NXP Semiconductors Reports Fourth Quarter and Full-Year 2016

NXP Semiconductors Reports Fourth Quarter and Full-Year 2016 Results

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



($ in millions)	Three Months Ended									Full Year
	December 31, 2016			October 2, 2016			December 31, 2015			2016			2015

Cash Flows from operating activities
Net income (loss)	$	145		$	108		$	989		$	(133	)	$	1,599
Adjustments to reconcile net income (loss):
Depreciation and amortization		530			526			230			2,205			517
Stock-based compensation		82			77			111			338			216
Excess tax benefits from share-based compensation plans		-			(1	)		-			(5	)		-
Change in fair value of warrant liability		-			-			1			-			31
Amortization of discount on debt		10			9			11			34			39
Amortization of debt issuance costs		4			3			11			16			11
Net (gain) loss on sale of assets		-			-			(1,258	)		(11	)		(1,263	)
Loss (gain) on extinguishment of debt		-			6			-			32			-
Results relating to equity accounted investees		(4	)		(5	)		(2	)		(11	)		(9	)
Changes in deferred taxes		(77	)		(64	)		(174	)		(533	)		(168	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		67			(57	)		71			(51	)		(78	)
(Increase) decrease in inventories		24			57			154			568			82
Increase (decrease) in accounts payable and accrued liabilities		(39	)		50			95			(156	)		127
Decrease (Increase) in other non-current assets		6			(4	)		9			5			30
Exchange differences		(3	)		4			31			15			193
Other items		(8	)		9			(8	)		(10	)		3
Net cash provided by (used for) operating activities		737			718			271			2,303			1,330

Cash flows from investing activities:
Purchase of identified intangible assets		(25	)		(9	)		(5	)		(59	)		(12	)
Capital expenditures on property, plant and equipment		(131	)		(99	)		(92	)		(389	)		(341	)
Proceeds from disposals of property, plant and equipment		-			1			1			1			7
Purchase of businesses		-			(200	)		(1,587	)		(202	)		(1,692	)
Proceeds from sale of interests in businesses		-			2			1,604			20			1,605
Proceeds from return of equity investment		-			-			-			-			1
Other		(1	)		-			2			2			2
Net cash provided by (used for) investing activities		(157	)		(305	)		(77	)		(627	)		(430	)

Cash flows from financing activities:
Net (repayments) borrowings of short-term debt		-			-			(1	)		(6	)		(2	)
Amounts drawn under the revolving credit facility		-			200			-			200			-
Repayments under the revolving credit facility		(200	)		-			-			(200	)		-
Repurchase of long-term debt		-			(1,219	)		(3,586	)		(3,295	)		(3,586	)
Principal payments on long-term debt		(9	)		(7	)		(8	)		(38	)		(32	)
Proceeds from the issuance of long-term debt		-			1,509			2,680			3,259			3,680
Cash paid for debt issuance costs		-			(12	)		(22	)		(26	)		(32	)
Dividends paid to non-controlling interests		-			(126	)		-			(126	)		(51	)
Cash proceeds from exercise of stock options		25			18			18			115			51
Purchase of treasury shares		(62	)		(555	)		(151	)		(1,280	)		(475	)
Hold-back payments on prior acquisitions		-			-			-			-			(2	)
Excess tax benefits from share-based compensation plans		-			1			-			5			-
Net cash provided by (used for) financing activities		(246	)		(191	)		(1,070	)		(1,392	)		(449	)

Effect of changes in exchange rates on cash positions		(9	)		12			(2	)		(4	)		(22	)
Increase (decrease) in cash and cash equivalents		325			234			(878	)		280			429
Cash and cash equivalents at beginning of period		1,569			1,335			2,492			1,614			1,185
Cash and cash equivalents at end of period		1,894			1,569			1,614			1,894			1,614


Net cash paid during the period for:
Interest		109			57			63			348			172
Income taxes		16			19			19			67			40

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