NXP Semiconductors Reports Fourth Quarter and Full Year 2017

NXP Semiconductors Reports Fourth Quarter and Full Year 2017 Results


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

($ in millions)	Three Months Ended									Full Year
	December 31, 2017			October 1, 2017			December 31, 2016			2017			2016

Cash Flows from operating activities
Net income (loss)	$	768		$	123		$	537		$	2,272		$	259
Adjustments to reconcile net income (loss):
Depreciation and amortization		542			537			530			2,173			2,205
Stock-based compensation		78			68			82			281			338
Excess tax benefits from share-based compensation plans		-			-			-			-			(5	)
Amortization of discount on debt		10			10			10			40			34
Amortization of debt issuance costs		3			3			4			12			16
Net (gain) loss on sale of assets		(4	)		-			-			(1,615	)		(11	)
Loss (gain) on extinguishment of debt		-			-			-			41			32
Results relating to equity accounted investees		(8	)		(6	)		(4	)		(22	)		(11	)
Changes in deferred taxes		(593	)		(109	)		(469	)		(797	)		(925	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		(25	)		3			67			31			(51	)
(Increase) decrease in inventories		(31	)		(24	)		24			(120	)		568
Increase (decrease) in accounts payable and accrued liabilities		82			36			(39	)		225			(156	)
Decrease (Increase) in other non-current assets		(92	)		(5	)		6			(100	)		5
Exchange differences		5			8			(3	)		30			15
Other items		3			(1	)		(8	)		(4	)		(10	)
Net cash provided by (used for) operating activities		738			643			737			2,447			2,303

Cash flows from investing activities:
Purchase of identified intangible assets		(10	)		(16	)		(25	)		(66	)		(59	)
Capital expenditures on property, plant and equipment		(133	)		(162	)		(131	)		(552	)		(389	)
Proceeds from disposals of property, plant and equipment		1			1			-			2			1
Purchase of interests in businesses, net of cash acquired		-			-			-			-			(202	)
Proceeds from sale of interests in businesses, net of cash divested		-			14			-			2,682			20
Other		7			-			(1	)		6			2
Net cash provided by (used for) investing activities		(135	)		(163	)		(157	)		2,072			(627	)

Cash flows from financing activities:
Net (repayments) borrowings of short-term debt		-			-			-			-			(6	)
Amounts drawn under the revolving credit facility		-			-			-			-			200
Repayments under the revolving credit facility		-			-			(200	)		-			(200	)
Repurchase of long-term debt		-			-			-			(2,728	)		(3,295	)
Principal payments on long-term debt		(4	)		(4	)		(9	)		(16	)		(38	)
Proceeds from the issuance of long-term debt		-			-			-			-			3,259
Cash paid for debt issuance costs		-			-			-			-			(26	)
Dividends paid to non-controlling interests		-			(89	)		-			(89	)		(126	)
Cash proceeds from exercise of stock options		129			36			25			233			115
Purchase of treasury shares and restricted stock unit withholdings		(248	)		(2	)		(62	)		(286	)		(1,280	)
Excess tax benefits from share-based compensation plans		-			-			-			-			5
Net cash provided by (used for) financing activities		(123	)		(59	)		(246	)		(2,886	)		(1,392	)

Effect of changes in exchange rates on cash positions		2			2			(9	)		20			(4	)
Increase (decrease) in cash and cash equivalents		482			423			325			1,653			280
Cash and cash equivalents at beginning of period		3,065			2,642			1,569			1,894			1,614
Cash and cash equivalents at end of period		3,547			3,065			1,894			3,547			1,894

Net cash paid during the period for:
Interest		81			27			109			245			348
Income taxes		77			114			16			366			67

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