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NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited) | |||||||||||
| ($ in millions) | Three months ended | ||||||||||
|
September 27,
2020 | June 28, 2020 |
September 29,
2019 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | (18 | ) | $ | (209 | ) | $ | 119 | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||
| Depreciation and amortization | 589 | 543 | 517 | ||||||||
| Stock-based compensation | 83 | 105 | 84 | ||||||||
| Amortization of discount (premium) on debt, net | — | (1 | ) | 12 | |||||||
| Amortization of debt issuance costs | 3 | 3 | 2 | ||||||||
| Net (gain) loss on sale of assets | (1 | ) | — | (21 | ) | ||||||
| (Gain) loss on extinguishment of debt | — | — | 1 | ||||||||
| Results relating to equity-accounted investees | 1 | 1 | 1 | ||||||||
| Deferred tax expense (benefit) | (118 | ) | (81 | ) | (33 | ) | |||||
| Changes in operating assets and liabilities: | |||||||||||
| (Increase) decrease in receivables and other current assets | (252 | ) | 224 | (17 | ) | ||||||
| (Increase) decrease in inventories | 164 | — | 13 | ||||||||
| Increase (decrease) in accounts payable and other liabilities | 82 | (160 | ) | 43 | |||||||
| (Increase) decrease in other non-current assets | (9 | ) | (11 | ) | 30 | ||||||
| Exchange differences | 5 | 5 | (1 | ) | |||||||
| Other items | (2 | ) | (5 | ) | (4 | ) | |||||
| Net cash provided by (used for) operating activities | 527 | 414 | 746 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of identified intangible assets | (22 | ) | (28 | ) | (21 | ) | |||||
| Capital expenditures on property, plant and equipment | (70 | ) | (75 | ) | (138 | ) | |||||
| Proceeds from the disposals of property, plant and equipment | 2 | 1 | 23 | ||||||||
| Purchase of interests in businesses, net of cash acquired | — | (11 | ) | — | |||||||
| Purchase of investments | (15 | ) | — | (2 | ) | ||||||
| Net cash provided by (used for) investing activities | (105 | ) | (113 | ) | (138 | ) | |||||
| Cash flows from financing activities: | |||||||||||
| Payment of bond hedge derivatives - convertible option | — | — | (1 | ) | |||||||
| Repurchase of long-term debt | — | — | (47 | ) | |||||||
| Proceeds from the issuance of long-term debt | — | 2,000 | — | ||||||||
| Cash paid for debt issuance costs | — | (15 | ) | (1 | ) | ||||||
| Dividends paid to non-controlling interests | (34 | ) | — | — | |||||||
| Dividends paid to common stockholders | (105 | ) | (105 | ) | (70 | ) | |||||
| Proceeds from issuance of common stock through stock plans | 27 | 8 | 33 | ||||||||
| Purchase of treasury shares and restricted stock unit withholdings | (12 | ) | (3 | ) | (9 | ) | |||||
| Net cash provided by (used for) financing activities | (124 | ) | 1,885 | (95 | ) | ||||||
| Effect of changes in exchange rates on cash positions | 2 | 1 | (6 | ) | |||||||
| Increase (decrease) in cash and cash equivalents | 300 | 2,187 | 507 | ||||||||
| Cash and cash equivalents at beginning of period | 3,266 | 1,079 | 3,030 | ||||||||
| Cash and cash equivalents at end of period | 3,566 | 3,266 | 3,537 | ||||||||
| Net cash paid during the period for: | |||||||||||
| Interest | 54 | 104 | 44 | ||||||||
| Income tax | 39 | 25 | 59 | ||||||||
| Net gain (loss) on sale of assets: | |||||||||||
| Cash proceeds from the sale of assets | 2 | — | 21 | ||||||||
| Book value of these assets | (1 | ) | — | (1 | ) | ||||||
| Non-cash investing activities: | |||||||||||
| Non-cash capital expenditures | 8 | (24 | ) | 94 | |||||||
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NXP Semiconductors Reports Third Quarter 2020 Results
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