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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