NXP Semiconductors Reports Second Quarter 2017 Results

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



($ in millions)	Three Months Ended
	July 2, 2017			April 2, 2017			July 3, 2016

Cash Flows from operating activities
Net income (loss)	$	63		$	1,318		$	1
Adjustments to reconcile net income (loss):
Depreciation and amortization		560			534			620
Stock-based compensation		67			68			80
Excess tax benefits from share-based compensation plans		-			-			(1	)
Amortization of discount on debt		10			10			7
Amortization of debt issuance costs		3			3			4
Net gain on sale of assets		(14	)		(1,597	)		(11	)
Loss on extinguishment of debt		-			41			23
Results relating to equity accounted investees		(3	)		(5	)		(1	)
Changes in deferred taxes		(120	)		25			(171	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		49			4			(61	)
(Increase) decrease in inventories		(37	)		(28	)		46
Increase (decrease) in accounts payable and accrued liabilities		(137	)		244			(120	)
Decrease (Increase) in other non-current assets		(2	)		(1	)		(1	)
Exchange differences		5			12			4
Other items		(3	)		(3	)		15
Net cash provided by (used for) operating activities		441			625			434

Cash flows from investing activities:
Purchase of identified intangible assets		(16	)		(24	)		(7	)
Capital expenditures on property, plant and equipment		(96	)		(161	)		(71	)
Proceeds from sale of interests in businesses, net of cash divested		54			2,614			18
Other		-			(1	)		1
Net cash provided by (used for) investing activities		(58	)		2,428			(59	)

Cash flows from financing activities:
Net (repayments) borrowings of short-term debt		-			-			(1	)
Repurchase of long-term debt		-			(2,728	)		(1,872	)
Principal payments on long-term debt		(4	)		(4	)		(8	)
Proceeds from the issuance of long-term debt		-			-			1,750
Cash paid for debt issuance costs		-			-			(14	)
Cash proceeds from exercise of stock options		32			36			27
Purchase of treasury shares and restricted stock unit withholdings		(10	)		(26	)		(397	)
Excess tax benefits from share-based compensation plans		-			-			1
Net cash provided by (used for) financing activities		18			(2,722	)		(514	)

Effect of changes in exchange rates on cash positions		3			13			(14	)
Increase (decrease) in cash and cash equivalents		404			344			(153	)
Cash and cash equivalents at beginning of period		2,238			1,894			1,488
Cash and cash equivalents at end of period		2,642			2,238			1,335


Net cash paid during the period for:
Interest		84			53			108
Income taxes		119			56			18

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