0001413447-19-000035 | 10-Q | XBRL Viewer

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Assets Held for Sale - Narrative (Details) $ in Millions	Aug. 16, 2019 USD ($)
Voice and Audio Solutions \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Price of assets acquired	$ 165

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenue	$ 2,265	$ 2,445	$ 6,576	$ 7,004
Cost of revenue	(1,079)	(1,189)	(3,167)	(3,396)
Gross profit	1,186	1,256	3,409	3,608
Research and development	(396)	(433)	(1,219)	(1,297)
Selling, general and administrative	(221)	(252)	(699)	(742)
Amortization of acquisition-related intangible assets	(358)	(362)	(1,070)	(1,085)
Total operating expenses	(975)	(1,047)	(2,988)	(3,124)
Other income (expense)	22	2,002	23	2,002
Operating income (loss)	233	2,211	444	2,486
Financial income (expense):
Extinguishment of debt	(1)	0	(11)	(26)
Other financial income (expense)	(84)	(119)	(246)	(232)
Income (loss) before income taxes	148	2,092	187	2,228
Benefit (provision) for income taxes	(28)	(311)	(40)	(317)
Results relating to equity-accounted investees	(1)	52	2	58
Net income (loss)	119	1,833	149	1,969
Less: Net income (loss) attributable to non-controlling interests	10	13	20	37
Net income (loss) attributable to stockholders	$ 109	$ 1,820	$ 129	$ 1,932
Earnings per share data:
Basic (in dollars per share)	$ 0.39	$ 5.64	$ 0.46	$ 5.74
Diluted (in dollars per share)	$ 0.38	$ 5.60	$ 0.45	$ 5.69
Weighted average number of shares of common stock outstanding during the period (in thousands):
Basic (in shares)	279,074	322,533	282,496	336,771
Diluted (in shares)	283,518	325,267	285,819	339,791

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) $ in Millions	Sep. 29, 2019 USD ($) shares	Sep. 29, 2019 € / shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2018 € / shares
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 3,632		$ 3,299
Accumulated amortization	$ 5,729		$ 4,716
Common stock, par value (in euros per share) \| € / shares		€ 0.2		€ 0.2
Treasury shares (in shares) \| shares	49,224,336		35,913,021

Income Taxes - Schedule of Income Tax Expense (Benefits) and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ 28	$ 311	$ 40	$ 317
Effective tax rate	18.90%	14.90%	21.40%	14.20%

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends common stock (in dollars per share)	$ 0.375	$ 0.25	$ 0.25	$ 0.25

Fair Value of Financial Assets and Liabilities (Details)	Sep. 29, 2019	Dec. 31, 2018
Level 3 \| Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumptions unobservable inputs	0.391	0.348

Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring liability	$ 41	$ 65

Income Taxes

9 Months Ended

Sep. 29, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Benefit/provision for income taxes:



	For the three months ended				For the nine months ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Tax expense (benefit)	28		311		40		317
Effective tax rate	18.9	%	14.9	%	21.4	%	14.2	%

Our effective tax rate reflects the impact of tax incentives, non-deductible expenses, change in valuation allowance, a portion of our earnings being taxed in foreign jurisdictions at rates different than the Netherlands statutory tax rate, and the mix of income and losses in various jurisdictions. Our effective tax rate for the first nine months of 2019 was 21.4% compared with an expense of 14.2% on a pre-tax profit for the first nine months of 2018. The movement in our effective tax rate reflects mainly the decrease in tax incentives ($152 million), the increase in the prior year adjustments ($19 million) and the increase in the change in valuation allowance ($32 million).

The Company benefits from income tax incentives in certain jurisdictions which provide that we pay reduced income taxes in those jurisdictions for a fixed period of time that varies depending on the jurisdiction. The predominant income tax holiday is expected to expire at the end of 2026. The impact of this tax holiday decreased foreign taxes by $4 million and $5 million for the third quarter of 2019 and the third quarter of 2018, respectively (YTD 2019: decrease of $8 million and YTD 2018: decrease of $15 million). The benefit of this tax holiday on net income per share (diluted) was $0.01 for the third quarter of 2019 (YTD 2019: $0.03) and $0.02 for the third quarter of 2018 (YTD 2018: $0.04).

Related-Party Transactions (Details) - USD ($) $ in Millions	Sep. 29, 2019	Jan. 01, 2019
Related Party Transaction [Line Items]
Lease liabilities	$ 223	$ 188
Nexperia
Related Party Transaction [Line Items]
Lease liabilities	48
Commitment to affiliated investment funds	$ 50

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	18.90%	14.90%	21.40%	14.20%
Decrease in tax incentives			$ 152
Prior year adjustments			19
Chane in valuation allowance			32
Foreign income tax change due to impact of tax holiday	$ 4	$ 5	$ 8	$ 15
Benefit of tax holiday on net income per share (diluted) (in dollars per share)	$ 0.01	$ 0.02	$ 0.03	$ 0.04

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disaggregation of Revenue

The following table presents revenue disaggregated by sales channel:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Distributors	1,145	1,270	3,190	3,595
Original Equipment Manufacturers and Electronic Manufacturing Services	1,082	1,081	3,308	3,115
Other ¹⁾	38	94	78	294
Total	2,265	2,445	6,576	7,004
1) Represents revenue for other services as of January 1, 2019 and represents revenue classified in Corporate and Other for prior periods.

Schedule of Depreciation, amortization and impairment

Depreciation, amortization and impairment



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Depreciation of property, plant and equipment	135	119	387	354
Amortization of internal use software	2	2	6	6
Amortization of other identified intangible assets	380	376	1,132	1,124
Total	517	497	1,525	1,484

Schedule of other income (expense)

The following table presents the split of other income (expense):



	For the three months ended		For the nine months ended
	September 29, 2019		September 29, 2019
Income from MSA and TSA arrangements	9		58
Expenses from MSA and TSA arrangements	(10	)	(57	)
Result from MSA and TSA arrangements	(1	)	1
Other, net	23		22
Total	22		23

Schedule of financial income and expense

Financial income and expense



	For the three months ended				For the nine months ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Interest income	17		13		42		38
Interest expense	(98	)	(61	)	(274	)	(197	)
Total interest expense, net	(81	)	(48	)	(232	)	(159	)
Foreign exchange rate results	1		(1	)	(6	)	(1	)
Extinguishment of debt	(1	)	—		(11	)	(26	)
Miscellaneous financing costs/income and other, net	(4	)	(70	)	(8	)	(72	)
Total other financial income (expense)	(4	)	(71	)	(25	)	(99	)
Total	(85	)	(119	)	(257	)	(258	)

Schedule of earnings per share

The computation of earnings per share (EPS) is presented in the following table:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Net income (loss)	119	1,833	149	1,969
Less: net income (loss) attributable to non-controlling interests	10	13	20	37
Net income (loss) attributable to stockholders	109	1,820	129	1,932

Weighted average number of shares outstanding (after deduction of treasury shares) during the year (in thousands)	279,074	322,533	282,496	336,771
Plus incremental shares from assumed conversion of:
Options ¹⁾	772	1,001	775	1,290
Restricted Share Units, Performance Share Units and Equity Rights ²⁾	3,672	1,733	2,548	1,730
Warrants ³⁾	—	—	—	—
Dilutive potential common shares	4,444	2,734	3,323	3,020

Adjusted weighted average number of shares outstanding (after deduction of treasury shares) during the year (in thousands)	283,518	325,267	285,819	339,791

EPS attributable to stockholders in $:
Basic net income (loss)	0.39	5.64	0.46	5.74
Diluted net income (loss)	0.38	5.60	0.45	5.69

¹⁾ Stock options to purchase up to 0.1 million shares of NXP’s common stock that were outstanding in Q3 2019 (Q3 2018: 0.3 million shares) and stock options to purchase up to 0.1 million shares of NXP’s common stock that were outstanding YTD 2019 (YTD 2018: 0.1 million shares) were anti-dilutive and were not included in the computation of diluted EPS because the exercise price was greater than the average fair market value of the common stock or the number of shares assumed to be repurchased using the proceeds of unrecognized compensation expense and exercise prices was greater than the weighted average number of shares underlying outstanding stock options.

²⁾ Unvested RSUs, PSUs and equity rights of 0.2 million shares that were outstanding in Q3 2019 (Q3 2018: 1.3 million shares) and unvested RSUs, PSUs and equity rights of 0.3 million shares that were outstanding YTD 2019 (YTD 2018: 0.6 million shares) were anti-dilutive and were not included in the computation of diluted EPS because the number of shares assumed to be repurchased using the proceeds of unrecognized compensation expense was greater than the weighted average number of outstanding unvested RSUs, PSUs and equity rights or the performance goal has not been met yet.

³⁾ Warrants to purchase up to 11.3 million shares of NXP’s common stock at a price of $131.39 per share were outstanding in Q3 and YTD 2019 (Q3 and YTD 2018: 11.2 million shares at a price of $132.96). Upon exercise, the warrants will be net share settled. At the end of both Q3 and YTD 2019 and Q3 and YTD 2018, the warrants were not included in the computation of diluted EPS because the warrants exercise price was greater than the average fair market value of the common shares.

