NXP Semiconductors Reports Second Quarter 2016 Results


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



($ in millions)	Three Months Ended
	July 3, 2016			April 3, 2016			July 5, 2015

Cash Flows from operating activities
Net income (loss)	$	1		$	(387	)	$	321
Adjustments to reconcile net income (loss):
Depreciation and amortization		620			529			98
Stock-based compensation		80			99			36
Excess tax benefits from share-based compensation plans		(1	)		(3	)		-
Change in fair value of warrant liability		-			-			(18	)
Amortization of discount on debt		7			8			9
Amortization of debt issuance costs		4			5			-
Net (gain) loss on sale of assets		(11	)		-			(1	)
Loss (gain) on extinguishment of debt		23			3			-
Results relating to equity accounted investees		(1	)		(1	)		(1	)
Changes in deferred taxes		(171	)		(221	)		(3	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		(61	)		-			11
(Increase) decrease in inventories		46			441			(14	)
Increase (decrease) in accounts payable and accrued liabilities		(120	)		(47	)		(73	)
Decrease (Increase) in other non-current assets		(1	)		4			10
Exchange differences		4			10			(40	)
Other items		15			(26	)		16
Net cash provided by (used for) operating activities		434			414			351

Cash flows from investing activities:
Purchase of identified intangible assets		(7	)		(18	)		(4	)
Capital expenditures on property, plant and equipment		(71	)		(88	)		(91	)
Proceeds from disposals of property, plant and equipment		-			-			2
Purchase of interests in businesses, net of cash acquired		-			(2	)		(2	)
Proceeds from sale of interests in businesses		18			-			1
Other		1			2			-
Net cash provided by (used for) investing activities		(59	)		(106	)		(94	)

Cash flows from financing activities:
Net (repayments) borrowings of short-term debt		(1	)		(5	)		1
Repurchase of long-term debt		(1,872	)		(204	)		-
Principal payments on long-term debt		(8	)		(14	)		(8	)
Proceeds from the issuance of long-term debt		1,750			-			1,000
Cash paid for debt issuance costs		(14	)		-			(10	)
Cash proceeds from exercise of stock options		27			45			9
Purchase of treasury shares		(397	)		(266	)		(162	)
Hold-back payments on prior acquisitions		-			-			(2	)
Excess tax benefits from share-based compensation plans		1			3			-
Net cash provided by (used for) financing activities		(514	)		(441	)		828

Effect of changes in exchange rates on cash positions		(14	)		7			(5	)
Increase (decrease) in cash and cash equivalents		(153	)		(126	)		1,080
Cash and cash equivalents at beginning of period		1,488			1,614			1,355
Cash and cash equivalents at end of period		1,335			1,488			2,435

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