NXP Semiconductors Reports Fourth Quarter and Full-year 2018

NXP Semiconductors Reports Fourth Quarter and Full-year 2018 Results

NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)
($ in millions)	Three Months Ended									Full Year
	Dec. 31, 2018			Sept. 30, 2018			Dec. 31, 2017				2018			2017
Cash Flows from operating activities
Net income (loss)	$	289		$	1,833		$	768		$	2,258		$	2,272
Adjustments to reconcile net income (loss):
Depreciation and amortization		503			497			542			1,987			2,173
Stock-based compensation		93			83			78			314			281
Amortization of discount on debt		11			10			10			42			40
Amortization of debt issuance costs		3			2			3			10			12
Net gain on sale of assets		-			-			(4	)		-			(1,615	)
Loss on extinguishment of debt		-			-			-			26			41
Results relating to equity accounted investees		(1	)		(52	)		(8	)		(54	)		(22	)
Changes in deferred taxes		(52	)		(50	)		(593	)		(211	)		(797	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		51			(31	)		(25	)		187			31
(Increase) decrease in inventories		5			42			(31	)		(65	)		(120	)
Increase (decrease) in accounts payable and accrued liabilities		(188	)		310			82			(129	)		225
Decrease (Increase) in other non-current assets		4			(36	)		(92	)		(22	)		(100	)
Exchange differences		13			1			5			14			30
Other items		-			6			3			12			(4	)
Net cash provided by (used for) operating activities		731			2,615			738			4,369			2,447

Cash flows from investing activities:
Purchase of identified intangible assets		(4	)		(18	)		(10	)		(50	)		(66	)
Capital expenditures on property, plant and equipment		(170	)		(156	)		(133	)		(611	)		(552	)
Proceeds from disposals of property, plant and equipment		-			1			1			1			2
Purchase of interests in businesses, net of cash acquired		-			-			-			(18	)		-
Proceeds from sale of interests in businesses, net of cash divested		-			127			-			159			2,682
Purchase of available-for-sale securities		(2	)		-			-			(9	)		-
Proceeds from the sale of securities		2			-			-			2			-
Proceeds from return of equity investment		-			4			-			4			-
Other		-			-			7			-			6
Net cash provided by (used for) investing activities		(174	)		(42	)		(135	)		(522	)		2,072

Cash flows from financing activities:
Repayment of Bridge loan		(1,000	)		-			-			(1,000	)		-
Proceeds from Bridge loan		-			1,000			-			1,000			-
Repurchase of long-term debt		-			-			-			(1,273	)		(2,728	)
Principal payments on long-term debt		-			-			(4	)		(1	)		(16	)
Proceeds from the issuance of long-term debt		1,997			-			-			1,997			-
Cash paid for debt issuance costs		(12	)		(11	)		-			(23	)		-
Cash paid for terminated acquisition adjustment event		(60	)		-			-			(60	)		-
Dividends paid to non-controlling interests		-			(54	)		-			(54	)		(89	)
Dividends paid to common stockholders		(74	)		-			-			(74	)		-
Cash proceeds from exercise of stock options		3			6			129			39			233
Purchase of treasury shares and restricted stock unit withholdings		(424	)		(4,550	)		(248	)		(5,006	)		(286	)
Cash paid on behalf of shareholders for tax on repurchased shares		(142	)		-			-			(142	)		-
Net cash provided by (used for) financing activities		288			(3,609	)		(123	)		(4,597	)		(2,886	)

Effect of changes in exchange rates on cash positions		-			(1	)		2			(8	)		20
Increase (decrease) in cash and cash equivalents		845			(1,037	)		482			(758	)		1,653
Cash and cash equivalents at beginning of period		1,944			2,981			3,065			3,547			1,894
Cash and cash equivalents at end of period		2,789			1,944			3,547			2,789			3,547

Net cash paid during the period for:
Interest		74			7			81			177			245
Income taxes		61			80			67			188			356
Non-cash adjustment related to the adoption of ASC 606:
Receivables and other current assets		-			-			-			(36	)		-
Inventories		-			-			-			22			-

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