TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Millions of dollars) | |||||||||||
|
| |||||||||||
|
| For Three Months Ended December 31, |
| For Years Ended December 31, | ||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Cash flows from operating activities |
|
|
|
|
|
|
| ||||
Net income | $ | 1,688 |
| $ | 1,070 |
| $ | 5,595 |
| $ | 5,017 |
Adjustments to net income: |
|
|
|
|
|
|
|
| |||
Depreciation | 180 |
| 186 |
| 733 |
| 708 | ||||
Amortization of acquisition-related intangibles | 47 |
| 50 |
| 198 |
| 288 | ||||
Amortization of capitalized software | 16 |
| 14 |
| 61 |
| 54 | ||||
Stock compensation | 42 |
| 41 |
| 224 |
| 217 | ||||
Gains on sales of assets | (1) |
| — |
| (4) |
| (23) | ||||
Deferred taxes | (22) |
| 50 |
| (137) |
| 81 | ||||
Increase (decrease) from changes in: |
|
|
|
|
|
|
|
| |||
Accounts receivable | (22) |
| 268 |
| (340) |
| 133 | ||||
Inventories | 117 |
| 39 |
| 46 |
| 216 | ||||
Prepaid expenses and other current assets | (79) |
| (20) |
| (79) |
| 265 | ||||
Accounts payable and accrued expenses | 3 |
| (29) |
| 63 |
| (93) | ||||
Accrued compensation | 111 |
| 100 |
| 63 |
| (15) | ||||
| Income taxes payable | 135 |
| 7 |
| (181) |
| (193) | ||||
| Changes in funded status of retirement plans | (25) |
| 3 |
| (9) |
| 29 | ||||
| Other | (65) |
| (25) |
| (94) |
| (35) | ||||
| Cash flows from operating activities | 2,125 |
| 1,754 |
| 6,139 |
| 6,649 | ||||
|
|
|
|
|
|
|
|
|
| |||
| Cash flows from investing activities |
|
|
|
|
|
|
|
| |||
| Capital expenditures | (212) |
| (163) |
| (649) |
| (847) | ||||
| Proceeds from asset sales | 1 |
| — |
| 4 |
| 30 | ||||
| Purchases of short-term investments | (2,351) |
| (2,070) |
| (5,786) |
| (3,444) | ||||
| Proceeds from short-term investments | 1,587 |
| 305 |
| 5,545 |
| 2,309 | ||||
| Other | (21) |
| 7 |
| (36) |
| 32 | ||||
| Cash flows from investing activities | (996) |
| (1,921) |
| (922) |
| (1,920) | ||||
|
|
|
|
|
|
|
|
|
| |||
| Cash flows from financing activities |
|
|
|
|
|
|
|
| |||
| Proceeds from issuance of long-term debt | — |
| — |
| 1,498 |
| 1,491 | ||||
| Repayment of debt | — |
| — |
| (500) |
| (750) | ||||
| Dividends paid | (937) |
| (841) |
| (3,426) |
| (3,008) | ||||
| Stock repurchases | (15) |
| (489) |
| (2,553) |
| (2,960) | ||||
| Proceeds from common stock transactions | 114 |
| 48 |
| 470 |
| 539 | ||||
| Other | (6) |
| (7) |
| (36) |
| (42) | ||||
| Cash flows from financing activities | (844) |
| (1,289) |
| (4,547) |
| (4,730) | ||||
|
|
|
|
|
|
|
|
|
| |||
| Net change in cash and cash equivalents | 285 |
| (1,456) |
| 670 |
| (1) | ||||
| Cash and cash equivalents at beginning of period | 2,822 |
| 3,893 |
| 2,437 |
| 2,438 | ||||
| Cash and cash equivalents at end of period | $ | 3,107 |
| $ | 2,437 |
| $ | 3,107 |
| $ | 2,437 |