Schedule of inventories

Inventories are summarized as follows:



	September 29, 2019	December 31, 2018
Raw materials	64	74
Work in process	858	949
Finished goods	212	256
	1,134	1,279

Schedule of Accumulated Other Comprehensive Income (Loss)

The after-tax components of accumulated other comprehensive income (loss) and their corresponding changes are shown below:



	Currency translation differences		Change in fair value cash flow hedges		Net actuarial gain/(losses)		Accumulated Other Comprehensive Income (loss)
As of December 31, 2018	218		(3	)	(92	)	123
Other comprehensive income (loss) before reclassifications	(47	)	(14	)	(6	)	(67	)
Amounts reclassified out of accumulated other comprehensive income (loss)	—		9		—		9
Tax effects	—		1		1		2
Other comprehensive income (loss)	(47	)	(4	)	(5	)	(56	)
As of September 29, 2019	171		(7	)	(97	)	67

Schedule of cash dividends

The following dividend was declared in 2019 and 2018 under NXP’s quarterly dividend program which was introduced as of the third quarter of 2018:



	Fiscal year 2019		Fiscal year 2018
	Dividend per share	Amount	Dividend per share	Amount
First quarter	0.250	71
Second quarter	0.250	70
Third quarter	0.375	105	0.250	74
	0.875	246	0.250	74

Supplemental Financial Information - Accumulated other comprehensive income (loss) (Details) $ in Millions	9 Months Ended
	Sep. 29, 2019 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 10,690
Other comprehensive income (loss) before reclassifications	(67)
Amounts reclassified out of accumulated other comprehensive income (loss)	9
Tax effects	2
Other comprehensive income (loss)	(56)
Balance	9,595
Currency translation differences
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	218
Other comprehensive income (loss) before reclassifications	(47)
Amounts reclassified out of accumulated other comprehensive income (loss)	0
Tax effects	0
Other comprehensive income (loss)	(47)
Balance	171
Change in fair value cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(3)
Other comprehensive income (loss) before reclassifications	(14)
Amounts reclassified out of accumulated other comprehensive income (loss)	9
Tax effects	1
Other comprehensive income (loss)	(4)
Balance	(7)
Net actuarial gain/(losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(92)
Other comprehensive income (loss) before reclassifications	(6)
Amounts reclassified out of accumulated other comprehensive income (loss)	0
Tax effects	1
Other comprehensive income (loss)	(5)
Balance	(97)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	123
Balance	$ 67

Fair Value of Financial Assets and Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Liabilities:
Current portion of long-term debt	$ (1,142)	$ (1,107)
Long-term debt	(7,363)	(6,247)
Reported Value Measurement [Member] \| Level 3
Assets:
Notes hedges	88	24
Liabilities:
Notes Embedded Conversion Derivative	(88)	(24)
Reported Value Measurement [Member] \| Level 2
Assets:
Other financial assets	49	32
Derivative instruments – assets	3	6
Liabilities:
Current portion of long-term debt	0	(2)
Long-term debt	(7,363)	(6,222)
Other long-term debt	0	(25)
Derivative instruments – liabilities	(15)	(2)
Reported Value Measurement [Member] \| Money market funds \| Level 1
Assets:
Money market funds	2,372	1,906
Reported Value Measurement [Member] \| Short-term debt (2019 Cash Convertible Senior Notes) \| Level 2
Liabilities:
Current portion of long-term debt	(1,142)	(1,105)
Estimate of Fair Value Measurement [Member] \| Level 3
Assets:
Notes hedges	88	24
Liabilities:
Notes Embedded Conversion Derivative	(88)	(24)
Estimate of Fair Value Measurement [Member] \| Level 2
Assets:
Other financial assets	49	32
Derivative instruments – assets	3	6
Liabilities:
Current portion of long-term debt	0	(2)
Long-term debt	(7,874)	(6,191)
Other long-term debt	0	(25)
Derivative instruments – liabilities	(15)	(2)
Estimate of Fair Value Measurement [Member] \| Money market funds \| Level 1
Assets:
Money market funds	2,372	1,906
Estimate of Fair Value Measurement [Member] \| Short-term debt (2019 Cash Convertible Senior Notes) \| Level 2
Liabilities:
Current portion of long-term debt	$ (1,232)	$ (1,327)

Assets Held for Sale (Tables)

9 Months Ended

Sep. 29, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets Held for Sale

The following table summarizes the carrying value of these assets held for sale:



	September 29, 2019
Inventories	11
Identified intangible assets, net	1
Goodwill	49
Assets held for sale	61

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Restructuring - Schedule of Components of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ (1)	$ 5	$ 29	$ 5
Personnel lay-off costs
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	(1)	4	29	4
Other exit costs
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 0	$ 1	$ 0	$ 1

Identified Intangible Assets - Schedule of Estimated Amortization Expense (Details) - Other Intangible Assets $ in Millions	Sep. 29, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
2019 (remaining)	$ 380
2020	1,310
2021	554
2022	437
2023	230
Thereafter	$ 495

Identified Intangible Assets - Narrative (Details)	9 Months Ended	12 Months Ended
Identified Intangible Assets - Narrative (Details)	Sep. 29, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Expected weighted average remaining life of identified intangibles	3 years	4 years

Supplemental Financial Information - Shareholder tax on repurchased shares (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Shareholder tax on repurchased shares	$ 2	$ 155	$ (62)	$ (353)	$ 127

Leases - Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 29, 2019	Jan. 01, 2019
Leases [Abstract]
Other current liabilities, operating leases	$ 55	$ 53
Other non-current liabilities, operating leases	168	135
Total	223	188
Other current liabilities, finance leases	2
Other non-current liabilities, finance leases	24
Total	$ 26	$ 30

Leases

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Leases

Operating and finance lease assets relate to buildings (corporate offices, research and development and manufacturing facilities and datacenters), land, machinery and installations and other equipment (vehicles and certain office equipment). These leases have remaining lease terms of 1 to 30 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. As of September 29, 2019, assets recorded under finance leases were $29 million and accumulated depreciation associated with finance leases was $4 million.

The components of lease expense were as follows:



	For the three months ended	For the nine months ended
	September 29, 2019	September 29, 2019
Operating lease cost	15	41

Finance lease cost:
Amortization of right-of-use assets	—	1
Interest on lease liabilities	—	1
Total finance lease cost	—	2

Other information related to leases was as follows:



	For the three months ended		For the nine months ended
	September 29, 2019		September 29, 2019
Supplemental cash flows information:
Operating cash flows from operating leases	15		41
Operating cash flows from finance leases	(1	)	1
Financing cash flows from finance leases	2		2

Right-of-use assets obtained in exchange for lease obligations:
Operating leases 1)	62		260
Finance leases	—		—

1) $188 million recorded on January 1, 2019 in accordance with the adoption of ASC 842.

Weighted average remaining lease term:
Operating leases			6.0 years
Finance leases			12.7 years

Weighted average discount rate:
Operating leases			3.1	%
Finance leases			4.5	%

Future minimum lease payments as of September 29, 2019 were as follows:



	As of
	September 29, 2019
	Operating leases		Finance leases
2019 (remaining)	16		1
2020	57		3
2021	46		3
2022	32		3
2023	27		3
Thereafter	67		22
Total future minimum lease payments	245		35
Less: imputed interest	(22	)	(9	)
Total	223		26

Lease liabilities related to leases are split between current and non-current:



	As of
	September 29, 2019
	Operating leases	Finance leases
Other current liabilities	55	2
Other non-current liabilities	168	24
Total	223	26

Operating lease right-of-use assets are $220 million as of September 29, 2019 and are included in other non-current assets in the condensed consolidated balance sheet.

Leases

The components of lease expense were as follows:



	For the three months ended	For the nine months ended
	September 29, 2019	September 29, 2019
Operating lease cost	15	41

Finance lease cost:
Amortization of right-of-use assets	—	1
Interest on lease liabilities	—	1
Total finance lease cost	—	2

Other information related to leases was as follows:



	For the three months ended		For the nine months ended
	September 29, 2019		September 29, 2019
Supplemental cash flows information:
Operating cash flows from operating leases	15		41
Operating cash flows from finance leases	(1	)	1
Financing cash flows from finance leases	2		2

Right-of-use assets obtained in exchange for lease obligations:
Operating leases 1)	62		260
Finance leases	—		—

1) $188 million recorded on January 1, 2019 in accordance with the adoption of ASC 842.

Weighted average remaining lease term:
Operating leases			6.0 years
Finance leases			12.7 years

Weighted average discount rate:
Operating leases			3.1	%
Finance leases			4.5	%

Future minimum lease payments as of September 29, 2019 were as follows:



	As of
	September 29, 2019
	Operating leases		Finance leases
2019 (remaining)	16		1
2020	57		3
2021	46		3
2022	32		3
2023	27		3
Thereafter	67		22
Total future minimum lease payments	245		35
Less: imputed interest	(22	)	(9	)
Total	223		26

Lease liabilities related to leases are split between current and non-current:



	As of
	September 29, 2019
	Operating leases	Finance leases
Other current liabilities	55	2
Other non-current liabilities	168	24
Total	223	26

Operating lease right-of-use assets are $220 million as of September 29, 2019 and are included in other non-current assets in the condensed consolidated balance sheet.

