Summary
NXP Semiconductors N.V. (NXPI) filed its Annual Report on Form 20-F on March 3, 2017. This filing provides updated financial results for the full year 2016. The key update stems from the completion of the disposition of its Standard Products business on February 6, 2017. This event allowed NXP to reassess its deferred tax asset valuation allowance. As a result of the Standard Products business disposition, NXP was able to conclude that a reduction in its deferred tax asset valuation allowance was appropriate as of December 31, 2016. This adjustment led to the recognition of an additional tax benefit of $392 million in the company's consolidated statement of operations. Investors should note that this tax benefit was not included in the preliminary fourth quarter and full-year 2016 results previously reported on February 2, 2017.
Key Highlights
- 1NXP Semiconductors N.V. filed its Annual Report on Form 20-F on March 3, 2017.
- 2The filing updates the company's full-year 2016 financial results.
- 3The Standard Products business disposition was completed on February 6, 2017.
- 4The completion of the business disposition triggered a reassessment of the deferred tax asset valuation allowance.
- 5NXP recognized an additional tax benefit of $392 million due to the reduction in the valuation allowance.
- 6This tax benefit is an update to previously reported 2016 results.
- 7The company is incorporated in The Netherlands and files annual reports on Form 20-F.