TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

June 30,

(In millions)

2022

2021

Cash flows from operating activities

 Net income

$

2,291

$

1,931

 Adjustments to net income:

Depreciation

227

184

Amortization of acquisition-related intangibles

—

48

Amortization of capitalized software

13

15

Stock compensation

85

69

Gains on sales of assets

(1)

(3)

Deferred taxes

(14)

(1)

 Increase (decrease) from changes in:

Accounts receivable

(395)

(7)

Inventories

(139)

40

Prepaid expenses and other current assets

(1)

(50)

Accounts payable and accrued expenses

19

(17)

Accrued compensation

134

141

Income taxes payable

(279)

(175)

 Changes in funded status of retirement plans

49

7

 Other

(221)

(61)

Cash flows from operating activities

1,768

2,121

Cash flows from investing activities

 Capital expenditures

(597)

(386)

 Proceeds from asset sales

1

3

 Purchases of short-term investments

(2,461)

(1,952)

 Proceeds from short-term investments

4,200

2,455

 Other

82

7

Cash flows from investing activities

1,225

127

Cash flows from financing activities

 Repayment of debt

(500)

—

 Dividends paid

(1,060)

(942)

 Stock repurchases

(1,182)

(146)

 Proceeds from common stock transactions

56

54

 Other

(10)

(7)

Cash flows from financing activities

(2,696)

(1,041)

Net change in cash and cash equivalents

297

1,207

Cash and cash equivalents at beginning of period

3,505

2,442

Cash and cash equivalents at end of period

$

3,802

$

3,649