TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

March 31,

(In millions)

2023

2022

Cash flows from operating activities

   Net income

$    1,708

$    2,201

   Adjustments to net income:

   Depreciation

265

200

   Amortization of capitalized software

16

14

   Stock compensation

104

74

   Gains on sales of assets

—

(2)

   Deferred taxes

(8)

(1)

   Increase (decrease) from changes in:

   Accounts receivable

18

(94)

   Inventories

(531)

(150)

   Prepaid expenses and other current assets

(4)

21

   Accounts payable and accrued expenses

(124)

11

   Accrued compensation

(407)

(388)

   Income taxes payable

185

284

   Changes in funded status of retirement plans

6

21

   Other

(68)

(47)

Cash flows from operating activities

1,160

2,144

Cash flows from investing activities

   Capital expenditures

(982)

(443)

   Proceeds from asset sales

1

2

   Purchases of short-term investments

(3,013)

(3,988)

   Proceeds from short-term investments

4,026

2,774

   Other

(4)

(13)

Cash flows from investing activities

28

(1,668)

Cash flows from financing activities

   Proceeds from issuance of long-term debt

1,397

—

   Dividends paid

(1,125)

(1,063)

   Stock repurchases

(103)

(589)

   Proceeds from common stock transactions

85

57

   Other

(15)

(7)

Cash flows from financing activities

239

(1,602)

Net change in cash and cash equivalents

1,427

(1,126)

Cash and cash equivalents at beginning of period

3,050

4,631

Cash and cash equivalents at end of period

$    4,477

$    3,505