TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||
(Millions of dollars) | ||||||||||||
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| For Three Months Ended |
| For Years Ended | ||||||||
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| December 31, |
| December 31, | ||||||||
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| 2018 |
| 2017 |
| 2018 |
| 2017 | ||||
Cash flows from operating activities |
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|
|
Net income |
| $ | 1,239 |
| $ | 344 |
| $ | 5,580 |
| $ | 3,682 |
Adjustments to net income: |
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|
|
|
|
|
|
|
|
|
|
Depreciation |
|
| 158 |
|
| 133 |
|
| 590 |
|
| 539 |
Amortization of acquisition-related intangibles |
|
| 79 |
|
| 79 |
|
| 318 |
|
| 318 |
Amortization of capitalized software |
|
| 12 |
|
| 12 |
|
| 46 |
|
| 47 |
Stock compensation |
|
| 42 |
|
| 45 |
|
| 232 |
|
| 242 |
Gains on sales of assets |
|
| (3) |
|
| — |
|
| (3) |
|
| — |
Deferred taxes |
|
| (23) |
|
| 159 |
|
| (105) |
|
| 112 |
Increase (decrease) from changes in: |
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|
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|
|
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|
|
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|
|
Accounts receivable |
|
| 378 |
|
| 299 |
|
| 71 |
|
| (7) |
| Inventories |
|
| (101) |
|
| (49) |
|
| (282) |
|
| (167) |
| Prepaid expenses and other current assets |
|
| 101 |
|
| 33 |
|
| 669 |
|
| 76 |
| Accounts payable and accrued expenses |
|
| (13) |
|
| 70 |
|
| (7) |
|
| 51 |
| Accrued compensation |
|
| 105 |
|
| 82 |
|
| (7) |
|
| (3) |
| Income taxes payable |
|
| 147 |
|
| 694 |
|
| 158 |
|
| 468 |
| Changes in funded status of retirement plans |
|
| 10 |
|
| (15) |
|
| 36 |
|
| 21 |
| Other |
|
| 14 |
|
| 43 |
|
| (107) |
|
| (16) |
| Cash flows from operating activities |
|
| 2,145 |
|
| 1,929 |
|
| 7,189 |
|
| 5,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
| (323) |
|
| (231) |
|
| (1,131) |
|
| (695) |
| Proceeds from asset sales |
|
| 9 |
|
| — |
|
| 9 |
|
| 40 |
| Purchases of short-term investments |
|
| (333) |
|
| (1,450) |
|
| (5,641) |
|
| (4,555) |
| Proceeds from short-term investments |
|
| 2,163 |
|
| 790 |
|
| 6,708 |
|
| 4,095 |
| Other |
|
| (11) |
|
| (7) |
|
| (23) |
|
| (12) |
| Cash flows from investing activities |
|
| 1,505 |
|
| (898) |
|
| (78) |
|
| (1,127) |
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|
|
|
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|
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|
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| Cash flows from financing activities |
|
|
|
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|
|
|
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|
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| Proceeds from issuance of debt |
|
| — |
|
| 494 |
|
| 1,500 |
|
| 1,099 |
| Repayment of debt |
|
| — |
|
| — |
|
| (500) |
|
| (625) |
| Dividends paid |
|
| (736) |
|
| (611) |
|
| (2,555) |
|
| (2,104) |
| Stock repurchases |
|
| (2,009) |
|
| (706) |
|
| (5,100) |
|
| (2,556) |
| Proceeds from common stock transactions |
|
| 38 |
|
| 162 |
|
| 373 |
|
| 483 |
| Other |
|
| (7) |
|
| (10) |
|
| (47) |
|
| (31) |
| Cash flows from financing activities |
|
| (2,714) |
|
| (671) |
|
| (6,329) |
|
| (3,734) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in cash and cash equivalents |
|
| 936 |
|
| 360 |
|
| 782 |
|
| 502 |
| Cash and cash equivalents at beginning of period |
|
| 1,502 |
|
| 1,296 |
|
| 1,656 |
|
| 1,154 |
| Cash and cash equivalents at end of period |
| $ | 2,438 |
| $ | 1,656 |
| $ | 2,438 |
| $ | 1,656 |
