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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 |
| | |
June 30, 2019 | |
March 31, 2019 | |
July 1, 2018 |
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Cash Flows from operating activities | | | | | | |
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Net income (loss)
| |
$ |
46 | | |
$ |
(16 |
) | |
$ |
66 | |
| Adjustments to reconcile net income (loss): | | | | | | |
| Depreciation and amortization | | | 506 | | | | 502 | | | | 496 | |
| Stock-based compensation | | | 87 | | | | 86 | | | | 69 | |
| Amortization of discount on debt | | | 11 | | | | 11 | | | | 11 | |
| Amortization of debt issuance costs | | | 3 | | | | 3 | | | | 2 | |
| Net (gain) loss on sale of assets | | | 1 | | | | - | | | | - | |
| (Gain) loss on extinguishment of debt | | | 10 | | | | - | | | | 26 | |
| Results relating to equity accounted investees | | | 1 | | | | (4 | ) | | | 1 | |
| Changes in deferred taxes | | | (30 | ) | | | (63 | ) | | | (67 | ) |
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Changes in operating assets and liabilities: | | | | | | |
| (Increase) decrease in receivables and other current assets | | | 31 | | | | (42 | ) | | | 86 | |
| (Increase) decrease in inventories | | | 84 | | | | 38 | | | | (76 | ) |
| Increase (decrease) in accounts payable and other current liabilities | | | (218 | ) | | | (250 | ) | | | (225 | ) |
| Decrease (Increase) in other non-current assets | | | (14 | ) | | | 20 | | | | 10 | |
| Exchange differences | | | 1 | | | | 6 | | | | (5 | ) |
| Other items | | | (2 | ) | | | 5 | | | | 9 | |
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Net cash provided by (used for) operating activities | | |
517 | | | |
296 | | | |
403 | |
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Cash flows from investing activities: | | | | | | |
| Purchase of identified intangible assets | | | (23 | ) | | | (28 | ) | | | (10 | ) |
| Capital expenditures on property, plant and equipment | | | (106 | ) | | | (144 | ) | | | (129 | ) |
| Purchase of interests in businesses, net of cash acquired | | | - | | | | - | | | | (18 | ) |
| Proceeds from sale of interests in businesses, net of cash divested | | | - | | | | 37 | | | | 32 | |
| Purchase of available-for-sale securities | | | (15 | ) | | | (2 | ) | | | (7 | ) |
| Proceeds from the sale of securities | | | - | | | | 1 | | | | - | |
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Net cash provided by (used for) investing activities | | |
(144 |
) | | |
(136 |
) | | |
(132 |
) |
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Cash flows from financing activities: | | | | | | |
| Repurchase of long-term debt | | | (553 | ) | | | - | | | | (1,273 | ) |
| Principal payments on long-term debt | | | - | | | | - | | | | (1 | ) |
| Proceeds from the issuance of long-term debt | | | 1,750 | | | | - | | | | - | |
| Cash paid for debt issuance costs | | | (23 | ) | | | - | | | | - | |
| Dividends paid to common stockholders | | | (71 | ) | | | (73 | ) | | | - | |
| Cash proceeds from exercise of stock options | | | 5 | | | | 32 | | | | 10 | |
| Purchase of treasury shares | | | (645 | ) | | | (715 | ) | | | (2 | ) |
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Net cash provided by (used for) financing activities | | |
463 | | | |
(756 |
) | | |
(1,266 |
) |
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| Effect of changes in exchange rates on cash positions | | | 2 | | | | (1 | ) | | | (7 | ) |
| Increase (decrease) in cash and cash equivalents | | |
838 | | | |
(597 |
) | | |
(1,002 |
) |
| Cash and cash equivalents at beginning of period | | |
2,192 | | | |
2,789 | | | |
3,983 | |
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Cash and cash equivalents at end of period | | |
3,030 | | | |
2,192 | | | |
2,981 | |
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Net cash paid during the period for: | | | | | | |
| Interest | | | 78 | | | | 25 | | | | 75 | |
| Income taxes | | | 66 | | | | 209 | | | | 3 | |
