165 )              (1,585 )              (835 )
                   
Effect of changes in exchange rates on cash positions           3               (3 )             8               (3 )             1  
Increase (decrease) in cash and cash equivalents            527                (607 )              (1,291 )              555                1,230  
Cash and cash equivalents at beginning of period           2,303               2,910               3,566               2,275               1,045  
Cash and cash equivalents at end of period            2,830                2,303                2,275                2,830                2,275  
                   
Net cash paid during the period for:                  
Interest           140               56               125               356               336  
Income taxes, net of refunds           103               89               45               353               148  
Net gain (loss) on sale of assets:                  
Cash proceeds from the sale of assets           1               —                2               1               165  
Book value of these assets           —               —               2               —               (50 )
Non-cash investing activities:                  
Non-cash capital expenditures           243               224                119               243               119  

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