Restructuring - Change in Restructuring Reserve (Details) $ in Millions	9 Months Ended
	Sep. 29, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 65
Additions	30
Utilized	(48)
Released	(4)
Other changes	(2)
Restructuring liability, ending balance	$ 41

Supplemental Financial Information

9 Months Ended

Sep. 29, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

Statement of Operations Information:

Disaggregation of revenue

The following table presents revenue disaggregated by sales channel:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Distributors	1,145	1,270	3,190	3,595
Original Equipment Manufacturers and Electronic Manufacturing Services	1,082	1,081	3,308	3,115
Other ¹⁾	38	94	78	294
Total	2,265	2,445	6,576	7,004
1) Represents revenue for other services as of January 1, 2019 and represents revenue classified in Corporate and Other for prior periods.

Depreciation, amortization and impairment



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Depreciation of property, plant and equipment	135	119	387	354
Amortization of internal use software	2	2	6	6
Amortization of other identified intangible assets	380	376	1,132	1,124
Total	517	497	1,525	1,484

Other income (expense)

As of January 1, 2019, income derived from manufacturing service arrangements (“MSA”) and transitional service arrangements (“TSA”) that are put in place when we divest a business or activity, is included in other income (expense). These arrangements are short-term in nature and are expected to decrease as the divested business or activity becomes more established.

The following table presents the split of other income (expense):



	For the three months ended		For the nine months ended
	September 29, 2019		September 29, 2019
Income from MSA and TSA arrangements	9		58
Expenses from MSA and TSA arrangements	(10	)	(57	)
Result from MSA and TSA arrangements	(1	)	1
Other, net	23		22
Total	22		23

Financial income and expense



	For the three months ended				For the nine months ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Interest income	17		13		42		38
Interest expense	(98	)	(61	)	(274	)	(197	)
Total interest expense, net	(81	)	(48	)	(232	)	(159	)
Foreign exchange rate results	1		(1	)	(6	)	(1	)
Extinguishment of debt	(1	)	—		(11	)	(26	)
Miscellaneous financing costs/income and other, net	(4	)	(70	)	(8	)	(72	)
Total other financial income (expense)	(4	)	(71	)	(25	)	(99	)
Total	(85	)	(119	)	(257	)	(258	)

Earnings per share

The computation of earnings per share (EPS) is presented in the following table:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Net income (loss)	119	1,833	149	1,969
Less: net income (loss) attributable to non-controlling interests	10	13	20	37
Net income (loss) attributable to stockholders	109	1,820	129	1,932

Weighted average number of shares outstanding (after deduction of treasury shares) during the year (in thousands)	279,074	322,533	282,496	336,771
Plus incremental shares from assumed conversion of:
Options ¹⁾	772	1,001	775	1,290
Restricted Share Units, Performance Share Units and Equity Rights ²⁾	3,672	1,733	2,548	1,730
Warrants ³⁾	—	—	—	—
Dilutive potential common shares	4,444	2,734	3,323	3,020

Adjusted weighted average number of shares outstanding (after deduction of treasury shares) during the year (in thousands)	283,518	325,267	285,819	339,791

EPS attributable to stockholders in $:
Basic net income (loss)	0.39	5.64	0.46	5.74
Diluted net income (loss)	0.38	5.60	0.45	5.69

Balance Sheet Information

Cash and cash equivalents

At September 29, 2019 and December 31, 2018, our cash balance was $3,537 million and $2,789 million, respectively, of which $169 million and $140 million was held by SSMC, our consolidated joint venture company with TSMC. Under the terms of our joint venture agreement with TSMC, a portion of this cash can be distributed by way of a dividend to us, but 38.8% of the dividend will be paid to our joint venture partner. There was no dividend declared in 2019 (2018: $139 million has been paid by SSMC).

Inventories

The portion of finished goods stored at customer locations under consignment amounted to $47 million as of September 29, 2019 (December 31, 2018: $52 million).

Inventories are summarized as follows:



	September 29, 2019	December 31, 2018
Raw materials	64	74
Work in process	858	949
Finished goods	212	256
	1,134	1,279

The amounts recorded above are net of allowance for obsolescence of $114 million as of September 29, 2019 (December 31, 2018: $111 million).

Accumulated other comprehensive income (loss)

Total comprehensive income (loss) represents net income (loss) plus the results of certain equity changes not reflected in the condensed consolidated statements of operations. The after-tax components of accumulated other comprehensive income (loss) and their corresponding changes are shown below:



	Currency translation differences		Change in fair value cash flow hedges		Net actuarial gain/(losses)		Accumulated Other Comprehensive Income (loss)
As of December 31, 2018	218		(3	)	(92	)	123
Other comprehensive income (loss) before reclassifications	(47	)	(14	)	(6	)	(67	)
Amounts reclassified out of accumulated other comprehensive income (loss)	—		9		—		9
Tax effects	—		1		1		2
Other comprehensive income (loss)	(47	)	(4	)	(5	)	(56	)
As of September 29, 2019	171		(7	)	(97	)	67

Cash dividends

The following dividend was declared in 2019 and 2018 under NXP’s quarterly dividend program which was introduced as of the third quarter of 2018:



	Fiscal year 2019		Fiscal year 2018
	Dividend per share	Amount	Dividend per share	Amount
First quarter	0.250	71
Second quarter	0.250	70
Third quarter	0.375	105	0.250	74
	0.875	246	0.250	74

The dividend declared (not yet paid) is classified in the condensed consolidated balance sheet in other current liabilities as of September 29, 2019 and subsequently paid on October 4, 2019.

Shareholder tax on repurchased shares

Under Dutch tax law, the repurchase of a company’s shares by an entity in the Netherlands is a taxable event (unless exemptions apply). The tax on the repurchased shares is attributed to the shareholders, with NXP making the payment on the shareholders’ behalf. As such, the tax on the repurchased shares is accounted for within stockholders’ equity. At September 29, 2019, within other current liabilities in our consolidated balance sheet, an accrual of $127 million remained for this tax.

Litigation	9 Months Ended
Litigation	Sep. 29, 2019
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation We are regularly involved as plaintiffs or defendants in claims and litigation relating to a variety of matters such as contractual disputes, personal injury claims, employee grievances and intellectual property litigation. In addition, our acquisitions, divestments and financial transactions sometimes result in, or are followed by, claims or litigation. Some of these claims may possibly be recovered from insurance reimbursements. Although the ultimate disposition of asserted claims cannot be predicted with certainty, it is our belief that the outcome of any such claims, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position. However, such outcomes may be material to our condensed consolidated statement of operations for a particular period. The Company records an accrual for any claim that arises whenever it considers that it is probable that it is exposed to a loss contingency and the amount of the loss contingency can be reasonably estimated. Legal fees are expensed when incurred. Based on the most current information available to it and based on its best estimate, the Company also reevaluates at least on a quarterly basis the claims that have arisen to determine whether any new accruals need to be made or whether any accruals made need to be adjusted. Based on the procedures described above, the Company has an aggregate amount of $85 million accrued for potential and current legal proceedings pending as of September 29, 2019, compared to $123 million accrued (without reduction for any related insurance reimbursements) at December 31, 2018. The accruals are included in “Other current liabilities” and “Other non-current liabilities”. As of September 29, 2019, the Company’s balance related to insurance reimbursements was $50 million (December 31, 2018: $65 million) and is included in “Other current assets” and “Other non-current assets”. The Company also estimates the aggregate range of reasonably possible losses in excess of the amount accrued based on currently available information for those cases for which such estimate can be made. The estimated aggregate range requires significant judgment, given the varying stages of the proceedings (including the fact that many of them are currently in preliminary stages), the existence of multiple defendants (including the Company) in such claims whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the claims, and the attendant uncertainty of the various potential outcomes of such claims. Accordingly, the Company’s estimate will change from time to time, and actual losses may be more than the current estimate. As at September 29, 2019, the Company believes that for all litigation pending its potential aggregate exposure to loss in excess of the amount accrued (without reduction for any amounts that may possibly be recovered under insurance programs) could range between $0 and $122 million. Based upon our past experience with these matters, the Company would expect to receive insurance reimbursement on certain of these claims that would offset the potential maximum exposure of up to $109 million. In addition, the Company is currently assisting Motorola in the defense of personal injury lawsuits due to indemnity obligations included in the agreement that separated Freescale from Motorola in 2004. The Company is also defending a suit related to semiconductor operations that occurred prior to NXP’s separation from Philips. The multi-plaintiff Motorola lawsuits are pending in Cook County, Illinois, and the legacy NXP suit is pending in Santa Fe, New Mexico. These claims allege a link between working in semiconductor manufacturing clean room facilities and birth defects in 24 individuals. The Motorola suits allege exposures between 1965 and 2006. Each claim seeks an unspecified amount of damages for the alleged injuries; however, legal counsel representing the plaintiffs has indicated they will seek substantial compensatory and punitive damages from Motorola for the entire inventory of claims which, if proven and recovered, the Company considers to be material. In the Motorola suits, a portion of any indemnity due to Motorola will be reimbursed to NXP if Motorola receives an indemnification payment from its insurance coverage. Motorola has potential insurance coverage for many of the years indicated above, but with differing types and levels of coverage, self-insurance retention amounts and deductibles. We are in discussions with Motorola and their insurers regarding the availability of applicable insurance coverage for each of the individual cases. Motorola and NXP have denied liability for these alleged injuries based on numerous defenses.

Restructuring

9 Months Ended

Sep. 29, 2019

Restructuring and Related Activities [Abstract]

Restructuring

At each reporting date, we evaluate our restructuring liabilities, which consist primarily of termination benefits, to ensure that our accruals are still appropriate.

