TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions)

2022

2021

2022

2021

Cash flows from operating activities

  Net income

$            1,962

$            2,138

$            8,749

$            7,769

  Adjustments to net income:

  Depreciation

249

200

925

755

  Amortization of acquisition-related intangibles

—

—

—

142

  Amortization of capitalized software

14

13

54

57

  Stock compensation

62

50

289

230

  Gains on sales of assets

—

(50)

(3)

(57)

  Deferred taxes

(173)

(4)

(191)

15

  Increase (decrease) from changes in:

  Accounts receivable

145

(48)

(194)

(287)

  Inventories

(353)

(47)

(847)

45

  Prepaid expenses and other current assets

(39)

(42)

6

57

  Accounts payable and accrued expenses

34

(54)

106

33

  Accrued compensation

136

110

22

7

  Income taxes payable

68

34

94

(20)

  Changes in funded status of retirement plans

(12)

14

114

62

  Other

(51)

43

(404)

(52)

Cash flows from operating activities

2,042

2,357

8,720

8,756

Cash flows from investing activities

  Capital expenditures

(967)

(1,282)

(2,797)

(2,462)

  Proceeds from asset sales

—

68

3

75

  Purchases of short-term investments

(3,688)

(3,697)

(14,483)

(10,124)

  Proceeds from short-term investments

3,650

2,708

13,657

8,478

  Other

(22)

(26)

37

(62)

Cash flows from investing activities

(1,027)

(2,229)

(3,583)

(4,095)

Cash flows from financing activities

  Proceeds from issuance of long-term debt

799

—

1,494

1,495

  Repayment of debt

—

—

(500)

(550)

  Dividends paid

(1,123)

(1,062)

(4,297)

(3,886)

  Stock repurchases

(848)

(142)

(3,615)

(527)

  Proceeds from common stock transactions

50

52

241

377

  Other

(12)

(8)

(41)

(46)

Cash flows from financing activities

(1,134)

(1,160)

(6,718)

(3,137)

Net change in cash and cash equivalents

(119)

(1,032)

(1,581)

1,524

Cash and cash equivalents at beginning of period

3,169

5,663

4,631

3,107

Cash and cash equivalents at end of period

$            3,050

$            4,631

$            3,050

$            4,631