TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

June 30,

(In millions)

2023

2022

Cash flows from operating activities

   Net income

$    1,722

$    2,291

   Adjustments to net income:

   Depreciation

285

227

   Amortization of capitalized software

15

13

   Stock compensation

111

85

   Gains on sales of assets

(1)

(1)

   Deferred taxes

(52)

(14)

   Increase (decrease) from changes in:

   Accounts receivable

(79)

(395)

   Inventories

(441)

(139)

   Prepaid expenses and other current assets

14

(1)

   Accounts payable and accrued expenses

74

19

   Accrued compensation

165

134

   Income taxes payable

(243)

(279)

   Changes in funded status of retirement plans

17

49

   Other

(188)

(221)

Cash flows from operating activities

1,399

1,768

Cash flows from investing activities

   Capital expenditures

(1,446)

(597)

   Proceeds from asset sales

1

1

   Purchases of short-term investments

(4,047)

(2,461)

   Proceeds from short-term investments

3,065

4,200

   Other

42

82

Cash flows from investing activities

(2,385)

1,225

Cash flows from financing activities

   Proceeds from issuance of long-term debt

1,603

—

   Repayment of debt

(500)

(500)

   Dividends paid

(1,125)

(1,060)

   Stock repurchases

(79)

(1,182)

   Proceeds from common stock transactions

65

56

   Other

(16)

(10)

Cash flows from financing activities

(52)

(2,696)

Net change in cash and cash equivalents

(1,038)

297

Cash and cash equivalents at beginning of period

4,477

3,505

Cash and cash equivalents at end of period

$    3,439

$    3,802