NXP Semiconductors Reports Third Quarter 2016 Results


  NXP Semiconductors        
  Table 3: Condensed consolidated statement of cash flows (unaudited)        
                  
          
          
 ($ in millions)  Three Months Ended  
    October 2,
2016
  July 3, 2016  October 4,
2015
  
          
  Cash Flows from operating activities        
  Net income (loss)   $   108    $   1    $   379    
 Adjustments to reconcile net income (loss):        
 Depreciation and amortization  526   620   94   
 Stock-based compensation  77   80   34   
 Excess tax benefits from share-based compensation plans  (1)  (1)  -   
 Change in fair value of warrant liability  -   -   (67)  
 Amortization of discount on debt  9   7   9   
 Amortization of debt issuance costs  3   4   -   
 Net (gain) loss on sale of assets  -   (11)   (4 )    
  Loss (gain) on extinguishment of debt     6       23       -      
  Results relating to equity accounted investees     (5 )     (1 )     (3 )    
  Changes in deferred taxes     (64 )     (171 )     4      
  Changes in operating assets and liabilities:                
  (Increase) decrease in receivables and other current assets     (57 )     (61 )     (96 )    
  (Increase) decrease in inventories     57       46       (5 )    
  Increase (decrease) in accounts payable and accrued liabilities     50       (120 )     (5 )    
  Decrease (Increase) in other non-current assets     (4 )     (1 )     1      
  Exchange differences     4       4       (6 )    
  Other items     9       15       5      
  Net cash provided by (used for) operating activities       718         434         340      
                   
  Cash flows from investing activities:                
  Purchase of identified intangible assets     (9 )     (7 )     (1 )    
  Capital expenditures on property, plant and equipment     (99 )     (71 )     (78 )    
  Proceeds from disposals of property, plant and equipment     1       -       4      
  Purchase of businesses     (200 )     -       -      
  Proceeds from sale of interests in businesses     2       18       -      
  Other     -       1       (1 )    
  Net cash provided by (used for) investing activities       (305 )       (59 )       (76 )    
                   
  Cash flows from financing activities:                
  Net (repayments) borrowings of short-term debt     -       (1 )     (1 )    
  Amounts drawn under the revolving credit facility     200       -       -      
  Repurchase of long-term debt     (1,219 )     (1,872 )     -      
  Principal payments on long-term debt     (7 )     (8 )     (6 )    
  Proceeds from the issuance of long-term debt     1,509       1,750       -      
  Cash paid for debt issuance costs     (12 )     (14 )     -      
  Dividends paid to non-controlling interests     (126 )     -       (51 )    
  Cash proceeds from exercise of stock options     18       27       8      
  Purchase of treasury shares     (555 )     (397 )     (158 )    
  Excess tax benefits from share-based compensation plans     1       1       -      
  Net cash provided by (used for) financing activities       (191 )       (514 )       (208 )    
                   
  Effect of changes in exchange rates on cash positions     12       (14 )     1      
  Increase (decrease) in cash and cash equivalents       234         (153 )       57      
  Cash and cash equivalents at beginning of period       1,335         1,488         2,435      
  Cash and cash equivalents at end of period       1,569         1,335         2,492      
                   
                   
  Net cash paid during the period for:                
  Interest     57       108       42      
  Income taxes     19       18       7      
                   

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