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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