The following table presents the changes in restructuring liabilities in 2019:



	Balance January 1, 2019	Additions	Utilized		Released		Other changes		Balance September 29, 2019
Restructuring liabilities	65	30	(48	)	(4	)	(2	)	41

The components of restructuring charges recorded for each of the three and nine month periods ended September 29, 2019 and September 30, 2018 are as follows:



	For the three months ended			For the nine months ended
	September 29, 2019		September 30, 2018	September 29, 2019	September 30, 2018
Personnel lay-off costs	(1	)	4	29	4
Other exit costs	—		1	—	1
Net restructuring charges	(1	)	5	29	5

These restructuring charges recorded in operating income, for the periods indicated, are included in the following line items in the statement

Identified Intangible Assets - Summary of Identified Intangible Assets (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018	Sep. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 9,135		$ 9,183
Finite-lived intangible assets, accumulated amortization	(5,729)	$ (4,716)	(4,716)
Marketing-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	82		81
Finite-lived intangible assets, accumulated amortization	(62)		(50)
Customer-related
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	945		964
Finite-lived intangible assets, accumulated amortization	(326)		(301)
Technology-based
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	7,937		7,862
Finite-lived intangible assets, accumulated amortization	(5,341)		(4,365)
In-process R&D (IPR&D)
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross carrying amount	$ 171		$ 276

Supplemental Financial Information - Other income (expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Other Nonrecurring Income (Expense) [Line Items]
Other, net	$ 23		$ 22
Total	22	$ 2,002	23	$ 2,002
Manufacturing Service Arrangements and Transitional Service Arrangements
Other Nonrecurring Income (Expense) [Line Items]
Income from MSA and TSA arrangements	9		58
Expenses from MSA and TSA arrangements	(10)		(57)
Result from MSA and TSA arrangements	$ (1)		$ 1

Acquisitions and Divestments (Details) $ in Millions			1 Months Ended	9 Months Ended
Acquisitions and Divestments (Details) $ in Millions	Mar. 27, 2019 USD ($)	Jul. 10, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 29, 2019 USD ($) business	Sep. 30, 2018 USD ($) business
Business Acquisition [Line Items]
Number of businesses acquired \| business				0	0
Proceeds from sale of interests in businesses				$ 37	$ 159
WeEn \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of interests in businesses	$ 37		$ 32
Sale of equity interest, percentage			24.00%
Suzhou ASEN Semiconductors Co, Ltd. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of interests in businesses		$ 127
Sale of equity interest, percentage		40.00%
Realized gain on disposal		$ 51

Supplemental Financial Information - Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Sep. 29, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 119	$ 46	$ (16)	$ 1,833	$ 66	$ 70	$ 149	$ 1,969
Less: Net income (loss) attributable to non-controlling interests	10			13			20	37
Net income (loss) attributable to stockholders	$ 109			$ 1,820			$ 129	$ 1,932
Weighted average number of shares outstanding (after deduction of treasury shares) during the year (in thousands) (in shares)	279,074			322,533			282,496	336,771
Options (in shares)	772			1,001			775	1,290
Restricted Share Units, Performance Share Units and Equity Rights (in shares)	3,672			1,733			2,548	1,730
Warrants (in shares)	0			0			0	0
Dilutive potential common share (in shares)	4,444			2,734			3,323	3,020
Adjusted weighted average number of share outstanding (after deduction of treasury shares) during the year (in thousands) (in shares)	283,518			325,267			285,819	339,791
Basic net income (loss) (in dollars per share)	$ 0.39			$ 5.64			$ 0.46	$ 5.74
Diluted net income (loss) (in dollars per share)	$ 0.38			$ 5.60			$ 0.45	$ 5.69
Maximum \| Employee Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	100			300			100	100
Maximum \| Restricted Stock Units Performance Share Units And Equity Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	200			1,300			300	600
Maximum \| Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,300			11,200			11,300	11,200
Common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants or rights (in dollars per share)	$ 131.39			$ 132.96			$ 131.39	$ 132.96

Cover Document - shares	9 Months Ended
Cover Document - shares	Sep. 29, 2019	Oct. 25, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2019
Document Transition Report	false
Entity File Number	001-34841
Entity Registrant Name	NXP Semiconductors N.V.
Entity Incorporation, State or Country Code	P7
Entity Tax Identification Number	98-1144352
Entity Address, Address Line One	60 High Tech Campus
Entity Address, City or Town	Eindhoven
Entity Address, Country	NL
Entity Address, Postal Zip Code	5656 AG
Country Region	+31
City Area Code	40
Local Phone Number	2729999
Title of 12(b) Security	Common shares, EUR 0.20 par value
Trading Symbol	NXPI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,527,075
Amendment Flag	false
Entity Central Index Key	0001413447
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 29, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table summarizes the estimated fair value and carrying amount of our financial instruments measured on a recurring basis:



		September 29, 2019				December 31, 2018
	Fair value hierarchy	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Assets:
Money market funds	1	2,372		2,372		1,906		1,906
Notes hedges	3	88		88		24		24
Other financial assets	2	49		49		32		32
Derivative instruments – assets	2	3		3		6		6

Liabilities:
Short-term debt	2	—		—		(2	)	(2	)
Short-term debt (2019 Cash Convertible Senior Notes)	2	(1,142	)	(1,232	)	(1,105	)	(1,327	)
Long-term debt (bonds)	2	(7,363	)	(7,874	)	(6,222	)	(6,191	)
Other long-term debt	2	—		—		(25	)	(25	)
Notes Embedded Conversion Derivative	3	(88	)	(88	)	(24	)	(24	)
Derivative instruments – liabilities	2	(15	)	(15	)	(2	)	(2	)

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 29, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The following table summarizes the estimated fair value and carrying amount of our financial instruments measured on a recurring basis:



		September 29, 2019				December 31, 2018
	Fair value hierarchy	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Assets:
Money market funds	1	2,372		2,372		1,906		1,906
Notes hedges	3	88		88		24		24
Other financial assets	2	49		49		32		32
Derivative instruments – assets	2	3		3		6		6

Liabilities:
Short-term debt	2	—		—		(2	)	(2	)
Short-term debt (2019 Cash Convertible Senior Notes)	2	(1,142	)	(1,232	)	(1,105	)	(1,327	)
Long-term debt (bonds)	2	(7,363	)	(7,874	)	(6,222	)	(6,191	)
Other long-term debt	2	—		—		(25	)	(25	)
Notes Embedded Conversion Derivative	3	(88	)	(88	)	(24	)	(24	)
Derivative instruments – liabilities	2	(15	)	(15	)	(2	)	(2	)

The following methods and assumptions were used to estimate the fair value of financial instruments:

Financial assets and financial liabilities measured at fair value on a recurring basis

Investments in money market funds (as part of our cash and cash equivalents) have fair value measurements which are all based on quoted prices in active markets for identical assets or liabilities.

Other financial assets and derivatives

For other financial assets and derivatives the fair value is based upon significant other observable inputs depending on the nature of the other financial asset and derivative.

Notes hedges and Notes Embedded Conversion Derivative

At September 29, 2019, the Notes hedges and the Notes Embedded Conversion Derivative are measured at fair value using level 3 inputs. The instruments are not actively traded and are valued at the measurement date using an option pricing model that uses observable inputs for the share price of NXP’s common stock, risk-free interest rate, dividend yield and the term, in combination with a significant unobservable input for volatility. The volatility factor utilized at September 29, 2019 was 39.1% and at December 31, 2018 the volatility factor utilized was 34.8%. The change in the fair value of the Notes hedges and Notes Embedded Conversion Derivative was solely the gain and loss, respectively for each instrument that was recognized.

Debt

The fair value is estimated on the basis of observable inputs other than quoted market prices in active markets for identical liabilities for certain issues, or on the basis of discounted cash flow analyses. Accrued interest is included under accrued liabilities and not within the carrying amount or estimated fair value of debt.

Assets and liabilities recorded at fair value on a non-recurring basis

We measure and record our non-marketable equity investments (non-marketable securities and cost method investments) and non-financial assets, such as intangible assets and property, plant and equipment, at fair value when an impairment charge is required.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 119	$ 1,833	$ 149	$ 1,969
Other comprehensive income (loss), net of tax:
Change in fair value cash flow hedges		0		(16)
Change in fair value cash flow hedges	(9)		(4)
Change in foreign currency translation adjustment	(41)	8	(47)	(33)
Change in net actuarial gain (loss)	(1)	(2)	(5)	(5)
Change in unrealized gains/losses available-for-sale securities	0	0	0	3
Total other comprehensive income (loss)	(51)	6	(56)	(51)
Total comprehensive income (loss)	68	1,839	93	1,918
Less: Comprehensive income (loss) attributable to non-controlling interests	10	13	20	37
Total comprehensive income (loss) attributable to stockholders	$ 58	$ 1,826	$ 73	$ 1,881

