NXP Semiconductors Reports Third Quarter 2019 Results


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

($ in millions) Three months ended
  September 29,
 2019
  June 30,
 2019
  September 30,
2018
Cash flows from operating activities:     
Net income (loss) $ 119   $ 46   $ 1,833 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:     
Depreciation and amortization517  506  497 
Stock-based compensation84  87  83 
Amortization of discount on debt12  11  10 
Amortization of debt issuance costs2  3  2 
Net (gain) loss on sale of assets(21) 1   
(Gain) loss on extinguishment of debt1  10   
Results relating to equity-accounted investees1  1  (52)
Deferred tax expense (benefit)(33) (30) (50)
Changes in operating assets and liabilities:     
(Increase) decrease in receivables and other current assets(17) 31  (31)
(Increase) decrease in inventories13  84  42 
Increase (decrease) in accounts payable and other liabilities 43     (218 )   310  
(Increase) decrease in other non-current assets 30     (14 )   (36 )
Exchange differences (1 )   1     1  
Other items (4 )   (2 )   6  
Net cash provided by (used for) operating activities 746     517     2,615  
           
Cash flows from investing activities:          
Purchase of identified intangible assets (21 )   (23 )   (18 )
Capital expenditures on property, plant and equipment (138 )   (106 )   (156 )
Proceeds from the disposals of property, plant and equipment 23         1  
Proceeds from sale of interests in businesses         127  
Proceeds from return of equity investment         4  
Purchase of available-for-sale securities (2 )   (15 )    
Net cash provided by (used for) investing activities (138 )   (144 )   (42 )
           
Cash flows from financing activities:          
Proceeds from Bridge Loan         1,000  
Repurchase of long-term debt (47 )   (553 )    
Proceeds from the issuance of long-term debt     1,750      
Cash paid for debt issuance costs (1 )   (23 )   (11 )
Cash paid for Notes hedge derivatives (1 )        
Dividends paid to non-controlling interests         (54 )
Dividends paid to common stockholders (70 )   (71 )    
Proceeds from issuance of common stock through stock plans 33     5     6  
Purchase of treasury shares and restricted stock unit withholdings (9 )   (645 )   (4,550 )
Net cash provided by (used for) financing activities (95 )   463     (3,609 )
           
Effect of changes in exchange rates on cash positions (6 )   2     (1 )
Increase (decrease) in cash and cash equivalents 507     838     (1,037 )
Cash and cash equivalents at beginning of period 3,030     2,192     2,981  
Cash and cash equivalents at end of period 3,537     3,030     1,944  
           
Net cash paid during the period for:          
Interest 44     78     7  
Income tax 59     66     80  
           

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