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NXP Semiconductors | |
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Table 3: Condensed consolidated statement of cash flows (unaudited) | |
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| ($ in millions) | |
Three Months Ended | |
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April 3, 2016 | |
Dec. 31,
2015 | |
April 5, 2015 | |
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Cash Flows from operating activities | | | | | | | |
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Net income (loss)
| |
$ |
(387 |
) | |
$ |
989 | | |
$ |
(90 |
) | |
| Adjustments to reconcile net income (loss): | | | | | | | |
| Depreciation and amortization | | | 529 | | | | 230 | | | | 95 | | |
| Stock-based compensation | | | 99 | | | | 111 | | | | 35 | | |
| Excess tax benefits from share-based compensation plans | | | (3 | ) | | | - | | | | - | | |
| Change in fair value of warrant liability | | | - | | | | 1 | | | | 115 | | |
| Amortization of discount on debt | | | 8 | | | | 11 | | | | 10 | | |
| Amortization of debt issuance costs | | | 5 | | | | 11 | | | | - | | |
| Net (gain) loss on sale of assets | | | - | | | | (1,258 | ) | | | - | | |
| Results relating to equity accounted investees | | | (1 | ) | | | (2 | ) | | | (3 | ) | |
| Changes in deferred taxes | | | (221 | ) | | | (174 | ) | | | 5 | | |
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Changes in operating assets and liabilities: | | | | | | | |
| (Increase) decrease in receivables and other current assets | | | - | | | | 71 | | | | (64 | ) | |
| (Increase) decrease in inventories | | | 441 | | | | 154 | | | | (53 | ) | |
| Increase (decrease) in accounts payable and accrued liabilities | | | (47 | ) | | | 95 | | | | 110 | | |
| Decrease (Increase) in other non-current assets | | | 4 | | | | 9 | | | | 10 | | |
| Exchange differences | | | 10 | | | | 31 | | | | 208 | | |
| Other items | | | (23 | ) | | | (8 | ) | | | (10 | ) | |
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Net cash provided by (used for) operating activities | | |
414 | | | |
271 | | | |
368 | | |
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Cash flows from investing activities: | | | | | | | |
| Purchase of identified intangible assets | | | (18 | ) | | | (5 | ) | | | (2 | ) | |
| Capital expenditures on property, plant and equipment | | | (88 | ) | | | (92 | ) | | | (80 | ) | |
| Proceeds from disposals of property, plant and equipment | | | - | | | | 1 | | | | - | | |
| Purchase of interests in businesses, net of cash acquired | | | (2 | ) | | | (1,587 | ) | | | (103 | ) | |
| Proceeds from sale of interests in businesses | | | - | | | | 1,604 | | | | - | | |
| Proceeds from return of equity investment | | | - | | | | - | | | | 1 | | |
| Other | | | 2 | | | | 2 | | | | 1 | | |
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Net cash provided by (used for) investing activities | | |
(106 |
) | | |
(77 |
) | | |
(183 |
) | |
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Cash flows from financing activities: | | | | | | | |
| Net (repayments) borrowings of short-term debt | | | (5 | ) | | | (1 | ) | | | (1 | ) | |
| Repurchase of long-term debt | | | (204 | ) | | | (3,586 | ) | | | - | | |
| Principal payments on long-term debt | | | (14 | ) | | | (8 | ) | | | (10 | ) | |
| Proceeds from the issuance of long-term debt | | | - | | | | 2,680 | | | | - | | |
| Cash paid for debt issuance costs | | | - | | | | (22 | ) | | | - | | |
| Cash proceeds from exercise of stock options | | | 45 | | | | 18 | | | | 16 | | |
| Purchase of treasury shares | | | (266 | ) | | | (151 | ) | | | (4 | ) | |
| Excess tax benefits from share-based compensation plans | | | 3 | | | | - | | | | - | | |
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Net cash provided by (used for) financing activities | | |
(441 |
) | | |
(1,070 |
) | | |
1 | | |
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| Effect of changes in exchange rates on cash positions | | | 7 | | | | (2 | ) | | | (16 | ) | |
| Increase (decrease) in cash and cash equivalents | | |
(126 |
) | | |
(878 |
) | | |
170 | | |
| Cash and cash equivalents at beginning of period | | |
1,614 | | | | 2,492 | | | | 1,185 | | |
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Cash and cash equivalents at end of period | | |
1,488 | | | |
1,614 | | | |
1,355 | | |
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