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Capital in excess of par value	Treasury shares at cost	Accumulated other comprehensive income (loss)	Accumulated deficit	Total stock- holders’ equity	Non- controlling interests
Balance (in shares) at Dec. 31, 2017	342,924
Balance at Dec. 31, 2017	$ 13,716	$ 71	$ 15,960	$ (342)	$ 177	$ (2,339)	$ 13,527	$ 189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	70					58	58	12
Other comprehensive income	32				32		32
Share-based compensation plans	$ 68		68				68
Shares issued pursuant to stock awards (in shares)	1,320
Shares issued pursuant to stock awards	$ 20			139		(119)	20
Treasury shares and restricted stock unit withholdings (in shares)	(251)
Treasury shares and restricted stock unit withholdings	$ (30)			(30)			(30)
Cumulative effect adjustments	$ 14				3	11	14
Balance (in shares) at Apr. 01, 2018	343,993
Balance at Apr. 01, 2018	$ 13,890	71	16,028	(233)	212	(2,389)	13,689	201
Balance (in shares) at Dec. 31, 2017	342,924
Balance at Dec. 31, 2017	$ 13,716	71	15,960	(342)	177	(2,339)	13,527	189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,969
Other comprehensive income	$ (51)
Balance (in shares) at Sep. 30, 2018	295,502
Balance at Sep. 30, 2018	$ 10,805	71	16,181	(4,749)	126	(996)	10,633	172
Balance (in shares) at Apr. 01, 2018	343,993
Balance at Apr. 01, 2018	$ 13,890	71	16,028	(233)	212	(2,389)	13,689	201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	66					54	54	12
Other comprehensive income	(92)				(92)		(92)
Share-based compensation plans	$ 71		71				71
Shares issued pursuant to stock awards (in shares)	369
Shares issued pursuant to stock awards	$ 10			43		(33)	10
Treasury shares and restricted stock unit withholdings (in shares)	(25)
Treasury shares and restricted stock unit withholdings	$ (2)			(2)			(2)
Dividends non-controlling interests	$ (54)							(54)
Balance (in shares) at Jul. 01, 2018	344,337
Balance at Jul. 01, 2018	$ 13,889	71	16,099	(192)	120	(2,368)	13,730	159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,833					1,820	1,820	13
Other comprehensive income	6				6		6
Share-based compensation plans	$ 82		82				82
Shares issued pursuant to stock awards (in shares)	209
Shares issued pursuant to stock awards	$ 6			24		(18)	6
Treasury shares and restricted stock unit withholdings (in shares)	(49,044)
Treasury shares and restricted stock unit withholdings	$ (4,581)			(4,581)			(4,581)
Shareholder tax on repurchased shares	(353)					(353)	(353)
Dividends common stock	(74)					(74)	(74)
Cumulative effect adjustments	$ (3)					(3)	(3)
Balance (in shares) at Sep. 30, 2018	295,502
Balance at Sep. 30, 2018	$ 10,805	71	16,181	(4,749)	126	(996)	10,633	172
Balance (in shares) at Dec. 31, 2018	292,790
Balance at Dec. 31, 2018	$ 10,690	67	15,460	(3,238)	123	(1,907)	10,505	185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(16)					(21)	(21)	5
Other comprehensive income	(14)				(14)		(14)
Share-based compensation plans	$ 87		87				87
Shares issued pursuant to stock awards (in shares)	867
Shares issued pursuant to stock awards	$ 32			83		(51)	32
Treasury shares and restricted stock unit withholdings (in shares)	(8,482)
Treasury shares and restricted stock unit withholdings	$ (715)			(715)			(715)
Shareholder tax on repurchased shares	(62)					(62)	(62)
Dividends common stock	$ (71)					(71)	(71)
Balance (in shares) at Mar. 31, 2019	285,175
Balance at Mar. 31, 2019	$ 9,931	67	15,547	(3,870)	109	(2,112)	9,741	190
Balance (in shares) at Dec. 31, 2018	292,790
Balance at Dec. 31, 2018	$ 10,690	67	15,460	(3,238)	123	(1,907)	10,505	185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	149
Other comprehensive income	(56)
Shareholder tax on repurchased shares	$ 127
Balance (in shares) at Sep. 29, 2019	279,479
Balance at Sep. 29, 2019	$ 9,595	67	15,722	(4,429)	67	(2,037)	9,390	205
Balance (in shares) at Mar. 31, 2019	285,175
Balance at Mar. 31, 2019	$ 9,931	67	15,547	(3,870)	109	(2,112)	9,741	190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	46					41	41	5
Other comprehensive income	9				9		9
Share-based compensation plans	$ 88		88				88
Shares issued pursuant to stock awards (in shares)	194
Shares issued pursuant to stock awards	$ 6			18		(12)	6
Treasury shares and restricted stock unit withholdings (in shares)	(6,616)
Treasury shares and restricted stock unit withholdings	$ (645)			(645)			(645)
Shareholder tax on repurchased shares	155					155	155
Dividends common stock	$ (70)					(70)	(70)
Balance (in shares) at Jun. 30, 2019	278,753
Balance at Jun. 30, 2019	$ 9,520	67	15,635	(4,497)	118	(1,998)	9,325	195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	119					109	109	10
Other comprehensive income	(51)				(51)		(51)
Share-based compensation plans	$ 87		87				87
Shares issued pursuant to stock awards (in shares)	815
Shares issued pursuant to stock awards	$ 32			77		(45)	32
Treasury shares and restricted stock unit withholdings (in shares)	(89)
Treasury shares and restricted stock unit withholdings	$ (9)			(9)			(9)
Shareholder tax on repurchased shares	2					2	2
Dividends common stock	$ (105)					(105)	(105)
Balance (in shares) at Sep. 29, 2019	279,479
Balance at Sep. 29, 2019	$ 9,595	$ 67	$ 15,722	$ (4,429)	$ 67	$ (2,037)	$ 9,390	$ 205

Supplemental Financial Information - Depreciation, amortization and impairment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Depreciation of property, plant and equipment	$ 135	$ 119	$ 387	$ 354
Total	517	497	1,525	1,484
Internal Use Software
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2	2	6	6
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 380	$ 376	$ 1,132	$ 1,124

Restructuring (Tables)

9 Months Ended

Sep. 29, 2019

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table presents the changes in restructuring liabilities in 2019:



	Balance January 1, 2019	Additions	Utilized		Released		Other changes		Balance September 29, 2019
Restructuring liabilities	65	30	(48	)	(4	)	(2	)	41

The components of restructuring charges recorded for each of the three and nine month periods ended September 29, 2019 and September 30, 2018 are as follows:



	For the three months ended			For the nine months ended
	September 29, 2019		September 30, 2018	September 29, 2019	September 30, 2018
Personnel lay-off costs	(1	)	4	29	4
Other exit costs	—		1	—	1
Net restructuring charges	(1	)	5	29	5

These restructuring charges recorded in operating income, for the periods indicated, are included in the following line items in the statement of operations:



	For the three months ended			For the nine months ended
	September 29, 2019		September 30, 2018	September 29, 2019	September 30, 2018
Cost of revenue	(1	)	—	3	—
Selling, general and administrative	—		5	10	6
Research and development	—		—	16	—
Other income (expense)	—		—	—	(1	)
Net restructuring charges	(1	)	5	29	5

Significant Accounting Policies and Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Sep. 29, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Right-of-use assets	$ 220	$ 188
Lease liabilities	223	188
Short term lease liabilities	55	53
Long term lease liabilities	168	135
Liabilities arising from capital lease transactions	$ 26	$ 30

Debt

9 Months Ended

Sep. 29, 2019

Debt Disclosure [Abstract]

Debt

The following table summarizes the outstanding debt as of September 29, 2019 and December 31, 2018:



		September 29, 2019			December 31, 2018
	Maturities	Amount		Effective rate	Amount		Effective rate
Fixed-rate 4.125% senior unsecured notes	Jun, 2020	—		—	600		4.125
Fixed-rate 4.125% senior unsecured notes	Jun, 2021	1,350		4.125	1,350		4.125
Fixed-rate 4.625% senior unsecured notes	Jun, 2022	400		4.625	400		4.625
Fixed-rate 3.875% senior unsecured notes	Sep, 2022	1,000		3.875	1,000		3.875
Fixed-rate 4.625% senior unsecured notes	Jun, 2023	900		4.625	900		4.625
Fixed-rate 4.875% senior unsecured notes	Mar, 2024	1,000		4.875	1,000		4.875
Fixed-rate 5.35% senior unsecured notes	Mar, 2026	500		5.350	500		5.350
Fixed-rate 3.875% senior unsecured notes	Jun, 2026	750		3.875	—		—
Fixed-rate 5.55% senior unsecured notes	Dec, 2028	500		5.550	500		5.550
Fixed-rate 4.3% senior unsecured notes	Jun, 2029	1,000		4.300	—		—
Fixed-rate 1% cash convertible notes	Dec, 2019	1,150		1.000	1,150		1.000
Floating-rate revolving credit facility (RCF)	Jun, 2024	—		—	—		—
Total principal		8,550			7,400
Liabilities arising from capital lease transactions		—			27
Unamortized discounts, premiums and debt issuance costs		(37	)		(31	)
Fair value of embedded cash conversion option		(8	)		(42	)
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments		8,505			7,354
Current portion of long-term debt		(1,142	)		(1,107	)
Long-term debt		7,363			6,247

Income Taxes (Tables)

9 Months Ended

Sep. 29, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefits) and Effective Tax Rates

Benefit/provision for income taxes:



	For the three months ended				For the nine months ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Tax expense (benefit)	28		311		40		317
Effective tax rate	18.9	%	14.9	%	21.4	%	14.2	%

Identified Intangible Assets

9 Months Ended

Sep. 29, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Identified Intangible Assets

Identified intangible assets as of September 29, 2019 and December 31, 2018, respectively, were composed of the following:



	September 29, 2019			December 31, 2018
	Gross carrying amount	Accumulated amortization		Gross carrying amount	Accumulated amortization
In-process R&D (IPR&D) ¹⁾	171	—		276	—
Marketing-related	82	(62	)	81	(50	)
Customer-related	945	(326	)	964	(301	)
Technology-based	7,937	(5,341	)	7,862	(4,365	)
Identified intangible assets	9,135	(5,729	)	9,183	(4,716	)

1) IPR&D is not subject to amortization until completion or abandonment of the associated research and development effort.

