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TEXAS INSTRUMENTS 2009 ANNUAL REPORT PAGE 5
Consolidated statements of cash flows
[Millions of dollars]
For Years Ended
December 31,
2009 2008 2007
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,470 $1,920 $2,657
Adjustments to net income:
Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——(16)
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 877 1,022 1,022
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 213 280
Amortization of acquisition-related intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 37 48
Gains on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——(39)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 (182)34
Increase (decrease) from changes in:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (364)865 40
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 43 11
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 (125)13
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17)(382)77
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 38 304
Accrued profit sharing and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16)(84)33
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 (35)(57)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,643 3,330 4,407
Cash flows from investing activities:
Additions to property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (753)(763)(686)
Proceeds from sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——61
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,273)(1,746)(5,035)
Sales and maturities of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,030 1,300 5,981
Purchases of long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9)(9)(30)
Redemptions and sales of long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . 64 55 11
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155)(19)(87)
Net cash (used in) provided by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,096)(1,182)215
Cash flows from financing activities:
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——(43)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (567)(537)(425)
Sales and other common stock transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 210 761
Excess tax benefit from stock option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 116
Stock repurchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (954)(2,122 )(4,886)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,411)(2,430)(4,477)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . 136 (282)145
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046 1,328 1,183
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,182 $1,046 $1,328
See accompanying notes.