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 amortization | 517 | 506 | 497 | ||||||||
| Stock-based compensation | 84 | 87 | 83 | ||||||||
| Amortization of discount on debt | 12 | 11 | 10 | ||||||||
| Amortization of debt issuance costs | 2 | 3 | 2 | ||||||||
| Net (gain) loss on sale of assets | (21 | ) | 1 | — | |||||||
| (Gain) loss on extinguishment of debt | 1 | 10 | — | ||||||||
| Results relating to equity-accounted investees | 1 | 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 inventories | 13 | 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 | ||||||||