The estimated amortization expense for these identified intangible assets for each of the five succeeding years is:



2019 (remaining)	380 (remaining)
2020	1,310
2021	554
2022	437
2023	230
Thereafter	495

All intangible assets, excluding IPR&D and goodwill, are subject to amortization and have no assumed residual value.

The expected weighted average remaining life of identified intangibles is 3 years as of September 29, 2019 (December 31, 2018: 4 years).

Significant Accounting Policies and Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 29, 2019

Accounting Policies [Abstract]

Recently adopted accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), followed in July 2018 by ASU 2018-10, Codification Improvements to Topic 842 Leases, and ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under the new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result of this adoption and the required disclosures, the Company revised its accounting policy for leases as stated below.

The new standard became effective for us on January 1, 2019. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. See also Note 10, Leases.

Leases

As of January 1, 2019, our impact resulting from operating leases is as follows:


•	we have recognized right-of-use (ROU) assets (within other non-current assets) and lease liabilities of $188 million;


•	the short-term portion of the lease liabilities of $53 million is classified in the condensed consolidated balance sheet in other current liabilities; and


•	the long-term portion of the lease liabilities of $135 million is classified in the condensed consolidated balance sheet in other non-current liabilities.

We elected to adopt the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs, along with the practical expedient to use hindsight when determining the lease term.

We determine if an arrangement is a lease at inception of the arrangement. Once it is determined that an arrangement is, or contains, a lease, that determination should only be reassessed if the legal arrangement is modified. Changes to assumptions such as market-based factors do not trigger a reassessment. Determining whether a contract contains a lease requires judgement. In general, arrangements are considered to be a lease when all of the following apply:


•	it conveys the right to control the use of an identified asset for a period of time in exchange for consideration;


•	we have substantially all economic benefits from the use of the asset; and


•	we can direct the use of the identified asset.

The terms of a lease arrangement determine how a lease is classified and the resulting income statement recognition. When the terms of a lease effectively transfer control of the underlying asset, the lease represents an in substance financed purchase (sale) of an asset and the lease is classified as a finance lease by the lessee and a sales-type lease by the lessor. When a lease does not effectively transfer control of the underlying asset to the lessee, but the lessor obtains a guarantee for the value of the asset from a third party, the lessor would classify a lease as a direct financing lease. All other leases are classified as operating leases.

With the exception of two instances (with a combined value of approximately $30 million), the Company’s lease arrangements were all operating leases.

Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at January 1, 2019 or commencement date, if later, in determining the present value of future payments. The lease ROU asset includes any lease payment made and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease which are included in the measurement of the ROU assets and lease liabilities when it is reasonably certain that we will exercise that option.

For operating leases the lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For finance leases each lease payment is allocated between the liability and finance cost. The finance cost is charged to the condensed consolidated statement of operations over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The finance lease asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

We have lease agreements with lease and non-lease components. Except for gas and chemical contracts, NXP did not make the election to treat the lease and non-lease components as a single component, and considers the non-lease components as a separate unit of account.

Accounting standards adopted in 2019

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvement to Accounting for Hedging Activities. ASU 2017-12 simplifies certain aspects of hedge accounting and improves disclosures of hedging arrangements through the elimination of the requirement to separately measure and report hedge ineffectiveness. The ASU generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Entities must apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements must be applied prospectively. ASU 2017-12 became effective for us on January 1, 2019. The adoption of this guidance did not have a material impact on our financial position or results of operations.

Recently issued accounting standards

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, the one step quantitative impairment test calculates goodwill impairment as the excess of the carrying value of a reporting unit over its fair value, up to the carrying value of the goodwill. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. The ASU should be applied on a prospective basis. The Company does not expect the adoption of this guidance to have a material impact on our financial position or results of operations.

In August 2018, the FASB issued ASU 2018-13, Fair Value measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes certain disclosure requirements, including the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also adds disclosure requirements, including changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019, with early adoption permitted. The amendments on changes in unrealized gains and losses, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company does not expect the adoption of this guidance to have a material impact on our financial statement disclosures.

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. ASU 2018-14 should be applied on a retrospective basis to all periods presented and is effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on our financial statement disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 requires a customer in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Therefore, a customer in a hosting arrangement that is a service contract determines which project stage an implementation activity relates to. Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. ASU 2018-15 also requires the customer to expense the capitalized implementation costs over the term of the hosting arrangement, and to apply the existing impairment guidance in Subtopic 350-40 to the capitalized implementation costs as if the costs were long-lived assets. ASU 2018-15 can be applied either retrospectively or prospectively and is effective for annual reporting periods beginning after December 15, 2019, and interim periods therein, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on our financial position or results of operations.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 3,537	$ 2,789
Accounts receivable, net	786	792
Assets held for sale	61	0
Inventories, net	1,134	1,279
Other current assets	426	365
Total current assets	5,944	5,225
Non-current assets:
Other non-current assets	712	545
Property, plant and equipment, net of accumulated depreciation of $3,632 and $3,299	2,401	2,436
Identified intangible assets, net of accumulated amortization of $5,729 and $4,716	3,406	4,467
Goodwill	8,791	8,857
Total non-current assets	15,310	16,305
Total assets	21,254	21,530
Current liabilities:
Accounts payable	862	999
Restructuring liabilities-current	41	60
Other current liabilities	1,081	1,219
Short-term debt	1,142	1,107
Total current liabilities	3,126	3,385
Non-current liabilities:
Long-term debt	7,363	6,247
Restructuring liabilities	0	5
Deferred tax liabilities	285	450
Other non-current liabilities	885	753
Total non-current liabilities	8,533	7,455
Total liabilities	11,659	10,840
Equity:
Non-controlling interests	205	185
Stockholders’ equity:
Common stock, par value €0.20 per share:	67	67
Capital in excess of par value	15,722	15,460
Treasury shares, at cost : 49,949,971 shares (2018: 35,913,021 shares)	(4,429)	(3,238)
Accumulated other comprehensive income (loss)	67	123
Accumulated deficit	(2,037)	(1,907)
Total stockholders’ equity	9,390	10,505
Total equity	9,595	10,690
Total liabilities and equity	$ 21,254	$ 21,530

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 29, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	6 years
Finance lease, remaining lease term	12 years 8 months 12 days
Operating lease, option to extend term	5 years
Finance lease, option to extend term	5 years
Operating lease, termination period	1 year
Finance lease, termination period	1 year
Assets under finance leases, gross	$ 29
Accumulated depreciation under finance leases	4
Right-of-use assets	$ 220	$ 188
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	30 years
Finance lease, remaining lease term	30 years

Related-Party Transactions

9 Months Ended

Sep. 29, 2019

Related-Party Transactions

The Company's related parties are the members of the board of directors of NXP, the executive officers of NXP and equity-accounted investees and, up to July 26, 2018, Qualcomm Incorporated ("Qualcomm"). As of the divestment of the SP business on February 7, 2017, the newly formed Nexperia has become a related party.

We have a number of strategic alliances and joint ventures. We have relationships with certain of our alliance partners in the ordinary course of business whereby we enter into various sale and purchase transactions, generally on terms comparable to transactions with third parties. However, in certain instances upon divestment of former businesses where we enter into supply arrangements with the former owned business, sales are conducted at cost.

The following table presents the amounts related to revenue and other income and purchase of goods and services incurred in transactions with these related parties:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Revenue and other income	19	26	63	105
Purchase of goods and services	15	25	50	77

The following table presents the amounts related to receivable and payable balances with these related parties:



	September 29, 2019	December 31, 2018
Receivables	22	25
Payables	13	49

We have entered into lease commitments and related services to Nexperia, which are $48 million as of September 29, 2019, and committed $50 million to an investment fund affiliated with Nexperia’s owners. The lease commitments are reflected in our recorded lease liabilities in other current and non-current liabilities.

