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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES Consolidated Statements of Cash Flows (Millions of dollars) |
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For Three Months Ended |
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For Years Ended |
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Dec. 31, 2013 |
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Dec. 31, 2012 |
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Sept. 30, 2013 |
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Dec. 31, 2013 |
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Dec. 31, 2012 |
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Cash flows from operating activities: |
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Net income |
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$ 511 |
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$ 264 |
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$ 629 |
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$ 2,162 |
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$ 1,759 |
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Adjustments to net income: |
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Depreciation |
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213 |
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232 |
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217 |
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879 |
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957 |
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Amortization of acquisition-related intangibles |
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82 |
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85 |
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83 |
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336 |
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342 |
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Stock-based compensation |
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66 |
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64 |
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71 |
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287 |
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263 |
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Gain on sales of assets |
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-- |
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-- |
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(3) |
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(6) |
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-- |
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Deferred income taxes |
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52 |
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(10) |
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12 |
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50 |
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130 |
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Gain on transfer of Japan substitutional pension |
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-- |
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-- |
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-- |
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-- |
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(144) |
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Increase (decrease) from changes in: |
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Accounts receivable |
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318 |
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381 |
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(30) |
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16 |
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311 |
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Inventories |
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(5) |
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91 |
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(6) |
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26 |
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5 |
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Prepaid expenses and other current assets |
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(75) |
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85 |
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247 |
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(136) |
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162 |
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Accounts payable and accrued expenses |
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13 |
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222 |
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(17) |
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(284) |
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99 |
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Accrued compensation |
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(19) |
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(41) |
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96 |
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18 |
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(82) |
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Income taxes payable |
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107 |
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(52) |
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(173) |
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78 |
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(229) |
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Changes in funded status of retirement plans |
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(54) |
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(257) |
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30 |
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28 |
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(198) |
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Other |
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(10) |
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21 |
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(5) |
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(70) |
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39 |
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Cash flows from operating activities |
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1,199 |
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1,085 |
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1,151 |
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3,384 |
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3,414 |
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Cash flows from investing activities: |
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Capital expenditures |
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(107) |
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(96) |
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(124) |
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(412) |
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(495) |
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Proceeds from asset sales |
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-- |
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-- |
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3 |
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21 |
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-- |
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Purchases of short-term investments |
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(730) |
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(661) |
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(775) |
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(3,907) |
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(2,802) |
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Proceeds from short-term investments |
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685 |
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559 |
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681 |
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4,249 |
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2,198 |
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Other |
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29 |
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9 |
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3 |
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46 |
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60 |
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Cash flows from investing activities |
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(123) |
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(189) |
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(212) |
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(3) |
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(1,039) |
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Cash flows from financing activities: |
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Proceeds from issuance of debt |
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-- |
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-- |
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-- |
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986 |
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1,492 |
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Repayment of debt and commercial paper borrowings |
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-- |
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-- |
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-- |
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(1,500) |
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(1,375) |
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Dividends paid |
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(326) |
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(235) |
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(308) |
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(1,175) |
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(819) |
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Stock repurchases |
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(734) |
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(600) |
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(734) |
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(2,868) |
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(1,800) |
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Proceeds from common stock transactions |
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168 |
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133 |
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349 |
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1,314 |
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523 |
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Excess tax benefit from share-based payments |
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8 |
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12 |
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9 |
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80 |
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38 |
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Other |
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-- |
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-- |
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-- |
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(7) |
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(10) |
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Cash flows from financing activities |
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(884) |
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(690) |
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(684) |
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(3,170) |
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(1,951) |
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Net change in cash and cash equivalents |
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192 |
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206 |
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255 |
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211 |
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424 |
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Cash and cash equivalents, beginning of period |
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1,435 |
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1,210 |
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1,180 |
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1,416 |
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992 |
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Cash and cash equivalents, end of period |
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$ 1,627 |
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$ 1,416 |
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$ 1,435 |
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$ 1,627 |
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$ 1,416 |
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Certain amounts in prior periods' financial statements have been reclassified to conform to the current presentation. |
