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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 |
| |
July 1, 2018 | |
April 1, 2018 | |
July 2, 2017 |
| | | | | | |
|
Cash Flows from operating activities | | | | | |
|
Net income (loss)
|
$ |
66 | | |
$ |
70 | | |
$ |
63 | |
| Adjustments to reconcile net income (loss): | | | | | |
| Depreciation and amortization | | 496 | | | | 491 | | | | 560 | |
| Stock-based compensation | | 69 | | | | 69 | | | | 67 | |
| Amortization of discount on debt | | 11 | | | | 10 | | | | 10 | |
| Amortization of debt issuance costs | | 2 | | | | 3 | | | | 3 | |
| Net gain on sale of assets | | - | | | | - | | | | (14 | ) |
| Loss on extinguishment of debt | | 26 | | | | - | | | | - | |
| Results relating to equity accounted investees | | 1 | | | | (2 | ) | | | (3 | ) |
| Changes in deferred taxes | | (67 | ) | | | (42 | ) | | | (120 | ) |
|
Changes in operating assets and liabilities: | | | | | |
| (Increase) decrease in receivables and other current assets | | 86 | | | | 81 | | | | 49 | |
| (Increase) decrease in inventories | | (76 | ) | | | (36 | ) | | | (37 | ) |
| Increase (decrease) in accounts payable and accrued liabilities | | (225 | ) | | | (26 | ) | | | (137 | ) |
| Decrease (Increase) in other non-current assets | | 10 | | | | - | | | | (2 | ) |
| Exchange differences | | (5 | ) | | | 5 | | | | 5 | |
| Other items | | 9 | | | | (3 | ) | | | (3 | ) |
|
Net cash provided by (used for) operating activities | |
403 | | | |
620 | | | |
441 | |
| | | | | | |
|
Cash flows from investing activities: | | | | | |
| Purchase of identified intangible assets | | (10 | ) | | | (18 | ) | | | (16 | ) |
| Capital expenditures on property, plant and equipment | | (129 | ) | | | (156 | ) | | | (96 | ) |
| Purchase of interests in businesses, net of cash acquired | | (18 | ) | | | - | | | | - | |
| Proceeds from sale of interests in businesses, net of cash divested | | 32 | | | | - | | | | 54 | |
| Purchase of available-for-sale securities | | (7 | ) | | | - | | | | - | |
|
Net cash provided by (used for) investing activities | |
(132 |
) | | |
(174 |
) | | |
(58 |
) |
| | | | | | |
|
Cash flows from financing activities: | | | | | |
| Repurchase of long-term debt | | (1,273 | ) | | | - | | | | - | |
| Principal payments on long-term debt | | (1 | ) | | | - | | | | (4 | ) |
| Cash proceeds from exercise of stock options | | 10 | | | | 20 | | | | 32 | |
| Purchase of treasury shares | | (2 | ) | | | (30 | ) | | | (10 | ) |
|
Net cash provided by (used for) financing activities | |
(1,266 |
) | | |
(10 |
) | | |
18 | |
| | | | | | |
| Effect of changes in exchange rates on cash positions | | (7 | ) | | | - | | | | 3 | |
| Increase (decrease) in cash and cash equivalents | |
(1,002 |
) | | |
436 | | | |
404 | |
| Cash and cash equivalents at beginning of period | |
3,983 | | | |
3,547 | | | |
2,238 | |
|
Cash and cash equivalents at end of period | |
2,981 | | | |
3,983 | | | |
2,642 | |
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| | | | | | |
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Net cash paid during the period for: | | | | | |
| Interest | | 75 | | | | 21 | | | | 84 | |
| Income taxes | | 3 | | | | 44 | | | | 119 | |
|
Non-cash adjustment related to the adoption of ASC 606: | | | | | |
| Receivables and other current assets | | - | | | | (36 | ) | | | - | |
| Inventories | | - | | | | 22 | | | | - | |
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