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2019	Sep. 29, 2019	Jan. 01, 2019
Supplemental cash flows information:
Operating cash flows from operating leases	$ 15	$ 41
Operating cash flows from finance leases	(1)	1
Financing cash flows from finance leases	2	2
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	62	260
Lease liabilities	223	223	$ 188
Finance leases	$ 0	$ 0
Weighted average remaining lease term:
Operating leases (in years)	6 years	6 years
Finance leases (in years)	12 years 8 months 12 days	12 years 8 months 12 days
Weighted average discount rate:
Operating leases	3.10%	3.10%
Finance leases	4.50%	4.50%

Debt (Tables)

9 Months Ended

Sep. 29, 2019

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes the outstanding debt as of September 29, 2019 and December 31, 2018:



		September 29, 2019			December 31, 2018
	Maturities	Amount		Effective rate	Amount		Effective rate
Fixed-rate 4.125% senior unsecured notes	Jun, 2020	—		—	600		4.125
Fixed-rate 4.125% senior unsecured notes	Jun, 2021	1,350		4.125	1,350		4.125
Fixed-rate 4.625% senior unsecured notes	Jun, 2022	400		4.625	400		4.625
Fixed-rate 3.875% senior unsecured notes	Sep, 2022	1,000		3.875	1,000		3.875
Fixed-rate 4.625% senior unsecured notes	Jun, 2023	900		4.625	900		4.625
Fixed-rate 4.875% senior unsecured notes	Mar, 2024	1,000		4.875	1,000		4.875
Fixed-rate 5.35% senior unsecured notes	Mar, 2026	500		5.350	500		5.350
Fixed-rate 3.875% senior unsecured notes	Jun, 2026	750		3.875	—		—
Fixed-rate 5.55% senior unsecured notes	Dec, 2028	500		5.550	500		5.550
Fixed-rate 4.3% senior unsecured notes	Jun, 2029	1,000		4.300	—		—
Fixed-rate 1% cash convertible notes	Dec, 2019	1,150		1.000	1,150		1.000
Floating-rate revolving credit facility (RCF)	Jun, 2024	—		—	—		—
Total principal		8,550			7,400
Liabilities arising from capital lease transactions		—			27
Unamortized discounts, premiums and debt issuance costs		(37	)		(31	)
Fair value of embedded cash conversion option		(8	)		(42	)
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments		8,505			7,354
Current portion of long-term debt		(1,142	)		(1,107	)
Long-term debt		7,363			6,247

Basis of Presentation and Overview	9 Months Ended
Basis of Presentation and Overview	Sep. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Overview	Basis of Presentation and Overview We prepared our interim condensed consolidated financial statements that accompany these notes in conformity with U.S. generally accepted accounting principles, consistent in all material respects with those applied in our Annual Report on Form 20‑F for the year ended December 31, 2018. We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, but reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2018. Prior to January 1, 2019, HPMS was our sole reportable segment. Corporate and Other represented the remaining portion to reconcile to the condensed consolidated financial statements. Effective January 1, 2019, NXP removed the reference to HPMS in its organizational structure in acknowledgment of the one reportable segment representing the entity as a whole. On May 29, 2019, we entered into a definitive agreement with Marvell Technology Group Ltd. ("Marvell") under which NXP will acquire Marvell’s Wireless WiFi Connectivity Business Unit, Bluetooth technology portfolio and related assets, for $1.76 billion in cash. Subject to customary closing conditions, including regulatory approvals, the transaction is expected to close by the first quarter of 2020 even though there could be a possibility for an accelerated closing timeline.

Acquisitions and Divestments	9 Months Ended
Acquisitions and Divestments	Sep. 29, 2019
Business Combinations [Abstract]
Acquisitions and Divestments	Acquisitions and Divestments There were no material acquisitions during the first nine months of 2019. On March 27, 2019, we sold our remaining equity interest in WeEn, receiving net cash proceeds of $37 million. There were no material acquisitions during 2018. On July 10, 2018, NXP completed the sale of its 40% equity interest in Suzhou ASEN Semiconductors Co., Ltd. to J&R Holding Limited, receiving $127 million in cash proceeds. The net gain realized on the sale of $51 million is included in the statement of operations in the line item "Results relating to equity-accounted investees". In June 2018, NXP completed the sale of 24% of its equity interest in WeEn to Tianjin Ruixin Semiconductor Industry Investment Centre LLP, receiving $32 million in cash proceeds. At December 31, 2018, due to the intended sale of the remaining interest in WeEn, NXP transferred the remaining holding to other current assets.

Leases - Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2019	Sep. 29, 2019
Leases [Abstract]
Operating lease cost	$ 15	$ 41
Finance lease cost:
Amortization of right-of-use assets	0	1
Interest on lease liabilities	0	1
Total finance lease cost	$ 0	$ 2

Supplemental Financial Information - Cash dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dividend per share (USD per share)	$ 0.375	$ 0.250	$ 0.250	$ 0.250	$ 0.875	$ 0.250
Amount	$ 105	$ 70	$ 71	$ 74	$ 246	$ 74

Leases (Tables)

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Schedule of Lease Costs and Other Information

The components of lease expense were as follows:



	For the three months ended	For the nine months ended
	September 29, 2019	September 29, 2019
Operating lease cost	15	41

Finance lease cost:
Amortization of right-of-use assets	—	1
Interest on lease liabilities	—	1
Total finance lease cost	—	2

Other information related to leases was as follows:



	For the three months ended		For the nine months ended
	September 29, 2019		September 29, 2019
Supplemental cash flows information:
Operating cash flows from operating leases	15		41
Operating cash flows from finance leases	(1	)	1
Financing cash flows from finance leases	2		2

Right-of-use assets obtained in exchange for lease obligations:
Operating leases 1)	62		260
Finance leases	—		—

1) $188 million recorded on January 1, 2019 in accordance with the adoption of ASC 842.

Weighted average remaining lease term:
Operating leases			6.0 years
Finance leases			12.7 years

Weighted average discount rate:
Operating leases			3.1	%
Finance leases			4.5	%

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments as of September 29, 2019 were as follows:



	As of
	September 29, 2019
	Operating leases		Finance leases
2019 (remaining)	16		1
2020	57		3
2021	46		3
2022	32		3
2023	27		3
Thereafter	67		22
Total future minimum lease payments	245		35
Less: imputed interest	(22	)	(9	)
Total	223		26

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments as of September 29, 2019 were as follows:



	As of
	September 29, 2019
	Operating leases		Finance leases
2019 (remaining)	16		1
2020	57		3
2021	46		3
2022	32		3
2023	27		3
Thereafter	67		22
Total future minimum lease payments	245		35
Less: imputed interest	(22	)	(9	)
Total	223		26

Schedule of Lease Liabilities

Lease liabilities related to leases are split between current and non-current:



	As of
	September 29, 2019
	Operating leases	Finance leases
Other current liabilities	55	2
Other non-current liabilities	168	24
Total	223	26

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2019	Sep. 29, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 8,550	$ 8,550	$ 7,400
Liabilities arising from capital lease transactions	0	0
Liabilities arising from capital lease transactions			27
Unamortized discounts, premiums and debt issuance costs	(37)	(37)	(31)
Fair value of embedded cash conversion option	(8)	(8)	(42)
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments	8,505	8,505
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments			7,354
Current portion of long-term debt	(1,142)	(1,142)	(1,107)
Long-term debt	7,363	7,363	$ 6,247
Unsecured Debt \| Fixed-rate 4.125% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate			4.125%
Debt instrument, principal amount	$ 0	$ 0	$ 600
Effective rate	0.00%	0.00%	4.125%
Unsecured Debt \| Fixed-rate 4.125% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	4.125%	4.125%
Debt instrument, principal amount	$ 1,350	$ 1,350	$ 1,350
Effective rate	4.125%	4.125%	4.125%
Unsecured Debt \| Fixed-rate 4.625% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	4.625%	4.625%
Debt instrument, principal amount	$ 400	$ 400	$ 400
Effective rate	4.625%	4.625%	4.625%
Unsecured Debt \| Fixed-rate 3.875% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	3.875%	3.875%
Debt instrument, principal amount	$ 1,000	$ 1,000	$ 1,000
Effective rate	3.875%	3.875%	3.875%
Unsecured Debt \| Fixed-rate 4.625% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	4.625%	4.625%
Debt instrument, principal amount	$ 900	$ 900	$ 900
Effective rate	4.625%	4.625%	4.625%
Unsecured Debt \| Fixed-rate 4.875% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	4.875%	4.875%
Debt instrument, principal amount	$ 1,000	$ 1,000	$ 1,000
Effective rate	4.875%	4.875%	4.875%
Unsecured Debt \| Fixed-rate 5.35% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	5.35%	5.35%
Debt instrument, principal amount	$ 500	$ 500	$ 500
Effective rate	5.35%	5.35%	5.35%
Unsecured Debt \| Fixed-rate 3.875% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	3.875%	3.875%
Debt instrument, principal amount	$ 750	$ 750	$ 0
Effective rate	3.875%	3.875%	0.00%
Unsecured Debt \| Fixed-rate 5.55% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	5.55%	5.55%
Debt instrument, principal amount	$ 500	$ 500	$ 500
Effective rate	5.55%	5.55%	5.55%
Unsecured Debt \| Fixed-rate 4.3% senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate	4.30%	4.30%
Debt instrument, principal amount	$ 1,000	$ 1,000	$ 0
Effective rate	4.30%	4.30%	0.00%
Convertible Notes Payable \| Fixed-rate 1% cash convertible notes
Debt Instrument [Line Items]
Stated interest rate	1.00%	1.00%
Debt instrument, principal amount	$ 1,150	$ 1,150	$ 1,150
Effective rate	1.00%	1.00%	1.00%
Revolving Credit Facility \| Floating-rate revolving credit facility (RCF)
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 0	$ 0	$ 0
Effective rate	0.00%	0.00%	0.00%

Identified Intangible Assets (Tables)

9 Months Ended

Sep. 29, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Identified Intangible Assets

Identified intangible assets as of September 29, 2019 and December 31, 2018, respectively, were composed of the following:



	September 29, 2019			December 31, 2018
	Gross carrying amount	Accumulated amortization		Gross carrying amount	Accumulated amortization
In-process R&D (IPR&D) ¹⁾	171	—		276	—
Marketing-related	82	(62	)	81	(50	)
Customer-related	945	(326	)	964	(301	)
Technology-based	7,937	(5,341	)	7,862	(4,365	)
Identified intangible assets	9,135	(5,729	)	9,183	(4,716	)

1) IPR&D is not subject to amortization until completion or abandonment of the associated research and development effort.

Schedule of Estimated Amortization Expense

The estimated amortization expense for these identified intangible assets for each of the five succeeding years is:



2019 (remaining)	380 (remaining)
2020	1,310
2021	554
2022	437
2023	230
Thereafter	495

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 149	$ 1,969
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	1,525	1,484
Share-based compensation	257	221
Amortization of discount on debt	34	31
Amortization of debt issuance costs	8	7
Net (gain) loss on sale of assets	(20)	0
(Gain) loss on extinguishment of debt	11	26
Results relating to equity-accounted investees	(2)	(53)
Deferred tax expense (benefit)	(126)	(159)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets	(28)	136
(Increase) decrease in inventories	135	(70)
Increase (decrease) in accounts payable and other liabilities	(425)	59
Decrease (increase) in other non-current assets	36	(26)
Exchange differences	6	1
Other items	(1)	12
Net cash provided by (used for) operating activities	1,559	3,638
Cash flows from investing activities:
Purchase of identified intangible assets	(72)	(46)
Capital expenditures on property, plant and equipment	(388)	(441)
Proceeds from disposals of property, plant and equipment	23	1
Purchase of interests in businesses, net of cash acquired	0	(18)
Proceeds from sale of interests in businesses	37	159
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:	0	4
Purchase of available-for-sale securities	(19)	(7)
Proceeds from the sale of securities	1	0
Net cash provided by (used for) investing activities	(418)	(348)
Cash flows from financing activities:
Proceeds from Bridge Loan	0	1,000
Repurchase of long-term debt	(600)	(1,273)
Principal payments on long-term debt	0	(1)
Proceeds from the issuance of long-term debt	1,750	0
Cash paid for debt issuance costs	(24)	(11)
Cash paid for Notes hedge derivatives	(1)	0
Dividends paid to non-controlling interests	0	(54)
Dividends paid to common stockholders	(214)	0
Proceeds from issuance of common stock through stock plans	70	36
Purchase of treasury shares and restricted stock unit withholdings	(1,369)	(4,582)
Net cash provided by (used for) financing activities	(388)	(4,885)
Effect of changes in exchange rates on cash positions	(5)	(8)
Increase (decrease) in cash and cash equivalents	748	(1,603)
Cash and cash equivalents at beginning of period	2,789	3,547
Cash and cash equivalents at end of period	3,537	1,944
Net cash paid during the period for:
Interest	147	103
Income taxes	334	127
ASC 606 \| Receivables and other current assets
Non-cash adjustment	0	(36)
ASC 606 \| Inventories
Non-cash adjustment	$ 0	$ 22

Supplemental Financial Information - Financial income and expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 17	$ 13	$ 42	$ 38
Interest expense	(98)	(61)	(274)	(197)
Total interest expense, net	(81)	(48)	(232)	(159)
Foreign exchange rate results	1	(1)	(6)	(1)
Extinguishment of debt	(1)	0	(11)	(26)
Miscellaneous financing costs/income and other, net	(4)	(70)	(8)	(72)
Total other financial income (expense)	(4)	(71)	(25)	(99)
Total	$ (85)	$ (119)	$ (257)	$ (258)

Basis of Presentation and Overview (Details) $ in Millions	May 29, 2019 USD ($)
Marvell
Business Acquisition [Line Items]
Payment to acquire business unit	$ 1,760

Supplemental Financial Information - Cash and cash equivalents (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 3,537,000,000				$ 3,537,000,000		$ 2,789,000,000
Dividend distribution	105,000,000	$ 70,000,000	$ 71,000,000	$ 74,000,000	246,000,000	$ 74,000,000
SSMC [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 169,000,000				169,000,000		$ 140,000,000
Dividend distribution					$ 0	$ 139,000,000
TSMC [Member]
Cash and Cash Equivalents [Line Items]
Ownership percentage by noncontrolling owners	38.80%				38.80%

Related-Party Transactions - Schedule of Amounts Related to Receivable and Payable Balances with Related Parties (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Receivables	$ 22	$ 25
Payables	$ 13	$ 49

Assets Held for Sale - Summary of carrying value of assets deld for sale (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 61	$ 0
Voice and Audio Solutions \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	11
Identified intangible assets, net	1
Goodwill	49
Assets held for sale	$ 61

Restructuring - Schedule of Restructuring Charges Recorded in Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ (1)	$ 5	$ 29	$ 5
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	(1)	0	3	0
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0	5	10	6
Research and development
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0	0	16	0
Other income (expense)
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 0	$ 0	$ 0	$ (1)

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Sep. 29, 2019	Jan. 01, 2019
Operating leases
2019 (remaining)	$ 16
2020	57
2021	46
2022	32
2023	27
Thereafter	67
Total future minimum lease payments	245
Less: imputed interest	(22)
Total	223	$ 188
Finance leases
2019 (remaining)	1
2020	3
2021	3
2022	3
2023	3
Thereafter	22
Total future minimum lease payments	35
Less: imputed interest	(9)
Total	$ 26	$ 30

Significant Accounting Policies and Recent Accounting Pronouncements

9 Months Ended

Sep. 29, 2019

Accounting Policies [Abstract]

Significant Accounting Policies and Recent Accounting Pronouncements

Significant Accounting Policies

Except for the changes below, no material changes have been made to the Company's significant accounting policies disclosed in Note 2 Significant Accounting Policies in our Annual Report on Form 20-F for the year ended December 31, 2018. The accounting policy information below is to aid in the understanding of the financial information disclosed.

Leases

As of January 1, 2019, our impact resulting from operating leases is as follows:


•	we have recognized right-of-use (ROU) assets (within other non-current assets) and lease liabilities of $188 million;


•	the short-term portion of the lease liabilities of $53 million is classified in the condensed consolidated balance sheet in other current liabilities; and


•	the long-term portion of the lease liabilities of $135 million is classified in the condensed consolidated balance sheet in other non-current liabilities.


•	it conveys the right to control the use of an identified asset for a period of time in exchange for consideration;


•	we have substantially all economic benefits from the use of the asset; and


•	we can direct the use of the identified asset.

With the exception of two instances (with a combined value of approximately $30 million), the Company’s lease arrangements were all operating leases.

Accounting standards adopted in 2019

Recently issued accounting standards

Supplemental Financial Information - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 2,265	$ 2,445	$ 6,576	$ 7,004
Distributors
Disaggregation of Revenue [Line Items]
Revenue	1,145	1,270	3,190	3,595
Original Equipment Manufacturers and Electronic Manufacturing Services
Disaggregation of Revenue [Line Items]
Revenue	1,082	1,081	3,308	3,115
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 38	$ 94	$ 78	$ 294

Litigation (Details) $ in Millions	9 Months Ended
Litigation (Details) $ in Millions	Sep. 29, 2019 USD ($) individual	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Accrued potential and legal fees	$ 85	$ 123
Insurance reimbursements	50	$ 65
Insurance reimbursement of claims potential maximum exposure	$ 109
Number of birth defect individuals \| individual	24
Minimum
Loss Contingencies [Line Items]
Range of possible loss	$ 0
Maximum
Loss Contingencies [Line Items]
Range of possible loss	$ 122

Related-Party Transactions - Schedule of Amounts Related to Revenue and Other Income and Purchase of Goods and Services Incurred in Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Related Party Transactions [Abstract]
Revenue and other income	$ 19	$ 26	$ 63	$ 105
Purchase of goods and services	$ 15	$ 25	$ 50	$ 77

Related-Party Transactions (Tables)

9 Months Ended

Sep. 29, 2019

The following table presents the amounts related to revenue and other income and purchase of goods and services incurred in transactions with these related parties:



	For the three months ended		For the nine months ended
	September 29, 2019	September 30, 2018	September 29, 2019	September 30, 2018
Revenue and other income	19	26	63	105
Purchase of goods and services	15	25	50	77

Schedule Of Amounts Receivable From And Payable To Related Parties [Table Text Block]

The following table presents the amounts related to receivable and payable balances with these related parties:



	September 29, 2019	December 31, 2018
Receivables	22	25
Payables	13	49

Assets Held for Sale

9 Months Ended

Sep. 29, 2019

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

In the second quarter of 2019, NXP management, in reviewing its portfolio, concluded that certain activities (Voice and Audio Solutions (VAS)) no longer fit the NXP strategic portfolio and took actions that resulted in the assets meeting the held for sale criteria. On August 16, 2019, NXP reached a definitive agreement with Shenzhen Goodix Technology Co., Ltd. from China, under which it will acquire all of these assets for an amount of $165 million.

The following table summarizes the carrying value of these assets held for sale:



	September 29, 2019
Inventories	11
Identified intangible assets, net	1
Goodwill	49
Assets held for sale	61

Supplemental Financial Information - Inventories (Details) - USD ($) $ in Millions	Sep. 29, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods under consignment	$ 47	$ 52
Raw materials	64	74
Work in process	858	949
Finished goods	212	256
Inventory, Net	1,134	1,279
Allowance for obsolescence	$ 114	$ 111